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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The table below summarizes the fair value of identifiable assets acquired and liabilities assumed in the Acquisition and the revisions made in 2022:

(in thousands)			October 22, 2021			Revisions			December 31, 2022
Cash and cash equivalents			$	1,533					$	1,533
Accounts receivable, net of allowance for credit losses of $118			5,358						5,358
Inventories, net			1,561						1,561
Prepaid expenses and other current assets			454						454
Property, plant and equipment, net			15,697			$	1,594		17,291
Right of use asset, operating leases, net			208						208
Intangible assets, net			5,750						5,750
Total identifiable assets acquired			30,561			1,594			32,155
Accounts payable			1,751						1,751
Accrued expenses and other current liabilities			1,622						1,622
Current portion of operating lease liabilities			51						51
Current portion of finance lease liabilities			215						215
Deferred income taxes			2,542			346			2,888
Long-term portion of operating lease liabilities			157						157
Long-term portion of finance lease liabilities			1,408						1,408
Total identifiable liabilities assumed			7,746			346			8,092
Net identifiable assets acquired			22,815			1,248			24,063
Transaction price			34,097						34,097
Goodwill			$	11,282		$	(1,248)		$	10,034

Schedule of Business Acquisitions, by Acquisition

Total net sales and operating income for DanChem for the period from October 22, 2021 through December 31, 2022 were as follows:

(in thousands)			2022						Period from 10/22/2021 - 12/31/2021
Net sales			$	32,297					$	5,692
Operating income			$	115					$	621

Schedule of Unaudited Pro Forma Financial Information

The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the acquisition of DanChem as if it had occurred on January 1, 2021:

(unaudited)			Year Ended December 31, 2021
(in thousands, except per share data)
Net sales			$	358,735
Net income			21,681
Basic net income per common share			2.32
Diluted net income per common share			$	2.29

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

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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

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