Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Purchase Price and Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price and the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Purchase price net of cash and cash equivalents acquired			$	660,925
Fair value of net assets acquired:
Current assets	$	531,941
Identifiable intangible assets - see description below	191,370
Property and equipment	91,213
Other assets	32,699
Current liabilities	(369,183)
Long-term liabilities, including deferred taxes	(71,009)
Total fair value of net assets acquired			407,031
Excess purchase price over fair value of net assets acquired ("goodwill")			$	253,894

Estimated Useful Lives of Identifiable Intangibles

The identifiable intangibles resulting from the acquisition are amortized using the straight-line method over the following estimated useful lives:


Intangible Assets			Estimated Economic Life
Customer relationships			10- 12 years
Trade name			1 Year
Non-compete agreements			2 - 3 Years

Summary of Pro Forma Information

The following table reports pro forma information as if the acquisition of PCM had been completed at the beginning of the earliest period presented (in thousands, except per share amounts):


		Year Ended December 31,
		2019
Net sales	As reported	$	7,731,190
	Pro forma	$	9,207,512
Net earnings	As reported	$	159,407
	Pro forma	$	171,102
Diluted earnings per share	As reported	$	4.43
	Pro forma	$	4.76