Business Combination (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Total Consideration Paid

The following table summarizes the total consideration paid, excluding debt assumed, for the acquisition of Heimbach:

(in thousands)	August 31, 2023
Cash consideration	$	145,816
Indemnity release	(1,750)
Total consideration paid	$	144,066

Schedule of Assets Acquired and Liabilities Assumed

The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations.

The assets acquired and the liabilities assumed were recorded based on their preliminary fair values at the date of acquisition as follows:

(in thousands)	August 31, 2023
Assets acquired:
Cash and cash equivalents	$	12,347
Accounts receivables	52,704
Inventories	41,538
Property, plant and equipment	126,057
Other intangible assets	14,464
Other current assets	7,452
Other noncurrent assets	6,694
Total assets acquired	$	261,256
Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,257
Other noncurrent liabilities	36,313
Income taxes payable	288
Deferred tax liabilities	10,757
Total liabilities assumed	$	115,558
Net assets acquired	$	145,698
Noncontrolling interest	$	(1,632)
Total consideration	$	144,066