Acquisition - United Steel Supply (Tables)

9 Months Ended

Sep. 30, 2019

Acquisition - United Steel Supply

Schedule of Assets Acquired and Liabilities Assumed

The aggregate purchase price was preliminarily allocated to the opening balance sheet of USS as of March 1, 2019, and updated in September 2019 upon the final working capital adjustment, as presented below. The following allocation of the purchase price (in thousands) is preliminary based on the information available to estimate the fair value of assets acquired and liabilities assumed. The accounting for the acquisition has not yet been completed because the company has not finalized the valuations of identifiable intangible assets, if any, and thus goodwill. The company anticipates finalizing the valuation of identifiable intangible assets by December 31, 2019.

		September 30,
		2019 Allocation		Adjustments		Initial Allocation
Current assets, net of cash acquired	$	86,236	$	(7,784)	$	94,020
Property, plant & equipment		7,388		-		7,388
Intangible assets and goodwill		113,810		11,892		101,918
Total assets acquired		207,434		4,108		203,326
Liabilities assumed		77,954		(3,270)		81,224
Redeemable noncontrolling interest		32,374		3,684		28,690
Net cash consideration	$	97,106	$	3,694	$	93,412