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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Purchase Price Allocation to the Fair Value of Assets Acquired and Liabilities Assumed | The following table presents the preliminary allocation of the consideration given to the fair values of the assets acquired and liabilities assumed at the date of the PowerA Acquisition:
(in millions) | At December 17, 2020
Calculation of Goodwill: |
Purchase price, net of working capital adjustment | $ | 321.8 |
Fair value of contingent consideration | $ | 18.2 |
Plus fair value of liabilities assumed: |
Accrued liabilities | 9.2 |
Fair value of liabilities assumed | $ | 9.2 |
Less fair value of assets acquired: |
Inventory | 28.7 |
Property and equipment | 0.2 |
Identifiable intangibles | 239.7 |
Other assets | 13.2 |
Fair value of assets acquired | $ | 281.8 |
Goodwill | $ | 67.4 |
Business Acquisition, Pro Forma Information | Had the PowerA Acquisition occurred on January 1, 2019, unaudited pro forma consolidated results of the Company for the three and six months ended June 30, 2021 and 2020 w ould have been as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 517.8 |  |  | $ | 409.5 |  |  | $ | 928.3 |  |  | $ | 824.1 |
Net income | 48.6 |  |  | 8.7 |  |  | 28.2 |  |  | 16.7 |
Net income per diluted common share | $ | 0.51 |  |  | $ | 0.09 |  |  | $ | 0.29 |  |  | $ | 0.17 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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