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Business Acquisition (Tables) | 9 Months Ended
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Sep. 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 |  | $15,688 |
Inventories |  | 17,715 |
Prepaid expenses and other current assets |  | 402 |
Property, plant and equipment |  | 81,701 |
Intangibles |  | 59,360 |
Goodwill |  | 67,034 |
Total assets acquired |  | $241,900 |
Liabilities assumed |  |  |
Accounts payable |  | $8,745 |
Accrued liabilities |  | 2,364 |
Capital lease obligation |  | 16,927 |
Deferred income taxes |  | 25,318 |
Other noncurrent liabilities |  | 1,546 |
Total liabilities assumed |  | $54,900 |
Net assets acquired |  | $187,000 |
Schedule of Consolidated Statement of Income | The Consolidated Statement of Income for the third quarter of 2016 includes the cumulative effect of adjusting the provisional amounts, as illustrated in the table below:
(in thousands) |  | Increase / (decrease) to provisional amount |  | Additional expense / (income) in third quarter |  | Expense / (income) recognized in third quarter which relates to second quarter |  | Line item in the Statement of income affected
Assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | ($576 | ) |  | $ - |  |  | $ - |  |  |
Inventories, net |  | (12,024 | ) |  | (2,291 | ) |  | (1,282 | ) |  | Cost of goods sold
Property, plant and equipment, net |  | (4,101 | ) |  | 1,096 |  |  | 548 |  |  | Cost of goods sold
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Obligation under capital lease |  | (6,888 | ) |  | (325 | ) |  | (115 | ) |  | Interest expense
Deferred income tax liabilities |  | 25,318 |  |  | - |  |  | - |  |  |
Other noncurrent liabilities |  | 577 |  |  | 18 |  |  | 8 |  |  | Interest expense
Net increase to goodwill |  | $35,708 |  |  |  |  |  |  |  |  |
Net increase to income before income taxes |  |  |  |  | $(1,502 | ) |  | $(841 | ) |  |
Schedule of Operational Results of Acquired Business | The following table presents operational results of AAC that are included in the Consolidated Statements of Income:
(in thousands, except per share amounts) |  | Three months ended September 30, 2016 |  | April 8 to September 30, 2016
Net sales |  | $20,354 |  |  | $45,990 |
Operating income/(loss) |  | (1,460 | ) |  | 249 |
Income/(loss) before income taxes |  | (1,642 | ) |  | (377 | )
Net loss attributable to the Company |  | (985 | ) |  | (226 | )
Loss per share: |  |  |  |  |  |
Basic |  | ($0.03 | ) |  | ($0.01 | )
Diluted |  | ($0.03 | ) |  | ($0.01 | )
Schedule of Proforma Statement of Operations | 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 September 30, |  | Nine months ended September 30,
(in thousands, except per share amounts) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Combined Net sales |  | $191,272 |  |  | $198,193 |  |  | $588,978 |  |  | $591,181 |
Combined Income before income taxes |  | $20,897 |  |  | $23,552 |  |  | $59,812 |  |  | $42,909 |
Pro forma increase/(decrease) to income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition expenses |  | - |  |  | - |  |  | 5,367 |  |  | - |
Interest expense related to purchase price |  | - |  |  | (1,283 | ) |  | (1,382 | ) |  | (3,850 | )
Purchase accounting adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization on property, plant and equipment, and intangible assets |  | 548 |  |  | (1,821 | ) |  | (1,919 | ) |  | (4,367 | )
Valuation of contract inventories |  | (1,282 | ) |  | 970 |  |  | 1,109 |  |  | 2,939 |
Interest expense on asset retirement obligation |  | 8 |  |  | (8 | ) |  | (8 | ) |  | (25 | )
Interest expense on capital lease obligation |  | (115 | ) |  | 115 |  |  | 339 |  |  | 346 |
Pro forma Income before income taxes |  | 20,056 |  |  | 21,525 |  |  | 63,318 |  |  | 37,952 |
Pro forma Net Income attributable to the Company |  | $12,461 |  |  | $8,432 |  |  | $40,506 |  |  | $18,417 |

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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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