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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Summary of preliminary fair values of net assets acquired and determination of final net assets | The following table summarizes the preliminary fair values assigned to the Boat Holdings net assets acquired and the determination of net assets (in thousands):
Cash and cash equivalents | $ | 16,534 |
Trade receivables | 17,528 |
Inventory | 39,948 |
Other current assets | 4,451 |
Property, plant and equipment | 35,299 |
Customer relationships | 341,080 |
Trademarks / trade names | 210,680 |
Non-compete agreements | 2,630 |
Goodwill | 222,372 |
Accounts payable | (30,064 | )
Other liabilities assumed | (37,266 | )
Total fair value of net assets acquired | 823,192 |
Less cash acquired | (16,534 | )
Total consideration for acquisition, less cash acquired | $ | 806,658 |
Unaudited pro forma information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2018 acquisition of Boat Holdings had occurred at the beginning of fiscal 2018 (in thousands, except per share data).
| Three months ended June 30, |  | Six months ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Sales | $ | 1,779,315 |  |  | $ | 1,689,050 |  |  | $ | 3,275,005 |  |  | $ | 3,151,165 |
Net income | 89,346 |  |  | 104,446 |  |  | 138,526 |  |  | 166,336 |
Basic earnings per share | $ | 1.45 |  |  | $ | 1.65 |  |  | $ | 2.26 |  |  | $ | 2.63 |
Diluted earnings per common share | $ | 1.44 |  |  | $ | 1.61 |  |  | $ | 2.23 |  |  | $ | 2.56 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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