XML 40 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 2 - Acquisitions
6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

2. Acquisitions


Acquisition of MAC


On October 1, 2014, a subsidiary of the Company acquired MAC for a purchase price, net of cash acquired of $55,690. Headquartered in Bismarck, North Dakota, MAC is a leading manufacturer of premium-grade commercial and industrial mobile heaters within the United States and Canada. The acquisition was funded solely through cash.


The Company recorded a preliminary purchase price allocation during the fourth quarter of 2014 based upon its estimates of the fair value of the acquired assets and assumed liabilities. As a result, the Company recorded approximately $49,378 of intangible assets, including approximately $25,898 of goodwill, as of the acquisition date. The purchase price allocation was updated during the second quarter of 2015, resulting in a $3,272 decrease to total intangible assets and an increase of $3,437 to goodwill. The goodwill ascribed to this acquisition is not deductible for tax purposes. The accompanying consolidated financial statements include the results of MAC for the three and six month periods ended June 30, 2015.