Acquisition (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The preliminary purchase price allocation for the acquisition is as follows:

(Thousands)	November 1, 2021
Assets:
Cash and cash equivalents	$	3,685
Accounts receivable	28,352
Inventories	70,681
Prepaid and other current assets	660
Property, plant, and equipment	44,681
Operating lease, right-of-use assets	6,120
Intangible assets	107,800
Other long-term assets	4,528
Goodwill	178,181
Total assets acquired	$	444,688
Liabilities:
Accounts payable	$	12,139
Salaries and wages	2,516
Other liabilities and accrued items	28
Income taxes	2,183
Other long-term liabilities	5,543
Operating lease liabilities	6,042
Deferred income taxes	20,300
Total liabilities assumed	$	48,751
Net assets acquired	$	395,937

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table reports the intangible assets by asset category as of the closing date:

(Thousands)	Value at Acquisition		Useful Life
Customer relationships	$	50,200	13 years
Technology	35,300		13 years
Trade name	22,300		15 years
Total	$	107,800

Pro Forma Information

Had the HCS-Electronic Materials acquisition occurred as of the beginning of fiscal 2020, the Company's sales and income (loss) before taxes would have been as follows:

	(Unaudited)
	Year Ended December 31,
	2021		2020
Net Sales	$	1,659,620	$	1,308,300
Profit income (loss) before taxes	$	91,551	$	(17,761)