Acquisitions and Dispositions (Tables)

12 Months Ended

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