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Product and Business Acquisitions | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Product and Business Acquisitions | (8) Product and Business Acquisitions During the year ended December 31, 2022, the Company did not complete any acquisitions. The Company completed one product acquisition during the year ended December 31, 2021. The acquisition was completed on July 1, 2021, for $10,000 in cash consideration. The acquisition was accounted for as an asset acquisition and the $10,000 in consideration was allocated as follows: product registrations and product rights $8,225, trade names and trademarks $1,650, and prepaid assets $125. During the year ended December 31, 2020, the Company completed two acquisitions: On October 2, 2020, the Company completed the acquisition of all outstanding stock of the Agrinos Group Companies ("Agrinos"), except for Agrinos AS. Agrinos has operating entities in the U.S., Mexico, India, Brazil, China, Ukraine, and Spain. Agrinos is a fully integrated biological input supplier with proprietary technology, manufacturing capacity, and global distribution capabilities. At closing, the Company paid cash consideration of $3,125, which was net of cash acquired of $1,813. The acquisition was accounted for as a business combination and resulted in a bargain gain. The purchase consideration was allocated as follows:
Trade receivables |  | $ | 2,277 |
Inventory and other current assets |  |  | 5,371 |
Property, plant, and equipment |  |  | 5,141 |
Product registrations and product rights |  |  | 50 |
Liabilities assumed |  |  | (4,886 | )
Bargain |  |  | (4,828 | )
Total |  | $ | 3,125 |
Agrinos was acquired out of bankruptcy. This provided the Company with an opportunity to acquire Agrinos at an advantageous purchase price which was below the fair value of Agrinos’ net assets acquired, resulting in the bargain purchase gain. The liabilities assumed include liabilities of $407 related to income tax matters. On October 8, 2020, the Company completed the acquisition of all outstanding stock of AgNova Technologies Pty Ltd (“AgNova”). AgNova is an Australian entity that sources, develops, and distributes specialty crop protection and production solutions for agricultural and horticultural producers, and for selected non-crop users. The purchase price consideration was as follows:
Cash |  | $ | 16,997 |
Less cash acquired |  |  | (157 | )
Contingent consideration |  |  | 1,052 |
Total consideration |  | $ | 17,892 |
The fair value of the contingent consideration was estimated using a Monte Carlo Simulation. The acquisition was accounted for as a business combination and the purchase consideration was allocated as follows:
Trade receivables |  | $ | 1,508 |
Inventory and other current assets |  |  | 5,698 |
Property, plant, and equipment |  |  | 73 |
Product registrations and product rights |  |  | 8,327 |
Trade names and trademarks |  |  | 351 |
Distribution agreements |  |  | 3,584 |
Customer relationships and customer lists |  |  | 386 |
Goodwill |  |  | 4,618 |
Liabilities assumed |  |  | (6,653 | )
Total consideration |  | $ | 17,892 |
The liabilities assumed include liabilities of $3,857 related to income tax matters. Cash paid at closing for the asset acquisitions and business combinations was funded through our revolving line of credit. Pro-forma financial information is not included herein as the pro-forma impact of the acquisitions is not material.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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