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Subsequent Events | 6 Months Ended
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Jun. 30, 2018
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On July 2, 2018, the Company entered into a stock purchase agreement pursuant to which the Company acquired all of the outstanding capital stock of ATCO Rubber Products, Inc. (ATCO) for approximately $157.7 million in cash, net of working capital adjustments. The transaction also included a contingent consideration arrangement which requires the Company to pay the former owner up to $12.0 million based on EBITDA growth of the acquired company. ATCO is an industry leader in the manufacturing and distribution of insulated HVAC flexible duct systems and will support the Company’s strategy to grow its Climate Products businesses to become a more valuable resource to its HVAC customers. The acquired business will be reported in the Company’s Climate segment. The historical carrying value of the assets acquired totaled $107.2 million, consisting primarily of property, plant, and equipment of $52.1 million, inventories of $32.4 million, accounts receivable of $21.9 million, other current assets of $0.6 million, and other assets of $0.2 million. The historical carrying value of the liabilities assumed totaled $18.1 million, consisting primarily of accounts payable of $8.1 million, other current liabilities of $7.4 million, and other liabilities of $2.6 million. The Company will adjust these assets and liabilities to their fair value as of the closing date in accordance with Accounting Standards Codification 805, Business Combinations. ATCO had revenues of approximately $166.0 million in its fiscal year ending December 31, 2017. The Company’s Credit Agreement provides for an unsecured $350.0 million revolving credit facility which matures on December 6, 2021. Total borrowings under the Credit Agreement were $315.0 million as of June 30, 2018, which included $150.0 million borrowed on June 29, 2018 to fund the ATCO acquisition. On July 6, 2018 and July 16, 2018, the Company made payments of $50.0 million and $25.0 million, respectively, to reduce the debt outstanding under its Credit Agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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