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Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015 | Dec. 31, 2014
Business Acquisition [Line Items] |  |
Schedule of Purchase Price Allocation | The following table summarizes the fair value of consideration paid for Allfast, and the assets acquired and liabilities assumed:
|  | October 17, 2014
|  | (dollars in thousands)
Consideration |  |
Cash paid, net of cash acquired |  | $ | 351,220 |
Deferred purchase price(a) |  | 15,730 |
Total consideration |  | $ | 366,950 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |
Receivables |  | $ | 8,950 |
Inventories |  | 19,850 |
Intangible assets other than goodwill(b) |  | 165,000 |
Prepaid expenses and other assets |  | 340 |
Property and equipment, net |  | 26,490 |
Accounts payable and accrued liabilities |  | (2,620 | )
Total identifiable net assets |  | 218,010 |
Goodwill(c) |  | 148,940 |
|  | $ | 366,950 |
___________________________ (a) Of the deferred purchase price, approximately $8.7 million, represents the Company's best estimate of the underlying obligations for certain tax amounts the Company has agreed to reimburse the previous owner in order to acquire additional tax attributes. During 2015, the Company paid $5.2 million of such amount and the remaining $3.5 million liability was removed, with a corresponding reduction to goodwill, due to the finalization of the Seller's tax liability. In addition, deferred purchase price includes approximately $7.0 million of other liabilities which the Company has agreed to pay on behalf of the previous owner, of which approximately $4.9 million was paid through December 31, 2015. (b) Consists of approximately $83.0 million of customer relationships with an estimated useful life of 18 years, $33.0 million of technology and other intangible assets with an estimated useful life of 15 years and $49.0 million of trademark/trade name with an indefinite useful life. (c) All of the goodwill was assigned to the Company's Aerospace reportable segment and is expected to be deductible for tax purposes. | While the individual and aggregate historical and current year revenue and earnings associated with the Company's 2013 acquisitions is not significant compared to the Company's total results of operations, the following information has been provided to summarize the aggregate fair value of consideration paid for the acquisitions, the assets acquired and liabilities assumed.
|  | Year ended December 31, 2013
|  | (dollars in thousands)
Consideration |  |
Initial cash paid net of cash acquired |  | $ | 84,790 |
Deferred/contingent consideration(a) |  | 4,280 |
Total consideration |  | $ | 89,070 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |
Receivables |  | $ | 7,240 |
Inventories |  | 16,630 |
Intangible assets other than goodwill(b) |  | 29,020 |
Prepaid expenses and other assets |  | 8,420 |
Property and equipment, net |  | 10,080 |
Accounts payable and accrued liabilities |  | (6,950 | )
Deferred income taxes |  | (4,260 | )
Other long-term liabilities |  | (8,410 | )
Total identifiable net assets |  | 51,770 |
Goodwill |  | 37,300 |
|  | $ | 89,070 |
__________________________ (a) Deferred/contingent consideration included approximately $2.6 million of both short-term and long-term deferred purchase price, based on set amounts and fixed payment schedules per the purchase agreement, and an additional $1.7 million of contingent consideration to be paid, if earned, based on a multiple of future earnings, as defined. (b) Consists of approximately $23.1 million of customer relationships with an estimated weighted average useful life of 10 years, $1.4 million of technology and other intangible assets with an estimated weighted average useful life of four years and $4.5 million of trademark/trade names with an indefinite useful life.
Business Acquisition, Pro Forma Information | The following table summarizes the supplemental pro forma results of the combined entity as if the acquisition had occurred on January 1, 2013. The supplemental pro forma information presented below is for informational purposes and is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated on January 1, 2013:
|  | Pro forma Combined (a)
|  | Year ended December 31,
|  | 2014 |  | 2013
|  | (dollars in thousands)
Net sales |  | $ | 936,440 |  |  | $ | 853,590 |
Net income attributable to TriMas Corporation |  | $ | 49,590 |  |  | $ | 56,550 |
___________________________ (a) The supplemental pro forma results reflect certain material adjustments, as follows:
1. | Pre-tax pro forma adjustments for amortization expense of $6.0 million and $6.8 million for the years ended December 31, 2014 and December 31, 2013 on the intangible assets associated with the acquisition.
2. | Pre-tax pro forma adjustments of $4.9 million and $7.1 million for the years ended December 31, 2014 and December 31, 2013, respectively, to reflect interest expense incurred on the incremental term loan A and revolver borrowings incurred in order to fund the acquisition.
Redeemable Noncontrolling Interest | As part of purchasing the remaining membership interest, the Company finalized the calculation of the redeemable noncontrolling interest as of March 11, 2014. Changes in the carrying amount of redeemable noncontrolling interest are summarized as follows:
|  | Redeemable Noncontrolling interest
|  | (dollars in thousands)
Balance, December 31, 2012 |  | $ | 26,780 |
Distributions to noncontrolling interests |  | (2,710 | )
Net income attributable to noncontrolling interests |  | 4,520 |
Redemption value adjustments for noncontrolling interests |  | 890 |
Balance, December 31, 2013 |  | $ | 29,480 |
Distributions to noncontrolling interests |  | (580 | )
Net income attributable to noncontrolling interests |  | 810 |
Balance, March 11, 2014 |  | $ | 29,710 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 + Details
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