Acquisitions

12 Months Ended

Dec. 31, 2016

PEP [Member]

Acquisitions

2) Acquisitions

As reported in our 2015 Annual Report, we completed the acquisition (the “PEP Acquisition”) of Precision Engineered Products Holdings, Inc. (“PEP”) on October 19, 2015. During the nine months ended September 30, 2016, we finalized all issues related to customary working capital adjustments, fixed assets and income taxes. The changes primarily arose from differences noted during acquisition integration and finalizing return to provision adjustments. 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 following table summarizes the final purchase price allocation for the PEP Acquisition:

	As Reported		Subsequent			Final
	on		Adjustments			as of
	December 31,		to fair			September 30,
	2015		value			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	$	452		$	69,783
Property, plant and equipment		56,163		(962	)		55,201
Intangible assets subject to amortization		240,490		—			240,490
Other non-current assets		1,500		—			1,500
Goodwill		364,450		(1,805	)		362,645
Total assets acquired		731,934		(2,315	)		729,619
Current liabilities		21,131		—			21,131
Non-current deferred tax liabilities		87,578		(680	)		86,898
Other non-current liabilities		2,029		—			2,029
Total liabilities assumed		110,738		(680	)		110,058
Net assets acquired	$	621,196	$	(1,635	)	$	619,561

In accordance with generally accepted accounting principles, 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 we would have recorded in previous periods if the accounting had been completed at the acquisition date.