Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Values of the Components of the Purchase Price

The following table summarizes the fair values of the components of the purchase price as of the acquisition date:

in thousands
Cash, net of cash acquired	$	63,567
Floor and Decor Class A common stock	5,000
Contingent consideration	9,090
Total purchase price	$	77,657

Schedule of the Estimated Preliminary Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the acquisition date:

in thousands	Fair Value
Current assets	$	16,467
Fixed assets, net	970
Right-of-use assets	3,300
Intangible assets, net	44,400
Goodwill	28,026
Total assets acquired	$	93,163
Current liabilities	$	12,393
Lease liabilities	2,725
Other liabilities	388
Total liabilities assumed	$	15,506
Net assets acquired	$	77,657

Schedule of the Preliminary Estimated Fair Values and Estimated Remaining Useful Lives of Identifiable Intangible Assets

Following are the preliminary estimated fair values and estimated remaining useful lives of identifiable intangibles assets as of the acquisition date:

in thousands	Useful Life (Years)	Preliminary Fair Value
Identifiable intangible assets:
Customer relationships	12	$	34,900
Trade name	Indefinite	$	9,200
Non-compete agreement	5	$	300
Total identifiable intangible assets		$	44,400

Schedule of Intangible Assets and Goodwill

The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for amortizable intangible assets as of September 30, 2021 and December 31, 2020 are as follows:

	September 30, 2021						December 31, 2020
in thousands	Gross carrying amount		Accumulated amortization		Net carrying value		Gross carrying amount		Accumulated amortization		Net carrying value
Amortizable intangible assets:
Customer relationships	$	34,900	$	(969)	$	33,931	$	—	$	—	$	—
Non-compete agreement	300		(22)		278		—		—		—
Total amortizable intangible assets	35,200		(991)		34,209		—		—		—
Unamortizable intangible assets:
Trade names - Floor & Decor	109,269		—		109,269		109,269		—		109,269
Trade names - Spartan	9,200		—		9,200		—		—		—
Total intangible assets:	$	153,669	$	(991)	$	152,678	$	109,269	$	—	$	109,269
Goodwill	$	255,473	$	—	$	255,473	$	227,447	$	—	$	227,447

Schedule of Estimated Aggregate Future Amortizable Expense for the Intangible Assets

The estimated aggregate future amortizable expense for the intangible assets is as follows:

in thousands	Amount
Thirteen weeks ending December 30, 2021	$	743
2022	2,974
2023	2,974
2024	2,974
2025	2,974
Thereafter	21,570
Total	$	34,209