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Business Combinations | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Business Combinations | 3. Business Combinations On August 11, 2022, the Company acquired 100% of the outstanding shares of MPH Medical Devices S.R.O. ("MPH"), a Czech Republic-based manufacturer of medical consumables with plastics specialization in making disposable tub-set-like products, for a total purchase price of €21.8 million ($22.4 million), net of cash acquired. The acquisition was financed with borrowings under the Company's revolving credit facility and cash available on hand. The addition of MPH is expected to expand the Company's capacity and capabilities in the medical disposable tube set products within the Vision reportable segment. Allocation of Purchase Price The acquisition of MPH has been accounted for as a business combination. The purchase price is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed as of the acquisition date. The excess of the purchase price over the fair values of the acquired tangible assets and assumed liabilities was recorded as goodwill for the acquisition. The Company's estimates and assumptions in determining the estimated fair value of certain assets and liabilities are subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regard to facts and circumstances that existed as of the acquisition date. MPH Based upon preliminary valuation, the total purchase price for MPH was allocated as follows (in thousands):
| Purchase Price |
| Allocation |
Cash | $ | 182 |
Accounts receivable |  | 1,658 |
Inventories |  | 957 |
Property, plant and equipment |  | 12,094 |
Goodwill |  | 9,863 |
Other assets |  | 163 |
Total assets acquired |  | 24,917 |
Accounts payable |  | 562 |
Deferred tax liabilities |  | 1,124 |
Other liabilities |  | 664 |
Total liabilities assumed |  | 2,350 |
Total assets acquired, net of liabilities assumed |  | 22,567 |
Less: cash acquired |  | 182 |
Purchase price, net of cash acquired | $ | 22,385 |
The purchase price allocation is preliminary as the Company is in the process of collecting additional information for the valuation of inventories, property plant and equipment, other liabilities, and unrecognized tax benefits. The purchase price allocation resulted in $9.9 million of goodwill. As the MPH acquisition was structured as a stock acquisition, the goodwill is not deductible for income tax purposes. The goodwill recorded represents the anticipated future benefits from the expansion of the Company's manufacturing capacity and capabilities for the medical disposal tube set products. The operating results of MPH were included in the Company's results of operations beginning on August 12, 2022. MPH contributed revenues of $2.1 million and a profit before income taxes of $0.2 million to the Company's operating results for the nine months ended September 30, 2022. Acquisition Costs Acquisition costs are included in restructuring, acquisition, and related costs in the consolidated statements of operations. Acquisition costs for MPH were $0.8 million and $0.9 million for the three and nine months ended September 30, 2022, respectively.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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