XML 54 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Fair Value at the Date of Acquisition The following table summarizes the allocations of the purchase price to the assets acquired and liabilities assumed, based on our current estimates of the fair value at the date of the BROSCO Acquisition:
Acquisition Date Fair Value
(thousands)
Cash and cash equivalents$4,009 
Accounts receivable18,249 
Inventories37,104
Other current assets1,503
Property and equipment57,331
Other assets533
Intangible assets:
   Trade name18,000
   Customer relationships29,000
Goodwill32,296
Assets acquired198,025
Accounts payable2,688 
Accrued liabilities7,955 
Deferred tax liabilities20,121 
Other long-term liabilities478 
Liabilities assumed31,242 
Net assets acquired$166,783 
Consideration paid, net of cash acquired$162,774 
The following table summarizes the final allocations of the purchase price to the assets acquired and liabilities assumed, based on our estimates of the fair value at the date of the Coastal Plywood Acquisition:
Acquisition Date Fair Value
(thousands)
Accounts receivable$16,123 
Inventories22,977
Property and equipment251,329
Other assets1,809
Intangible assets:
   Trade name700
   Customer relationships153,600
Goodwill77,576
Assets acquired524,114
Accounts payable and accrued liabilities6,299 
Other long-term liabilities2,578 
Liabilities assumed8,877 
Net assets acquired$515,237 
Business Acquisition, Pro Forma Information The following pro forma financial information presents the combined results of operations as if the BROSCO facilities had been combined with us on January 1, 2022. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the related transaction in fact occurred on January 1, 2022. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve these cost savings, operating synergies, revenue enhancements, or integration efforts.
Pro Forma
Year Ended December 31
20232022
(unaudited, thousands)
Sales $6,985,464 $8,582,674 
Net income (a)$498,065 $864,708 
___________________________________ 

(a)    The pro forma financial information for the year ended December 31, 2023 was adjusted to exclude $5.1 million of pre-tax acquisition-related costs for legal, accounting, and other advisory-related services.
The following pro forma financial information presents the combined results of operations as if the two Coastal Plywood facilities had been combined with us on January 1, 2021. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the related transaction in fact occurred on January 1, 2021. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve these cost savings, operating synergies, revenue enhancements, or integration efforts.
Pro Forma
Year Ended December 31
20222021
(unaudited, thousands)
Sales $8,618,105 $8,303,754 
Net income (a)$932,352 $818,476 
___________________________________ 

(a)    The pro forma financial information for the year ended December 31, 2022 was adjusted to exclude $1.3 million of pre-tax acquisition-related costs for legal, accounting, and other advisory-related services.