Acquisitions (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Universal Robots |
|
Final Allocation of Purchase Price |
The following
table represents the final allocation of the purchase
price:
|
|
|
|
|
|
|
Purchase Price Allocation |
|
|
|
(in
thousands) |
|
Goodwill
|
|
$ |
221,128 |
|
Intangible
assets
|
|
|
121,590 |
|
Tangible assets acquired
and liabilities assumed:
|
|
|
|
|
Current assets
|
|
|
10,853 |
|
Non-current assets
|
|
|
3,415 |
|
Accounts payable and
current liabilities
|
|
|
(11,976 |
) |
Long-term deferred tax
liabilities
|
|
|
(26,653 |
) |
Long-term other
liabilities
|
|
|
(2,920 |
) |
|
|
|
|
|
Total purchase
price
|
|
$ |
315,437 |
|
|
|
|
|
|
|
Components of Intangible Assets and Their Estimated Useful Lives at Acquisition Date |
Components of
these intangible assets and their estimated useful lives at the
acquisition date are as follows:
|
|
|
|
|
|
|
|
|
|
|
Fair
Value |
|
|
Estimated Useful
Life |
|
|
|
(in thousands) |
|
|
(in
years) |
|
Developed
technology
|
|
$ |
89,240 |
|
|
|
4.9 |
|
Trademarks and
tradenames
|
|
|
22,920 |
|
|
|
10.0 |
|
Customer
relationships
|
|
|
9,430 |
|
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
Total intangible
assets
|
|
$ |
121,590 |
|
|
|
5.6 |
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Results Under Acquisitions |
The unaudited
pro forma results are not necessarily indicative of what actually
would have occurred had the acquisition been in effect for the
periods presented:
|
|
|
|
|
|
|
For the Year
Ended |
|
|
|
December 31,
2014 |
|
|
|
(in thousands, except per
share
amounts)
|
|
Revenues
|
|
$ |
1,655,038 |
|
Net income
|
|
$ |
82,169 |
|
Income per common
share:
|
|
|
|
|
Basic
|
|
$ |
0.40 |
|
|
|
|
|
|
Diluted
|
|
$ |
0.37 |
|
|
|
|
|
|
|
Avionics Interface Technologies, LLC |
|
Final Allocation of Purchase Price |
The following
represents the final allocation of the purchase price:
|
|
|
|
|
|
|
Purchase Price Allocation |
|
|
|
(in
thousands) |
|
Goodwill
|
|
$ |
10,516 |
|
Intangible
assets
|
|
|
9,080 |
|
Tangible assets acquired
and liabilities assumed:
|
|
|
|
|
Current assets
|
|
|
2,452 |
|
Non-current assets
|
|
|
359 |
|
Accounts payable and
current liabilities
|
|
|
(1,164 |
) |
|
|
|
|
|
Total purchase
price
|
|
$ |
21,243 |
|
|
|
|
|
|
|
Components of Intangible Assets and Their Estimated Useful Lives at Acquisition Date |
Components of
these intangible assets and their estimated useful lives at the
acquisition date are as follows:
|
|
|
|
|
|
|
|
|
|
|
Fair
Value |
|
|
Estimated Useful
Life |
|
|
|
(in thousands) |
|
|
(in
years) |
|
Customer
relationships
|
|
$ |
5,630 |
|
|
|
5.0 |
|
Developed
technology
|
|
|
2,580 |
|
|
|
4.8 |
|
Trademarks and
tradenames
|
|
|
380 |
|
|
|
5.0 |
|
Non-compete agreement
|
|
|
320 |
|
|
|
4.0 |
|
Customer order
backlog
|
|
|
170 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
Total intangible
assets
|
|
$ |
9,080 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Results Under Acquisitions |
The unaudited
pro forma results are not necessarily indicative of what actually
would have occurred had the acquisition been in effect for the
periods presented:
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended |
|
|
|
December 31,
2015 |
|
|
December 31,
2014 |
|
|
|
(in thousands, except
per
share amounts) |
|
Revenue
|
|
$ |
1,657,626 |
|
|
$ |
1,686,689 |
|
Net income
|
|
$ |
199,784 |
|
|
$ |
61,078 |
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.94 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
0.94 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|