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Acquisitions | 12 Months Ended
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Dec. 31, 2015
Business Combinations [Abstract] |
Acquisitions | A CQUISITIONS V AN C AN C OMPANY On September 8, 2014, we acquired the metal container manufacturing assets of Van Can Company, or Van Can, a manufacturer of metal containers in the United States. The aggregate purchase price for this acquisition of $17.3 million, net of cash acquired, was funded with cash on hand. The results of operations of Van Can have been reported in our metal container segment. P ORTOLA P ACKAGING, I NC. On October 22, 2013, we acquired Portola Packaging, Inc. and its subsidiaries, or Portola, a leading manufacturer of plastic closures, for an aggregate purchase price of $262.8 million, net of cash acquired, which was funded through revolving loan borrowings under our previous senior secured credit facility. Portola operates eight facilities in North America and Europe. The results of operations of Portola have been reported primarily in our closures segment. For this acquisition, we applied the acquisition method of accounting and recognized assets acquired and liabilities assumed at fair value as of the acquisition date using valuation techniques including the cost, market and income approaches. We recognized goodwill of $125.8 million and a customer relationship intangible asset of $62.0 million, having a weighted average life of 17 years.

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