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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the TerraSmart purchase consideration to the estimated fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):
Cash | $ | 1,491 |
Working capital | 7,148 |
Property, plant and equipment | 11,758 |
Acquired intangible assets | 64,150 |
Other assets | 1,854 |
Other liabilities | (1,640) |
Goodwill | 139,106 |
Fair value of purchase consideration | $ | 223,867 |
The preliminary and final allocation of the purchase consideration to the estimated fair value of the assets acquired and liabilities assumed in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo is as follows as of the respective date of the acquisition (in thousands):
Cash | $ | 200 |  |  |
Working capital | (14,957) |  |  |
Property, plant and equipment | 1,740 |  |  |
Acquired intangible assets | 38,296 |  |  |
Other current assets | 1,528 |  |  |
Other assets | 2,381 |  |  |
Other liabilities | (5,508) |  |  |
Goodwill | 61,422 |  |  |
Fair value of purchase consideration | $ | 85,102 |  |  |
Schedule of Acquired Intangible Assets | The intangible assets acquired in the TerraSmart acquisition consisted of the following (in thousands):
| Fair Value |  | Weighted-Average Amortization Period
Trademarks | $ | 20,830 |  |  | Indefinite
Technology | 1,940 |  |  | 12 years
Customer relationships | 35,110 |  |  | 12 years
Backlog | 6,270 |  |  | Less than 1 year
Total | $ | 64,150 |  |  |
The intangible assets acquired in the acquisitions of Sunfig, Architectural Mailboxes, Delta Separations and Thermo consisted of the following (in thousands):
| Fair Value |  | Weighted-Average Amortization Period
Trademarks | $ | 8,200 |  |  | Indefinite
Trademarks | 1,177 |  |  | 3 years
Technology | 8,175 |  |  | 7 - 15 years
Customer relationships | 18,780 |  |  | 5 - 13 years
Non-compete agreements | 1,036 |  |  | 5 years
Backlog | 928 |  |  | Less than 1 year
Total | $ | 38,296 |  |  |
Schedule of Business Combination Costs | The acquisition-related costs consisted of the following for the three and six months ended June 30 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of sales | $ | — |  |  | $ | 634 |  |  | $ | — |  |  | $ | 634 |
Selling, general and administrative costs | — |  |  | 288 |  |  | 893 |  |  | 1,548 |
Total acquisition-related costs | $ | — |  |  | $ | 922 |  |  | $ | 893 |  |  | $ | 2,182 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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