Acquisitions

6 Months Ended

Jun. 30, 2016

PEP [Member]

Acquisitions

Note 2. Acquisitions

PEP

As reported in our 2015 Annual Report we completed the acquisition of Precision Engineered Products Holdings, Inc. (“PEP”) on October 19, 2015. During the six months ended June 30, 2016, we finalized certain working capital adjustments and fixed assets. The changes primarily arose from differences noted during acquisition integration. As a result, we adjusted the preliminary allocation of the purchase price initially recorded at the PEP acquisition date to reflect these measurement period adjustments. The income taxes continue to be reviewed regarding finalization of fair market value.

The following table summarizes the purchase price allocation for the PEP acquisition:

	As Reported on December 31, 2015		Subsequent Adjustments to fair value			Restated as of June 30, 2016
Consideration:
Cash paid	$	621,196	$	—		$	621,196
Cash adjustment		—		(1,635	)		(1,635	)
Total consideration		621,196		(1,635	)		619,561
Fair value of assets acquired and liabilities assumed on October 19, 2015:
Current assets	$	69,331	$	661		$	69,992
Property, plant and equipment		56,163		(962	)		55,201
Intangible assets subsect to amortization		240,490		—			240,490
Other non-current assets		1,500		—			1,500
Goodwill		364,450		(1,334	)		363,116
Total assets acquired		731,934		(1,635	)		730,299
Current liabilities		21,131		—			21,131
Non-current deferred tax liabilities		87,578		—			87,578
Other non-current liabilities		2,029		—			2,029
Total liabilities assumed		110,738		—			110,738
Net assets acquired	$	621,196	$	(1,635	)	$	619,561

In accordance with ASU 2015-16 as noted above in Note 1, we have recognized measurement-period adjustments during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date.