Business Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

The purchase price allocation is preliminary, pending completion of the full valuation report and a final working capital adjustment to be agreed upon between the Company and the sellers. A summarized preliminary purchase price allocation is as follows:



(in thousands)
Cash consideration paid	$	169,218
Equity consideration	127,841
Purchase price holdback/ other accrued liabilities	31,885
Total purchase price consideration	$	328,944

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The preliminary purchase price allocation at January 1, 2019, is as follows:



(in thousands)
Cash and cash equivalents	$	21,525
Accounts receivable	320,467
Inventories	456,963
Commodity derivative assets - current	82,595
Other current assets	27,474
Commodity derivative assets - noncurrent	13,576
Goodwill	129,848
Other intangible assets	106,600
Right of use asset	37,894
Equity method investments	28,728
Other assets, net	5,582
Property, plant and equipment, net	171,820
	$	1,403,072

Short-term debt	218,901
Trade and other payables	303,321
Commodity derivative liabilities - current	29,024
Customer prepayments and deferred revenue	99,530
Accrued expense and other current liabilities	64,512
Other long-term liabilities, including commodity derivative liabilities - noncurrent	3,175
Long-term lease liabilities	21,193
Long-term debt, including current maturities	161,688
Deferred income taxes	14,403
	$	915,747
Fair value of acquired assets and assumed liabilities	$	487,325

Removal of preexisting ownership interest, including associated cumulative translation adjustment	(159,459		)
Pretax loss on derecognition of preexisting ownership interest	1,078
Total purchase price consideration	$	328,944

Schedule of Intangible Assets Acquired

Details of the intangible assets acquired are as follows:



(in thousands)			Estimated useful life
Customer relationships	$	86,300	10 years
Noncompete agreements	20,300		3 years
	$	106,600	8 years	*

Schedule of Pro Forma Financial Information

Pro Forma Financial Information

The summary pro forma financial information for the periods presented below gives effect to the LTG acquisition as if it had occurred at January 1, 2018.



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2019		2018		2019		2018
Net sales	$	2,359,077	$	2,333,598	$	4,335,869	$	4,261,910
Net income	29,985		42,506		19,232		32,110