Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for Precision as of the acquisition date (in thousands):

Receivables	$	18,386
Inventory	11,680
Other current assets	2,391
Property, plant and equipment	5,109
Intangible assets	176,500
Goodwill	131,402
Operating lease right-of-use assets	3,272
Total assets acquired	$	348,740
Accounts payable	$	11,350
Accrued liabilities	3,485
Deferred income taxes	41,379
Long-term operating lease liabilities	2,936
Total liabilities assumed	$	59,150
Net assets	$	289,590

Schedule of Acquired Intangible Assets

The intangible assets related to the acquisition consisted of the following:

	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	21,000	5.0
Customer relationships	145,000		20.0
Trademarks	6,000		5.0
Non-compete agreements	4,500		5.0
Total intangible assets subject to amortization	$	176,500
Intangible assets not subject to amortization:
Goodwill	$	131,402	n/a
Total intangible assets not subject to amortization	$	131,402
Total intangible assets	$	307,902
Weighted average amortization period			17.3