Acquisition (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Summary of Purchase Price and Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price and the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):

Total purchase price, net of cash and cash equivalents acquired			$	424,252
Fair value of net assets acquired:
Current assets	$	346,693
Identifiable intangible assets - see description below	158,100
Property and equipment	2,266
Other assets	260,185
Current liabilities	(332,681)
Long-term liabilities, including long-term accounts payable	(126,078)
Total fair value of net assets acquired			308,485
Excess purchase price over fair value of net assets acquired ("goodwill")			$	115,767

Summary of Intangible Assets Acquired as Part of Business Combination

The identifiable intangibles resulting from the acquisition are amortized using the straight-line method over the following estimated useful lives:

Intangible Assets	Estimated Economic Life
Customer relationships	10 Years
Trade name	3 Years
Non-compete agreements	3-5 Years