ACQUISITIONS (Tables)

9 Months Ended

Sep. 28, 2019

Business Acquisition [Line Items]

Schedule of Estimated Fair Value of Assets and Liabilities Assumed from Acquisition

The Company determined the fair values of the tangible and intangible assets acquired and the liabilities assumed in the Merger, and recorded goodwill based on the excess of fair value of the acquisition consideration over such fair values, as follows (in thousands):

Assets acquired:
Cash	$	102,121
Accounts receivable	345,801
Inventories	301,513
Prepaid expenses and other current assets	51,223
Property, plant and equipment	364,981
Intangible assets (trade names/customer relationships)	1,720,000
Goodwill	1,469,563
Other assets	3,262
Total assets acquired	4,358,464
Liabilities assumed:
Accounts payable	139,955
Tax receivable agreement liability	47,355
Other accrued expenses (inclusive of $25.3 million for current warranty liabilities)	246,341
Debt (inclusive of current portion)	2,674,767
Other long-term liabilities ($163.6 million for accrued long-term warranty)	163,561
Deferred income taxes	325,593
Other long-term liabilities	31,947
Total liabilities assumed	3,629,519
Net assets acquired	$	728,945

Business Acquisition, Pro Forma Information

The following table provides unaudited supplemental pro forma results for Cornerstone, prepared in accordance with ASC 805, for the three and nine months ended September 28, 2019 and July 29, 2018 as if the Environmental Stoneworks and Ply Gem (disclosed below) acquisitions had occurred on October 30, 2017 (beginning of the nine months ended July 29, 2018) (in thousands except for per share data):

	Three Months Ended				Nine Months Ended
	September 28, 2019		July 29, 2018		September 28, 2019		July 29, 2018
Net sales	$	1,285,043	$	1,381,820	$	3,661,428	$	3,668,062
Net income (loss) applicable to common shares	28,456		(56,165)		10,532		(221,019)
Net income (loss) per common share:
Basic	$	0.23	$	(0.45)	$	0.08	$	(1.76)
Diluted	$	0.23	$	(0.45)	$	0.08	$	(1.76)

Environmental Stoneworks

Business Acquisition [Line Items]

Schedule of Estimated Fair Value of Assets and Liabilities Assumed from Acquisition

The Company determined the fair value of the tangible and intangible assets and the liabilities acquired, and recorded goodwill based on the excess of fair value of the acquisition consideration over such fair values, as follows (in thousands):

Assets acquired:
Restricted cash	$	3,379
Accounts receivable	17,134
Inventories	13,062
Prepaid expenses and other current assets	3,677
Property, plant and equipment	14,295
Lease right of use assets	11,372
Intangible assets (trade names/customer relationships)	91,170
Goodwill	60,487
Other assets	157
Total assets acquired	214,733
Liabilities assumed:
Accounts payable	5,910
Other accrued expenses	11,445
Lease liabilities	11,365
Other long-term liabilities	3,450
Total liabilities assumed	32,170
Net assets acquired	$	182,563