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ACQUISITION OF SUPREME INDUSTRIES, INC. (Tables) | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Purchase Price Allocation | The aggregate purchase price of $360.4 million was allocated to the opening balance sheet of Supreme at September 27, 2017, the date of acquisition, as follows (in thousands):
Cash |  | $ | 36,878 |
Accounts receivable |  |  | 25,196 |
Inventories |  |  | 33,471 |
Prepaid expense and other |  |  | 23,916 |
Property, plant, and equipment |  |  | 59,891 |
Intangibles |  |  | 161,200 |
Goodwill |  |  | 167,714 |
Other assets |  |  | 127 |
Total assets acquired |  | $ | 508,393 |
Current portion of long term debt |  | $ | 7,167 |
Accounts payable |  |  | 10,546 |
Other accrued liabilites |  |  | 55,518 |
Deferred income taxes |  |  | 71,880 |
Long term liabilities |  |  | 2,918 |
Total liabilities assumed |  | $ | 148,029 |
Net assets acquired |  | $ | 360,364 |
Acquisition, net of cash acquired |  | $ | 323,486 |
Intangible Assets | Intangible assets totaling $161.2 million were recorded as a result of the acquisition and consist of the following (in thousands):
|  | Amount |  |  | Useful Life
Tradename |  | $ | 20,000 |  |  | 20 years
Customer relationships |  |  | 139,000 |  |  | 15 years
Backlog |  |  | 2,200 |  |  | Less than 1 year
|  | $ | 161,200 |  |  |
Pro Forma Information | The following unaudited pro forma information is shown below as if the acquisition of Supreme had been completed as of the beginning of the earliest period presented (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2017 |
Net sales |  | $ | 496,761 |  |  | $ | 1,454,599 |
Net income |  | $ | 14,688 |  |  | $ | 58,341 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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