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Business Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Schedule of Provisional Allocation of Purchase Price of Albany Aerostructures Composites, LLC | The following table summarizes the provisional allocation of the purchase price of AAC to the fair value of the assets and liabilities acquired:
(in thousands) |  | April 8 , 2016
Assets acquired |  |  |
Accounts receivable |  | $16,264 |
Inventories |  | 29,739 |
Prepaid expenses and other current assets |  | 402 |
Property, plant and equipment |  | 85,802 |
Intangibles |  | 59,360 |
Goodwill |  | 31,327 |
Total assets acquired |  | $222,894 |
Liabilities assumed |  |  |
Accounts payable |  | $8,745 |
Accrued liabilities |  | 2,364 |
Capital lease obligation |  | 23,815 |
Other noncurrent liabilities |  | 970 |
Total liabilities assumed |  | $35,894 |
Net assets acquired |  | $187,000 |
Schedule of Operational Results of Acquired Business | The following tables presents operational results of AAC that are included in the Consolidated Statements of Income:
(in thousands, except per share amounts) |  | April 8 to June 30, 2016
Net sales |  | $25,636 |
Operating income |  | 1,709 |
Income before income taxes |  | 1,266 |
Net Income attributable to the Company |  | 760 |
Earnings per share: |  |  |
Basic |  | $0.02 |
Diluted |  | $0.02 |
Schedule of Proforma Statement of Operations | The following table shows total Company pro forma statements of operations for the three- and six-month periods ended June 30, 2016 and 2015, as if the acquisition had occurred on January 1, 2015. This pro forma information does not purport to represent what the Company’s actual results would have been if the acquisitions had occurred as of the date indicated, or what such results would be for any future periods.
|  | Unaudited - Pro forma
|  | Three months ended June 30, |  | Six months ended June 30,
(in thousands, except per share amounts) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Combined Net sales |  | $204,371 |  |  | $192,508 |  |  | $397,706 |  |  | $392,988 |
Combined Income/(loss) before income taxes |  | $15,765 |  |  | ($1,798 | ) |  | $38,915 |  |  | $19,357 |
Pro forma adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition expenses |  | 3,771 |  |  | - |  |  | 5,367 |  |  | - |
Purchase accounting depreciation and amortization expense |  | (119 | ) |  | (1,541 | ) |  | (1,660 | ) |  | (3,081 | )
Interest expense |  | (99 | ) |  | (1,283 | ) |  | (1,382 | ) |  | (2,567 | )
Income/(loss) before income taxes |  | 19,318 |  |  | (4,622 | ) |  | 41,240 |  |  | 13,709 |
Net Income/(loss) attributable to the Company |  | $12,289 |  |  | ($3,380 | ) |  | $26,748 |  |  | $7,462 |
Pro forma earnings/(loss) per share attributable to Company shareholders:
Basic |  | $0.38 |  |  | ($0.11 | ) |  | $0.83 |  |  | $0.23 |
Diluted |  | $0.38 |  |  | ($0.11 | ) |  | $0.83 |  |  | $0.23 |

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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=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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