On August 9, 2021, Nucor used cash on hand to acquire the assets of the insulated metal panels (“IMP”) business of Cornerstone Building Brands, Inc. for a purchase price of $1.00 billion. The Company believes this acquisition is strategically compelling and will broaden the value-added solutions that Nucor Buildings Group provides to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years and that the use of IMP products within them will also increase. IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations-related greenhouse gas emissions for owners and lessees. The IMP business Nucor acquired is comprised of two industry leading brands, CENTRIA and Metl-Span, and has seven manufacturing facilities located throughout North America, complementing the Company’s existing IMP business, Truecore. The IMP business financial results are included as part of the steel products segment (see Note 14).

We have allocated the purchase price for the IMP business to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change.

The following table summarizes the fair values of the assets acquired and liabilities assumed of the IMP business as of the date of acquisition (in thousands):

Cash	$	—
Accounts receivable		49,869
Inventory		73,000
Other current assets		4,478
Property, plant and equipment		102,966
Goodwill		454,549
Other intangible assets		378,300
Other assets		13,515
Total assets acquired		1,076,677
Current liabilities		45,320
Other liabilities		12,855
Total liabilities assumed		58,175
Net assets acquired	$	1,018,502

The following table summarizes the purchase price allocation to the identifiable intangible assets of the IMP business as of the date of acquisition (in thousands, except years):

			Weighted-
			Average Life
Customer relationships	$	309,000	10 years
Trademarks and trade names		45,000	10 years
Backlog		24,300	1 year
	$	378,300

The goodwill of $454.5 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 4). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $454.5 million, all of which is deductible for tax purposes.

On August 20, 2021, Nucor used cash on hand to acquire Hannibal Industries, Inc. (“Hannibal”) for a purchase price of $370.0 million. Nucor purchased 100% of Hannibal's outstanding shares from its Employee Stock Ownership Plan. Hannibal is a leading national provider of steel racking solutions to warehouses. We expect that Hannibal’s business, serving customers in the e-commerce, industrial, food storage and retail segments, will also continue to grow in the coming years. Hannibal has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers.

Together, the acquisitions of the IMP business and Hannibal reflect the Company’s strategy to target the fastest growing segments of steel intensive construction markets. Hannibal’s financial results are included as part of the steel products segment (see Note 14).

We have allocated the purchase price for Hannibal to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change.

The following table summarizes the fair values of the assets acquired and liabilities assumed of Hannibal as of the date of acquisition (in thousands):

Cash	$	125,628
Accounts receivable		115,728
Inventory		65,005
Other current assets		1,050
Property, plant and equipment		116,955
Goodwill		80,550
Other intangible assets		201,700
Other assets		8,776
Total assets acquired		715,392
Current liabilities		231,356
Finance lease obligations		80,124
Other liabilities		10,655
Total liabilities assumed		322,135
Net assets acquired	$	393,257

The following table summarizes the purchase price allocation to the identifiable intangible assets of Hannibal as of the date of acquisition (in thousands, except years):

			Weighted-
			Average Life
Customer relationships	$	144,000	10 years
Trademarks and trade names		26,000	7 years
Backlog		31,700	1 year
	$	201,700

The goodwill of $80.6 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 4). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $80.6 million, all of which is deductible for tax purposes.

The results of operations for the IMP business and Hannibal upon the effective date of the transactions have been included in the accompanying financial statements. Pro-forma results of operations of the Company would not be materially different as a result of the acquisitions of the IMP business and Hannibal and, therefore, this information is not presented.