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SIGNIFICANT ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed:
Cash and cash equivalents |  | $ | 773 |
Accounts receivable |  | 4,699 |
Inventories |  | 3,972 |
Property, plant and equipment |  | 2,243 |
Right of use assets |  | 866 |
Customer relationships |  | 29,900 |
Developed technology |  | 4,600 |
Trademarks |  | 2,300 |
Other assets |  | 197 |
Accounts payable |  | (699) |
Bank debt |  | (206) |
Lease liabilities |  | (871) |
Other liabilities |  | (462) |
Goodwill |  | 31,550 |
Total consideration on acquisition date and working capital adjustment |  | 78,862 |
Net decrease to contingent consideration liability |  | (2,835) |
Total expected consideration |  | 76,027 |
To pay off bank debt |  | 206 |
Total expected payments |  | $ | 76,233 |
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed. The transactions were completed in Norwegian kroner ("NOK") and the amounts were translated to U.S. dollars ("USD") using the foreign currency exchange rate as of June 21, 2022.
Cash and cash equivalents |  | $ | 6,365 |
Accounts receivable |  | 8,036 |
Inventories |  | 17,600 |
Property, plant and equipment |  | 9,854 |
Right of use assets |  | 3,349 |
Customer relationships |  | 88,813 |
Developed technology |  | 15,643 |
Trademarks |  | 5,046 |
Other assets |  | 2,399 |
Accounts payable |  | (3,301) |
Bank debt |  | (30,648) |
Lease liabilities |  | (3,349) |
Other liabilities |  | (4,461) |
Deferred income taxes, net |  | (24,716) |
Goodwill |  | 216,383 |
Total consideration on acquisition date |  | 307,013 |
Decrease to contingent consideration liability |  | (4,037) |
Net gain on foreign currency exchange forward contracts |  | (512) |
Total expected consideration |  | 302,464 |
Kappa bank debt paid on acquisition date |  | 30,648 |
Total expected payments |  | $ | 333,112 |
Schedule of Unaudited Pro Forma Information | The following selected unaudited pro forma information presents the consolidated results of operations as if the business combinations in 2022 had occurred as of January 1, 2021.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | Net Sales |  | Net Earnings |  | Net Sales |  | Net (Loss)/Earnings
Kappa & Bergstrom actual results included in the Company's consolidated income statement in three and six months ended June 30, 2023 |  | $ | 13,615 |  |  | $ | 1,094 |  |  | $ | 27,745 |  |  | $ | (1,215) |
2023 Supplemental pro forma combined financial |  | $ | 231,252 |  |  | $ | 31,890 |  |  | $ | 463,792 |  |  | $ | 57,218 |
2022 Supplemental pro forma combined financial |  | $ | 254,507 |  |  | $ | 30,005 |  |  | $ | 501,875 |  |  | $ | 59,444 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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