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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date:
Dollars in thousands | Final Valuation |  | Weighted Average Life |  |  |
Current assets: |  |  |  |  |  |
Cash | $ | 4,438 |  |  |  |  |  |
Trade accounts receivable, net | 1,551 |  |  |  |  |  |
Inventories, net | 2,900 |  |  |  |  |  |
Prepaid expenses and other current assets | 1,654 |  |  |  |  |  |
Total current assets | $ | 10,543 |  |  |  |  |  |
Intangible assets | 75,000 |  |  | 14 years |  |  |
Goodwill | 41,380 |  |  |  |  |  |
Total assets acquired | $ | 126,923 |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 2,044 |  |  |  |  |  |
Total current liabilities | $ | 2,044 |  |  |  |  |  |
Deferred Tax Liability | 11,325 |  |  |  |  |  |
Contingent consideration | 57,607 |  |  |  |  |  |
Total liabilities assumed | 70,976 |  |  |  |  |  |
Net assets acquired | $ | 55,947 |  |  |  |  |  |
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date:
Dollars in thousands | Final Valuation |  | Weighted Average Life |  |  |
Current assets: |  |  |  |  |  |
Cash | $ | 2,726 |  |  |  |  |  |
Trade accounts receivable, net | 16,469 |  |  |  |  |  |
Inventories, net | 18,299 |  |  |  |  |  |
Prepaid expenses and other current assets | 1,498 |  |  |  |  |  |
Total current assets | $ | 38,992 |  |  |  |  |  |
Property, plant and equipment, net | 13,769 |  |  |  |  |  |
Intangible assets | 245,000 |  |  | 13-14 years |  |  |
Goodwill | 94,147 |  |  |  |  |  |
Right of use asset - operating leases | 9,259 |  |  |  |  |  |
Deferred tax assets | 7,465 |  |  |  |  |  |
Other assets | 148 |  |  |  |  |  |
Total assets acquired | $ | 408,780 |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable | $ | 718 |  |  |  |  |  |
Accrued expenses | 5,966 |  |  |  |  |  |
Current portion of lease liability - operating leases | 1,673 |  |  |  |  |  |
Total current liabilities | $ | 8,357 |  |  |  |  |  |
Other long-term liability | 276 |  |  |  |  |  |
Lease liability - operating leases | 7,585 |  |  |  |  |  |
Deferred tax liability | 61,724 |  |  |  |  |  |
Contingent consideration | 23,900 |  |  |  |  |  |
Total liabilities assumed | 101,842 |  |  |  |  |  |
Net assets acquired | $ | 306,938 |  |  |  |  |  |

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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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