Step Acquisition

6 Months Ended

Jun. 30, 2015

Step Acquisition

Step Acquisition

Note 10 — Step Acquisition

During first quarter 2014, the Company gained operating control of its two50% owned Spanish companies when Company employee representatives assumed all positions on their boards of directors. This was considered a step acquisition, whereby the Company remeasured the previously held investment to fair value in first quarter 2014. As a result, the Company’s first quarter 2014 net earnings include a net loss of $529, including an additional income tax provision of $2,350 relating to deferred income taxes. During 2014, the Company further increased its control and ownership to 83% by subscribing to additional common shares of these Spanish subsidiaries for approximately $1,400($1,200 was paid in 2014, and the balance was paid in 2015). The accompanying consolidated financial statements for the year ended December 31, 2014 and first half ended June 30, 2015 include these Spanish companies and related minority interests. These Spanish subsidiaries are not material to the Company’s consolidated financial statements.