BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other receivables, net consists of the following at December 31, 2022 and 2021:


(thousands)	2022		2021
Trade receivables	$	144,301	$	157,222
Other receivables	30,787		16,311
Allowance for doubtful accounts	(2,198)		(1,141)
Total	$	172,890	$	172,392

Schedule of Balances in Prepaid Expenses and Other

Prepaid expenses and other consists of the following at December 31, 2022 and 2021:


(thousands)	2022		2021
Vendor rebates receivable	$	12,366	$	8,702

Prepaid expenses	22,311		20,380
Vendor and other deposits	11,649		35,396

Total	$	46,326	$	64,478

Schedule of Property, Plant and Equipment

Property, plant and equipment (“PP&E”) is generally recorded at cost. Depreciation is computed primarily by the straight-line method applied to individual items based on estimated useful lives, which is as follows for 2022:


Asset Class						Useful Life
Buildings and improvements						10-30 years
Leasehold improvements						10 years
Capitalized software						3-5 years
Machinery and equipment and transportation equipment						3-7 years

Property, plant and equipment, net, consists of the following at December 31, 2022 and 2021:


(thousands)	2022		2021
Land and improvements	$	19,242	$	17,454
Building and improvements	82,280		83,509
Machinery and equipment	442,881		372,086
Transportation equipment	11,866		10,402
Leasehold improvements	29,252		21,593
Property, plant and equipment, at cost	585,521		505,044
Less: accumulated depreciation and amortization	(234,949)		(185,551)
Property, plant and equipment, net	$	350,572	$	319,493

Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The three levels are as follows:

•Level 1 inputs, which are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 inputs, which are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

•Level 3 inputs, which are unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data).


	2022						2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Cash equivalents(1)	$	15.2	$	—	$	—	$	118.4	$	—	$	—
7.50% senior notes due 2027(2)	—		293.9		—		—		319.5		—
4.75% senior notes due 2029(2)	—		293.8		—		—		350.6		—
1.00% convertible notes due 2023(2)	—		172.0		—		—		194.1		—
1.75% convertible notes due 2028(2)	—		219.9		—		—		269.8		—
Term loan due 2027(3)	—		136.9		—		—		144.4		—
Revolver due 2027(3)	—		80.3		—		—		135.0		—
Interest rate swaps(4)	—		—		—		—		1.0		—
Contingent consideration(5)	—		—		9.2		—		—		12.3

(1) The carrying amounts of cash equivalents, representing government and other money market funds traded in an active market with relatively short maturities, are reported on the consolidated balance sheet as of December 31, 2022 as a component of "Cash and cash equivalents".

(2) The amounts of these notes listed above are the fair values for disclosure purposes only, and they are recorded in the Company's consolidated balance sheets as of December 31, 2022 and 2021 using the interest rate method.

(3) The carrying amounts of our term loan and revolver approximate fair value as of December 31, 2022 and 2021 based upon their terms and conditions in comparison to the terms and conditions of debt instruments with similar terms and conditions available at those dates.

(4) The interest rate swaps are discussed further in Note 9.

(5) The estimated fair value of the Company's contingent consideration is discussed further in Note 4.