Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Final Valuation of the Long-Lived Assets

The following table summarizes the allocation of the purchase price to acquire these businesses, which were financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates.  During the year, adjustments were made to the Mueller Middle East provisional purchase price allocation resulting in a decrease in goodwill of $11.2 million, a decrease in the noncontrolling interest of $5.6 million, an increase in property, plant, and equipment of $4.2 million, a decrease in liabilities of $0.9 million, and an increase in intangible assets of $0.5 million. The purchase price allocations for all acquisitions have been finalized as of December 31, 2022.

(In thousands)	Mueller Middle East		H&C Flex		Kessler			Shoals
Total consideration	$	20,017	$	15,279	$	57,233		$	15,321
Allocated to:
Accounts receivable	10,652		—		—			660
Inventories	4,727		4,511		25,106			1,809
Other current assets	1,744		—		—			26
Property, plant, and equipment	26,664		10,813		2,211			3,700
Operating lease right-of-use assets	935		—		10,526			—
Goodwill	864		—		11,600		(1)	1,870		(1)
Intangible assets	452		—		16,600			7,480
Total assets acquired	46,038		15,324		66,043			15,545
Accounts payable	4,593		—		—			217
Current portion of operating lease liabilities	—		—		1,692			—
Other current liabilities	10,941		45		—			7
Noncurrent operating lease liabilities	—		—		7,118			—
Other noncurrent liabilities	692		—		—			—
Total liabilities assumed	16,226		45		8,810			224
Noncontrolling interest	9,795		—		—			—
Net assets acquired	$	20,017	$	15,279	$	57,233		$	15,321

(1) Tax-deductible goodwill

Schedule of Intangible Assets Identified in the Allocation of the Purchase Price

The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:

(In thousands)	Estimated Useful Life	Mueller Middle East		Kessler		Shoals
Intangible asset type:
Customer relationships	20 years	$	452	$	12,640	$	4,290
Non-compete agreements	3-5 years	—		—		150
Patents and technology	10-15 years	—		—		2,620
Trade names, licenses, and other	5-10 years	—		3,960		420
Total intangible assets		$	452	$	16,600	$	7,480