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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Schedule of Allocation of the Purchase Price Consideration of the Fair Value of Assets Acquired and Liabilities Assumed | The preliminary allocation of the 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):
Working capital | $ | 827 |
Property, plant, and equipment | 195 |
Acquired intangible assets | 5,200 |
Other assets | 134 |
Other liabilities | (72) |
Goodwill | 4,133 |
Fair value of purchase consideration | $ | 10,417 |
The allocation of the 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 | $ | 1,018 |
Working capital | 23,372 |
Property, plant, and equipment | 8,486 |
Acquired intangible assets | 14,700 |
Other assets | 1,813 |
Other liabilities | (1,295) |
Goodwill | 3,991 |
Fair value of purchase consideration | $ | 52,085 |
Schedule of Acquired Intangible Assets | The intangible assets acquired in this acquisition consisted of the following (in thousands):
| Fair Value |  | Weighted-Average Amortization Period
Trademarks | $ | 300 |  |  | 2 years
Customer relationships | 4,900 |  |  | 12 years
Total | $ | 5,200 |  |  |
The intangible assets acquired in this acquisition consisted of the following as of the date of acquisition (in thousands):
| Fair Value |  | Weighted-Average Amortization Period
Trademarks | $ | 2,800 |  |  | Indefinite
Customer relationships | 11,900 |  |  | 12 years
Total | $ | 14,700 |  |  |
Schedule of Business Combination Costs | The acquisition-related costs consisted of the following for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Cost of sales | $ | 12 |  |  | $ | 1,427 |  |  | $ | — |
Selling, general and administrative costs | 253 |  |  | 545 |  |  | 949 |
Total acquisition related costs | $ | 265 |  |  | $ | 1,972 |  |  | $ | 949 |

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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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