Business Combinations (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Business Combinations |
|
| Schedule of fair value of contingent consideration |
|
|
|
|
|
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|
|
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|
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|
Viking |
|
Cooper |
|
Valley |
Date of Acquisition |
|
July 15, 2019 |
|
February 20, 2020 |
|
August 23, 2021 |
Fair value of contingent consideration recognized at acquisition date |
|
$ |
1,243 |
|
$ |
1,000 |
|
$ |
1,200 |
|
|
|
|
|
|
|
|
|
|
Contingent consideration at December 31, 2020 |
|
$ |
910 |
|
$ |
1,000 |
|
$ |
— |
Additions |
|
|
— |
|
|
— |
|
|
1,200 |
Change in fair value of contingent consideration during the year ended December 31, 2021 |
|
|
67 |
|
|
(850) |
|
|
— |
Payment of contingent consideration during the year ended December 31, 2021 |
|
|
(500) |
|
|
(150) |
|
|
— |
Liability balance for contingent consideration at December 31, 2021 |
|
$ |
477 |
|
$ |
— |
|
$ |
1,200 |
|
| 2021 Acquisitions |
|
| Business Combinations |
|
| Summary of businesses acquired |
|
|
|
|
|
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|
|
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|
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|
2021 Acquisitions |
|
Date |
|
Cash Paid |
|
Contingent Consideration |
|
Total Purchase Price |
|
Goodwill Acquired |
|
Net Sales |
|
Net (Loss) Income |
LCR |
|
|
1/20/2021 |
|
$ |
53,667 |
|
$ |
— |
|
$ |
53,667 |
|
$ |
19,547 |
|
$ |
46,356 |
|
$ |
(1,444) |
ABS |
|
|
4/5/2021 |
|
|
124,348 |
|
|
— |
|
|
124,348 |
|
|
54,048 |
|
|
110,786 |
|
|
8,142 |
DI |
|
|
10/15/2021 |
|
|
1,031,467 |
|
|
— |
|
|
1,031,467 |
|
|
440,055 |
|
|
188,251 |
|
|
(4,759) |
All others |
|
|
Various |
|
|
57,642 |
|
|
1,200 |
|
|
58,842 |
|
|
30,197 |
|
|
24,128 |
|
|
1,681 |
Total |
|
|
|
|
$ |
1,267,124 |
|
$ |
1,200 |
|
$ |
1,268,324 |
|
$ |
543,847 |
|
$ |
369,521 |
|
$ |
3,620 |
|
| Schedule of estimated fair values of the assets acquired and liabilities assumed for the acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Acquisitions |
|
|
LCR |
|
ABS |
|
DI |
|
All others |
|
Total |
Estimated fair values: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
16,041 |
|
|
14,184 |
|
|
142,104 |
|
|
7,522 |
|
|
179,851 |
Inventories |
|
|
806 |
|
|
8,441 |
|
|
134,620 |
|
|
4,406 |
|
|
148,273 |
Prepaid and other assets |
|
|
83 |
|
|
370 |
|
|
9,002 |
|
|
142 |
|
|
9,597 |
Property and equipment |
|
|
3,706 |
|
|
7,242 |
|
|
40,140 |
|
|
2,860 |
|
|
53,948 |
ROU asset (operating) |
|
|
518 |
|
|
8,843 |
|
|
66,698 |
|
|
4,870 |
|
|
80,929 |
Intangible assets |
|
|
15,970 |
|
|
40,040 |
|
|
458,000 |
|
|
17,082 |
|
|
531,092 |
Goodwill |
|
|
19,547 |
|
|
54,048 |
|
|
440,055 |
|
|
30,197 |
|
|
543,847 |
Accounts payable |
|
|
(2,105) |
|
|
— |
|
|
(69,466) |
|
|
(3,669) |
|
|
(75,240) |
Lease liabilities |
|
|
(518) |
|
|
(8,843) |
|
|
(76,066) |
|
|
(4,870) |
|
|
(90,297) |
Deferred tax liabilities |
|
|
1 |
|
|
773 |
|
|
(84,527) |
|
|
213 |
|
|
(83,540) |
All other liabilities |
|
|
(382) |
|
|
(750) |
|
|
(29,093) |
|
|
89 |
|
|
(30,136) |
Net assets acquired |
|
$ |
53,667 |
|
$ |
124,348 |
|
$ |
1,031,467 |
|
$ |
58,842 |
|
$ |
1,268,324 |
|
| Schedule of fair value of consideration transferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Acquisitions |
|
|
LCR |
|
ABS |
|
DI |
|
All others |
|
Total |
Fair value of consideration transferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
53,667 |
|
$ |
124,348 |
|
$ |
1,031,467 |
|
$ |
57,642 |
|
$ |
1,267,124 |
Deferred consideration |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
— |
Contingent consideration |
|
|
— |
|
|
— |
|
|
— |
|
|
1,200 |
|
|
1,200 |
Total consideration transferred |
|
$ |
53,667 |
|
$ |
124,348 |
|
$ |
1,031,467 |
|
$ |
58,842 |
|
$ |
1,268,324 |
|
| Schedule of estimates of acquired intangible assets related to the acquisitions |
|
|
|
|
|
|
|
|
|
Estimated Fair Value |
|
Weighted Average Estimated Useful Life (Years) |
2021 Acquisitions |
|
|
|
|
|
|
Customer relationships |
|
$ |
501,792 |
|
|
12 |
Trademarks and trade names |
|
|
29,300 |
|
|
10 |
Total intangible assets acquired |
|
$ |
531,092 |
|
|
12 |
|
| 2020 Acquisitions |
|
| Business Combinations |
|
| Summary of businesses acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Acquisitions |
|
Date |
|
Cash Paid |
|
Contingent Consideration |
|
Total Purchase Price |
|
Goodwill Acquired |
|
Net Sales |
|
Net (Loss) Income |
Cooper |
|
|
2/20/2020 |
|
$ |
10,534 |
|
$ |
1,000 |
|
$ |
11,534 |
|
$ |
5,724 |
|
$ |
905 |
|
$ |
(75) |
Hunter |
|
|
2/24/2020 |
|
|
9,136 |
|
|
— |
|
|
9,136 |
|
|
5,262 |
|
|
1,191 |
|
|
(12) |
Garland |
|
|
10/1/2020 |
|
|
62,107 |
|
|
— |
|
|
62,107 |
|
|
30,671 |
|
|
51,986 |
|
|
6,398 |
Total |
|
|
|
|
$ |
81,777 |
|
$ |
1,000 |
|
$ |
82,777 |
|
$ |
41,657 |
|
$ |
54,082 |
|
$ |
6,311 |
|
| DI |
|
| Business Combinations |
|
| Schedule of pro forma results |
|
|
|
|
|
|
|
|
|
Unaudited Pro Forma for the |
|
|
Year Ended December 31, |
|
|
2021 |
|
|
2020 |
Net sales |
|
$ |
4,112,175 |
|
$ |
3,380,897 |
Net income |
|
$ |
319,719 |
|
$ |
210,625 |
|
| Schedule of additional expense included in the pro forma operating profit and net income |
|
|
|
|
|
|
|
|
|
Unaudited Pro Forma for the |
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
Depreciation & amortization |
|
$ |
35,741 |
|
$ |
45,146 |
Income tax benefit (using 26% effective tax rate) |
|
$ |
(508) |
|
$ |
(12,496) |
|