Acquisitions

6 Months Ended

Jun. 30, 2014

Acquisitions [Abstract]

ACQUISITION

3. ACQUISITIONS

During the prior year, the Company acquired substantially all of the assets and liabilities of Ball Winch, LLC (Ball Winch). Cash payments totaling $37,500 were made during 2013 and a post-closing working capital adjustment of $495 was paid in February 2014 resulting in a total purchase price of $37,995. Included within the purchase price was $3,300 which is held in escrow to satisfy any indemnity claims under the purchase agreement.The results of operations for Ball Winch are included in the Company’s Tubular segment for the six months ended June 30, 2014.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition:

		November 7, 2013
Allocation of Purchase Price		Ball Winch Fair Value
Current assets	$	1,857
Other assets		64
Property, plant, and equipment		5,555
Goodwill		16,544
Other intangibles		14,682
Current liabilities		(707)
Total	$	37,995

The following table summarizes the estimates of the fair values and amortizable lives of the identifiable intangible assets acquired:

Intangible Asset		November 7, 2013 Ball Winch Fair Value		Weighted Average Amortizable Life (years)
Trade name	$	723	0.5	0.5
Technology		11,129	7.5	7.5
Non-competition agreements		2,830	1.0	1.0
Total identified intangible assets	$	14,682

The Company continues to evaluate certain current liabilities assumed in the Ball Winch acquisition. If new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected their measurement, the Company will retrospectively adjust the amounts recognized as of the acquisition date.

The Company has concluded that intangible assets and goodwill values resulting from this transaction will be deductible for tax purposes.