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ACQUISITIONS (Tables)
 9 Months Ended
Sep. 27, 2020
Business Combinations [Abstract]  
Schedule of acquisitions completed
Acquisitions completed in the first nine months of 2020 include the following previously announced acquisitions:
Company Description
Maple City Woodworking Corporation Manufacturer of hardwood cabinet doors and fascia for the recreational vehicle ("RV") market based in Goshen, Indiana
SEI Manufacturing, Inc. Manufacturer of towers, T-Tops, hardtops, rails, gates and other aluminum exterior products for the marine market located in Cromwell, Indiana
Inland Plywood Company Supplier, laminator, and wholesale distributor of treated, untreated, and laminated plywood, medium density overlay panels, and other specialty products, primarily serving the marine market as well as the RV and industrial markets headquartered in Pontiac, Michigan with an additional facility in Cocoa, Florida
Synergy RV Transport Transportation and logistics service provider primarily for original equipment manufacturers and dealers in the RV market located in Goshen, Indiana
Front Range Stone Fabricator and installer of natural stone, quartz, solid surface, and laminate countertops, primarily serving big box home improvement retailers, home builders and commercial contractors in the industrial market based in Englewood, Colorado
Schedule of assets acquired and liabilities assumed
The following table summarizes the fair values of the consideration paid, assets acquired, and the liabilities assumed as of the date of acquisition for the 2020 Acquisitions and the 2019 Acquisitions:

(thousands) 2020 Acquisitions 2019 Acquisitions
Consideration
Cash, net of cash acquired $ 124,013  $ 53,307 
Contingent consideration(1)
1,813  1,160 
Total consideration 125,826  54,467 
Assets Acquired
Trade receivables $ 9,785  $ 9,692 
Inventories 16,073  5,803 
Prepaid expenses & other 502  20 
Property, plant & equipment 15,633  6,567 
Operating lease right-of-use assets 6,222  5,653 
Identifiable intangible assets 49,445  23,715 
Liabilities Assumed
Accounts payable & accrued liabilities (6,264) (6,514)
Operating lease obligations (6,222) (5,653)
Deferred tax liabilities, net (3,415) (1,922)
Total fair value of net assets acquired 81,759  37,361 
Goodwill(2)
44,067  17,106 
$ 125,826  $ 54,467 
(1) These amounts reflect the preliminary estimated liability pertaining to the fair value of contingent consideration based on future performance relating to certain acquisitions.
(2) Goodwill is tax-deductible for the 2020 Acquisitions, except Front Range Stone (approximately $14.1 million), and for the 2019 Acquisitions, except GG Schmitt (approximately $5.4 million). For acquisitions, the excess of purchase price consideration over the fair value of net assets acquired is recorded as goodwill, which generally represents the combined value of the Company's existing purchasing, manufacturing, sales, industry relationships, and systems resources with the organizational talent and expertise of the acquired companies' respective management teams to maximize efficiencies, revenue impact, market share growth, and net income.
Schedule of identifiable intangible assets acquired The following table presents our estimates of identifiable intangibles for the 2020 Acquisitions and the 2019 Acquisitions:
(thousands)
Estimated Useful Life (in years) 2020 Acquisitions 2019 Acquisitions
Customer relationships 10 $ 37,723  $ 18,112 
Non-compete agreements 5 492  150 
Trademarks Indefinite 11,230  5,453 
$ 49,445  $ 23,715 
Schedule of pro forma information
The pro forma information includes financing and interest expense charges based on incremental borrowings incurred in connection with each transaction. In addition, the pro forma information includes amortization expense, in the aggregate, related to intangible assets acquired in connection with the transactions of $0.5 million and $2.2 million for the third quarter and nine months ended September 27, 2020, respectively, and $1.4 million and $4.0 million for the third quarter and nine months ended September 29, 2019, respectively.
  Third Quarter Ended Nine Months Ended
(thousands except per share data) September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019
Revenue $ 719,953  $ 621,936  $ 1,798,914  $ 1,961,263 
Net income 38,412  24,914  65,392  80,077 
Basic net income per common share 1.69  1.08  2.87  3.47 
Diluted net income per common share 1.66  1.07  2.83  3.44