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Acquisition (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | A summary of the initial purchase price allocation of the acquisition is as follows (Dollars in thousands):
Cash paid and payable and liabilities assumed |  |
Cash paid and payable |  | $ | 34,711 |
Accounts payable and accrued expenses |  | 4,076 |
Deferred compensation |  | 2,938 |
|  | $ | 41,725 |
Fair value of assets acquired |  |
Goodwill |  | $ | 15,952 |
Inventories |  | 7,809 |
Accounts receivable |  | 7,656 |
Customer relationships |  | 4,961 |
Trade names |  | 2,775 |
Property, plant and equipment |  | 2,201 |
Other assets |  | 371 |
|  | $ | 41,725 |
Acquisition Pro Forma Information | The following table contains unaudited pro forma revenue and net income for Lawson Products assuming the Partsmaster acquisition closed on January 1, 2019.
|  | (Dollars in thousands)
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenue |  |  |  |  |  |  |  |
Actual |  | $ | 90,277 |  |  | $ | 94,779 |  |  | $ | 253,458 |  |  | $ | 282,219 |
Pro forma |  | 101,222 |  |  | 109,174 |  |  | 298,546 |  |  | 332,234 |
Net income |  |  |  |  |  |  |  |
Actual |  | $ | 1,738 |  |  | $ | 4,774 |  |  | $ | 14,890 |  |  | $ | 10,227 |
Pro forma |  | 1,982 |  |  | 4,598 |  |  | 16,312 |  |  | 10,166 |

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