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Accrued Acquisition Liability | 6 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Accrued Acquisition Liability | Accrued Acquisition Liability On August 31, 2020, Lawson acquired Partsmaster from NCH Corporation. As part of the purchase price the Company agreed to pay $33.0 million in May 2021. The payment obligation was discounted to present value using an implied interest rate of 1.8%. A discounted current liability of $32.7 million was recognized as of December 31, 2020 in the Company's consolidated balance sheet. In May 2021, the Company paid the outstanding $33.0 million accrued acquisition liability. Payment was guaranteed under the Purchase Agreement which included the issuance of a $33.0 million irrevocable standby letter of credit. The letter of credit was released in June 2021 subsequent to payment of the liability in May 2021. Interest expense of $0.3 million was recorded in the six months ended June 30, 2021.

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