Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.2
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