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Acquisitions (Tables)
9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Summary of preliminary fair values of net assets acquired and determination of final net assets
The following table summarizes the final fair values assigned to the Boat Holdings net assets acquired and the determination of net assets (in thousands):
Cash and cash equivalents
$
16,534

Trade receivables
17,528

Inventory
39,948

Other current assets
4,451

Property, plant and equipment
35,299

Customer relationships
341,080

Trademarks / trade names
210,680

Non-compete agreements
2,630

Goodwill
222,372

Accounts payable
(30,064
)
Other liabilities assumed
(37,266
)
Total fair value of net assets acquired
823,192

Less cash acquired
(16,534
)
Total consideration for acquisition, less cash acquired
$
806,658


Unaudited pro forma information
The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2018 acquisition of Boat Holdings had occurred at the beginning of fiscal 2018 (in thousands, except per share data).
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
1,771,647

 
$
1,651,415

 
$
5,046,652

 
$
4,802,580

Net income
89,478

 
99,224

 
228,004

 
268,660

 
 
 
 
 
 
 
 
Basic earnings per share
$
1.46

 
$
1.60

 
$
3.71

 
$
4.27

Diluted earnings per common share
$
1.44

 
$
1.56

 
$
3.67

 
$
4.16