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Business Combinations (Tables)
9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Preliminary Allocation of the Purchase Price to the Estimated Fair Value of the Assets Acquired and Liabilities Assumed Subject to Working Capital Adjustments

The preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date, subject to working capital adjustments, is as follows:

 

(In Thousands)

 

 

 

Assets

 

 

 

  Inventory

 

3,272

 

  Property, plant and equipment

 

352

 

  Intangible assets

 

4,700

 

Total assets acquired

 

8,324

 

 

 

 

 

Liabilities

 

 

 

  Accounts payable

 

(1,378

)

  Warranty payable

 

(61

)

  Accrued wages and benefits

 

(122

)

  Deferred income taxes

 

(2,270

)

Total liabilities assumed

 

(3,831

)

 

 

 

 

Total net assets

 

4,493

 

  Gain on bargain purchase of a business, net of tax

 

(3,550

)

Total purchase price

$

943

 

 

Details of the Acquired Intangible Assets

The details of the acquired intangible assets are as follows:

 

In thousands

Value

 

 

Life (years)

Supply agreement

$

1,400

 

 

0.8

Customer relationships

 

1,200

 

 

6

Developed technology

 

800

 

 

10

License

 

500

 

 

1.3

Patent

 

500

 

 

7.3

Non-compete

 

200

 

 

2.3

Trade name

 

100

 

 

2

Total

$

4,700

 

 

 

 

Summary of Actual Revenue and Pre-tax Loss Included in Consolidated Statements of Income

The actual revenue and pre-tax loss included in our Consolidated Statements of Income for the period September 13, 2016 to September 30, 2016 are as follows:

 

 

September 13 to

 

(In thousands)

September 30, 2016

 

Revenue

$

1,291

 

Pre-tax loss

$

(70

)

 

Summary of Supplemental Pro Forma Information

The following supplemental pro forma information presents the financial results as if the acquisition had occurred on January 1, 2015.  This supplemental pro forma information does not purport to be indicative of what would have occurred had the acquisition been completed on January 1, 2015, nor is it indicative of any future results. Aside from revising the 2015 pre-tax income for the effect of the bargain purchase gain, there were no material, non-recurring adjustments to this pro forma information.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Pro forma revenue

 

$

170,498

 

 

$

159,375

 

 

$

478,184

 

 

$

463,916

 

Pro forma pre-tax income

 

$

11,778

 

 

$

10,294

 

 

$

35,771

 

 

$

21,826