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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Total Consideration Paid | The following table summarizes the total consideration paid, excluding debt assumed, for the acquisition of Heimbach:
(in thousands) |  | August 31, 2023
Cash consideration |  | $ | 145,816 |
Indemnity release |  | (1,750) |
Total consideration paid |  | $ | 144,066 |
Schedule of Assets Acquired and Liabilities Assumed | The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations. The assets acquired and the liabilities assumed were recorded based on their preliminary fair values at the date of acquisition as follows:
(in thousands) |  | August 31, 2023
Assets acquired: |  |
Cash and cash equivalents |  | $ | 12,347 |
Accounts receivables |  | 52,704 |
Inventories |  | 41,538 |
Property, plant and equipment |  | 126,057 |
Other intangible assets |  | 14,464 |
Other current assets |  | 7,452 |
Other noncurrent assets |  | 6,694 |
Total assets acquired |  | $ | 261,256 |
Liabilities assumed: |  |
Assumed debt |  | $ | 32,700 |
Accounts payable |  | 8,243 |
Accrued liabilities |  | 27,257 |
Other noncurrent liabilities |  | 36,313 |
Income taxes payable |  | 288 |
Deferred tax liabilities |  | 10,757 |
Total liabilities assumed |  | $ | 115,558 |
Net assets acquired |  | $ | 145,698 |
Noncontrolling interest |  | $ | (1,632) |
Total consideration |  | $ | 144,066 |

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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 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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