Business Combination (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Acquisition Accounting

The following table summarizes the components of the preliminary consideration:


	Preliminary Consideration Transferred
	(In thousands)
Cash consideration paid to and on behalf of shareholder	$	62,929
Holdback liability(1)	6,344
Total preliminary consideration transferred	69,273

(1) Included in the total preliminary consideration as of December 31, 2022 is a $6.3 million holdback liability held in escrow for general representations and warranties of the seller that is scheduled to be settled approximately 18 months after the acquisition date.

The following table summarizes the preliminary values of the assets acquired and liabilities assumed at the date of the acquisition:


	Preliminary Allocation as of Acquisition Date
	(In thousands)
Estimated fair value of identifiable assets acquired and liabilities assumed
Cash	5,506
Accounts receivable	13,180
Inventory	16,538
Property, plant and equipment	3,955
Operating lease right-of-use assets	714
Prepaid expenses and other assets	701
Intangible assets and goodwill:
Customer relationships	23,000
Trade names	1,000
Non-compete agreements	700
Goodwill	7,600
Accounts payable	(1,738)
Accrued compensation	(994)
Operating lease liability	(714)
Other current liabilities	(175)
Total estimated fair value of net assets acquired	$	69,273