ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of assets acquired and liabilities assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of the acquisition for 2019, 2018 and 2017 acquisitions. As noted above, the purchase price allocations for the 2019 acquisitions are preliminary and subject to finalization:



(thousands)	Trade receivables		Inventories		Property, plant and equipment		Prepaid expenses & other		Intangible assets		Goodwill		Less: Total liabilities		Less: Deferred taxes			Total net assets acquired

2019⁽¹⁾	$	10,115	$	7,257	$	5,200	$	103	$	17,766	$	24,088	$	5,699	$	1,922		$	56,908

2018
MMC⁽²⁾	$	1,463	$	2,324	$	2,085	$	—	$	8,540	$	7,668	$	827	$	—		$	21,253
AMC	3,942		5,623		2,321		39		6,550		1,755		2,463		—			17,767
IMP⁽³⁾	1,943		4,286		1,463		13		12,920		8,803		2,930		—			26,498
Collins	2,830		9,903		1,188		5		18,430		10,237		2,586		—			40,007
Dehco	4,771		16,923		13,755		208		13,950		6,580		3,392		—			52,795
Dowco	4,053		4,498		8,566		1,240		28,435		13,732		4,178		—			56,346
MAC	3,054		6,815		7,003		284		26,190		25,669		4,227		7,767			57,021
EMC⁽⁴⁾	623		1,678		1,684		—		17,350		7,483		987		—			27,831
LaSalle	8,957		39,293		7,670		6,560		12,551		4,520		28,882		(798		)	51,467
Other	473		329		280		13		1,667		919		195		—			3,486
2018 Totals	$	32,109	$	91,672	$	46,015	$	8,362	$	146,583	$	87,366	$	50,667	$	6,969		$	354,471

2017
Medallion	$	2,233	$	2,605	$	1,713	$	118	$	3,100	$	1,342	$	1,200	$	—		$	9,911
LPE	5,848		5,162		9,225		337		33,275		39,945		6,358		14,140			73,294
Wire Design	615		437		555		21		5,590		4,052		491		—			10,779
Baymont⁽⁵⁾	—		1,174		2,067		—		3,166		1,502		69		—			7,840
Indiana Transport	6,379		—		2,594		1,309		31,675		19,950		3,117		—			58,790
LMI	11,205		9,071		6,028		449		32,810		29,241		8,471		—			80,333
Nickell	1,784		1,547		1,240		—		6,250		2,331		556		—			12,596
Other	—		250		2,668		—		—		668		124		—			3,462
2017 Totals	$	28,064	$	20,246	$	26,090	$	2,234	$	115,866	$	99,031	$	20,386	$	14,140		$	257,005

(1) Total net assets acquired for the 2019 acquisitions reflect the estimated liability of $2.6 million pertaining to the fair value of contingent consideration relating to the acquisition of G.G. Schmitt. The actual net cash paid for 2019 acquisitions of $54.3 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2019. None of the 2019 acquisitions were individually material and therefore aggregated information has been presented.

(2) Total net assets acquired for MMC reflect the estimated liability of $1.4 million pertaining to the fair value of the contingent consideration. The actual net cash paid for the MMC acquisition of $19.9 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018.

(3) Total net assets acquired for IMP reflect the estimated liability of $7.9 million pertaining to the fair value of the contingent consideration. The actual net cash paid for the IMP acquisition of $18.6 million is included in “Cash Flows from Investing Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018.

(4) Total net assets acquired for EMC reflect the estimated liability of $2.5 million pertaining to the fair value of the contingent consideration. The actual net cash paid for the EMC acquisition of $25.3 million is included in the amount of $25.2 million in “Cash Flows from Investing

Activities - Business Acquisitions” on the consolidated statement of cash flows for the year ended December 31, 2018 and $0.1 million on the consolidated statement of cash flows for the year ended December 31, 2019.

(5) Total net assets acquired for Baymont include the estimated liability of $4.0 million pertaining to the fair value of the contingent consideration. The actual net cash paid for the Baymont acquisition of $3.8 million is included in "Cash Flows from Investing Activities - Business Acquisitions" on the consolidated statement of cash flows for the year ended December 31, 2017.

Schedule of pro forma information

In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired of $1.3 million and $7.0 million for the years ended December 31, 2019 and 2018, respectively, in connection with the acquisitions as if they occurred as of the beginning of the year immediately preceding each such acquisition.



(thousands except per share data)	2019		2018
Net sales	$	2,397,225	$	2,658,544
Net income	92,847		133,234
Basic net income per common share	4.03		5.55
Diluted net income per common share	3.99		5.48