Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

The following presents the preliminary allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities assumed under the RegO acquisition, based on their estimated fair values at acquisition date:


	Total
Accounts receivable	$	34,252
Inventories	77,954
Other current assets	2,958
Property, plant and equipment	52,053
Goodwill	276,976
Intangible assets	234,000
Other assets and deferred charges	884
Current liabilities	(19,480)
Non-current liabilities	(34,904)
Net assets acquired	$	624,693

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed under the Acme Cryogenics acquisition, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	29,345
Property, plant and equipment	8,750
Goodwill	169,209
Intangible assets	127,300
Other assets and deferred charges	5,057
Current liabilities	(9,072)
Non-current liabilities	(37,067)
Net assets acquired	$	293,522

The following presents, for the seven acquisitions other than RegO and Acme Cryogenics, the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	12,751
Property, plant and equipment	8,272
Goodwill	135,932
Intangible assets	78,179
Other assets and deferred charges	4,485
Current liabilities	(15,368)
Non-current liabilities	(17,389)
Net assets acquired	$	206,862

The following presents the allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	44,159
Property, plant and equipment	8,424
Goodwill	205,805
Intangible assets	134,049
Other assets and deferred charges	12,986
Current liabilities	(34,803)
Non-current liabilities	(34,834)
Net assets acquired	$	335,786

The following presents the allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	14,018
Property, plant and equipment	1,030
Goodwill	119,512
Intangible assets	91,980
Other assets and deferred charges	20
Current liabilities	(10,162)

Net assets acquired	$	216,398

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

The amounts assigned to goodwill and major intangible asset classifications for all 2021 acquisitions were as follows:


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	195,127	na
Goodwill - non deductible	386,990		na
Customer intangibles	310,819		12	-	15
Patents	49,056		7	-	12
Unpatented technology	44,180		7	-	12
Trademarks	35,424		15	-	16

	$	1,021,596

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	33,183	na
Goodwill - non deductible	172,622		na
Customer intangibles	103,310		10	-	14

Unpatented technology	21,125		5	-	9
Trademarks	9,614		15

	$	339,854

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)
Goodwill	$	119,512	na

Customer intangibles	68,500		9	-	13
Patents	16,000		9

Trademarks	7,480		15

	$	211,492

Pro forma results of operations

The following unaudited pro forma results of operations reflect the 2021 acquisitions of RegO and Acme Cryogenics as if they had occurred on January 1, 2020. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results of the combined companies. The pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets; nonrecurring acquisition-related costs, net of tax, of $5,855; and inventory step-up charges, net of tax, of $15,082. These unaudited pro forma adjustments are based upon preliminary purchase price allocations. The actual revenues and earnings for RegO and Acme Cryogenics from the date of acquisition on December 28, 2021 and December 16, 2021, respectively, to December 31, 2021 were not material.


	Years Ended December 31,
	2021		2020
Revenue:
As reported	$	7,907,081	$	6,683,760
Pro forma (unaudited)	8,163,185		6,920,929
Earnings:
As reported	$	1,123,818	$	683,451
Pro forma (unaudited)	1,145,106		669,458