Business Combination (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule 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 Allocation of Purchase Price

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 receivable	51,569
Inventories	41,864
Property, plant and equipment	125,117
Other intangible assets	14,901
Other current assets	7,745
Other noncurrent assets	$	6,703
Total assets acquired	$	260,246
Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,674
Other noncurrent liabilities	35,910
Income taxes payable	288
Deferred tax liabilities	10,856
Total liabilities assumed	$	115,671
Net assets acquired	$	144,575
Noncontrolling interest	$	(509)
Total consideration	$	144,066

Schedule of Business Acquisition, Pro Forma Information

The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2023 and 2022 which assumes the acquisition of Heimbach occurred on January 1, 2022. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition of Heimbach been effective January 1, 2022, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical results of the Company and Heimbach adjusted for certain items discussed below. The pro forma information does not include the effects of any synergies, cost reduction initiatives or anticipated integration costs related to the acquisition.

	Years ended December 31,
(in thousands)	2023		2022
Net revenues	$	1,265,379	$	1,206,420
Net income attributable to the Company	$	109,710	$	91,583