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Business Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Purchase Price Allocation | The purchase price allocation is preliminary, pending completion of the full valuation report, finalization of deferred income taxes and a final working capital adjustment. A summarized preliminary purchase price allocation is as follows:
(in thousands) |
Cash consideration paid | $ | 171,147 |
Equity consideration | 127,841 |
Purchase price holdback/ other accrued liabilities | 29,956 |
Total purchase price consideration | $ | 328,944 |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation at January 1, 2019, is as follows:
(in thousands) |
Cash and cash equivalents | $ | 21,525 |
Accounts receivable | 320,467 |
Inventories | 456,963 |
Commodity derivative assets - current | 82,595 |
Other current assets | 27,474 |
Commodity derivative assets - noncurrent | 13,576 |
Goodwill | 129,848 |
Other intangible assets | 106,600 |
Right of use asset | 37,894 |
Equity method investments | 28,728 |
Other assets, net | 5,582 |
Property, plant and equipment, net | 171,820 |
| $ | 1,403,072 |
Short-term debt | 218,901 |
Trade and other payables | 303,321 |
Commodity derivative liabilities - current | 29,024 |
Customer prepayments and deferred revenue | 99,530 |
Accrued expense and other current liabilities | 64,512 |
Other long-term liabilities, including commodity derivative liabilities - noncurrent | 3,175 |
Long-term lease liabilities | 21,193 |
Long-term debt, including current maturities | 161,688 |
Deferred income taxes | 14,403 |
| $ | 915,747 |
Fair value of acquired assets and assumed liabilities | $ | 487,325 |
Removal of preexisting ownership interest, including associated cumulative translation adjustment | (159,459 | )
Pretax loss on derecognition of preexisting ownership interest | 1,078 |
Total purchase price consideration | $ | 328,944 |
Schedule of Intangible Assets Acquired | Details of the intangible assets acquired are as follows:
(in thousands) |  | Estimated useful life |
Customer relationships | $ | 86,300 |  | 10 years |
Noncompete agreements | 20,300 |  | 3 years |
Total other intangible assets | $ | 106,600 |  | 8 years | *
Schedule of Pro Forma Financial Information | Pro Forma Financial Information The summary pro forma financial information for the periods presented below gives effect to the LTG acquisition as if it had occurred at January 1, 2018.
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Net sales | $ | 1,982,755 |  |  | 2,020,746 |  |  | $ | 6,284,588 |  |  | 6,282,656 |
Net income | (5,869 | ) |  | 2,934 |  |  | 13,364 |  |  | 35,004 |

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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 finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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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 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=116869197&loc=d3e4845-128472 + Details
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