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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2016
Acquisitions and Dispositions [Abstract] |
Schedule of final valuation of the long-lived assets | The following table summarizes the allocation of the purchase price to acquire these businesses, which was financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates. The purchase price allocation for Jungwoo-Mueller is provisional as of December 31, 2016 and subject to change upon completion of the final valuation of the long-lived assets during the measurement period. During 2016, the valuation of the Great Lakes acquisition was finalized and a deferred tax liability of $4.1 million was recorded that resulted from a basis difference in the long-lived assets acquired. This resulted in an increase in goodwill.
(in thousands) |  | Jungwoo-Mueller |  |  | Great Lakes |  |  | Sherwood |  |  | Turbotec |  |  | Yorkshire |
Total consideration |  | $ | 20,533 |  |  | $ | 70,011 |  |  | $ | 21,795 |  |  | $ | 14,138 |  |  | $ | 30,137 |
Allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 5,551 |  |  |  | 26,079 |  |  |  | 6,490 |  |  |  | 1,936 |  |  |  | — |
Inventories |  |  | 17,616 |  |  |  | 15,233 |  |  |  | 11,892 |  |  |  | 3,247 |  |  |  | 17,579 |
Other current assets |  |  | 1,437 |  |  |  | 22 |  |  |  | 260 |  |  |  | 72 |  |  |  | 1,034 |
Property, plant, and equipment |  |  | 24,191 |  |  |  | 22,771 |  |  |  | 10,327 |  |  |  | 9,080 |  |  |  | 2,103 |
Goodwill |  |  | 442 |  |  |  | 23,208 | (1) |  |  | — |  |  |  | 2,088 |  |  |  | 8,075 | (1)
Intangible assets |  |  | 756 |  |  |  | 27,468 |  |  |  | (38 | ) |  |  | 880 |  |  |  | 16,937 |
Other assets |  |  | 58 |  |  |  | 1,413 |  |  |  | — |  |  |  | 59 |  |  |  | — |
Total assets acquired |  |  | 50,051 |  |  |  | 116,194 |  |  |  | 28,931 |  |  |  | 17,362 |  |  |  | 45,728 |
Accounts payable |  |  | 7,252 |  |  |  | 36,026 |  |  |  | 6,022 |  |  |  | 1,603 |  |  |  | 10,188 |
Accrued wages & other employee costs |  |  | — |  |  |  | — |  |  |  | 471 |  |  |  | 356 |  |  |  | 1,167 |
Other current liabilities |  |  | 577 |  |  |  | 381 |  |  |  | 487 |  |  |  | 51 |  |  |  | 4,236 |
Long-term debt |  |  | 8,659 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Pension and other postretirement liabilities |  |  | 799 |  |  |  | 5,655 |  |  |  | — |  |  |  | — |  |  |  | — |
Other noncurrent liabilities |  |  | 582 |  |  |  | 4,121 |  |  |  | 156 |  |  |  | 1,214 |  |  |  | — |
Total liabilities assumed |  |  | 17,869 |  |  |  | 46,183 |  |  |  | 7,136 |  |  |  | 3,224 |  |  |  | 15,591 |
Noncontrolling interest |  |  | 11,649 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net assets acquired |  | $ | 20,533 |  |  | $ | 70,011 |  |  | $ | 21,795 |  |  | $ | 14,138 |  |  | $ | 30,137 |
(1) Tax-deductible goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets identified in the allocation of the purchase price | The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:
(in thousands) | Estimated Useful Life |  | Jungwoo-Mueller |  |  | Great Lakes |  |  | Turbotec |  |  | Yorkshire |
Intangible asset type: |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 20 years |  | $ | — |  |  | $ | 20,273 |  |  | $ | 350 |  |  | $ | 10,699 |
Non-compete agreements | 3-5 years |  |  | — |  |  |  | 2,269 |  |  |  | 90 |  |  |  | 4,504 |
Patents and technology | 10-15 years |  |  | 756 |  |  |  | 3,104 |  |  |  | 220 |  |  |  | — |
Trade names and licenses | 5-10 years |  |  | — |  |  |  | 2,453 |  |  |  | 220 |  |  |  | 1,055 |
Other | 2-5 years |  |  | — |  |  |  | (631 | ) |  |  | — |  |  |  | 679 |
Total intangible assets |  |  | $ | 756 |  |  | $ | 27,468 |  |  | $ | 880 |  |  | $ | 16,937 |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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