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Business Acquisition | 3 Months Ended
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Mar. 31, 2017
Business Combinations [Abstract] |
Business Acquisition | 2. Business Acquisition On April 8, 2016, the Company acquired the outstanding shares of Harris Corporation’s composite aerostructures business for cash of $187 million, plus the assumption of certain liabilities. The Company funded the cash payable at closing by utilizing proceeds from a $550 million, unsecured credit facility agreement that was completed April 8, 2016. The acquired entity is located in Salt Lake City, Utah (“SLC”) and is part of the Albany Engineered Composites (“AEC”) segment. The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income:
(in thousands, except per share amounts) |  | Three months ended March 31, 2017
Net sales |  | $20,200 |
Operating loss |  | (2,626 | )
Loss before income taxes |  | (2,958 | )
Net loss attributable to the Company |  | (1,864 | )
Loss per share: |  |  |
Basic |  | ($0.06 | )
Diluted |  | ($0.06 | )
The Consolidated Statements of Income reflect operational activity of the acquired business for only the period subsequent to the closing, which affects comparability of results. The following table shows total Company pro forma results for the first quarter of 2016 as if the acquisition had occurred on January 1, 2015.
|  | Unaudited - Pro forma
|  | Three months ended March 31,
(in thousands, except per share amounts) |  | 2016
Combined Net sales |  | $193,335 |
Combined Income before income taxes |  | $23,150 |
Pro forma increase/(decrease) to income before income taxes: |  |  |
Acquisition expenses |  | 1,596 |
Interest expense related to purchase price |  | (1,052 | )
Acquisition accounting adjustments: |  |  |
Depreciation and amortization on property, plant and equipment, and intangible assets |  | (1,575 | )
Valuation of contract inventories |  | 1,891 |
Interest expense on captial lease obligation |  | 300 |
Interest expense on other obligations |  | (133 | )
Pro forma Income before income taxes |  | $24,177 |
Pro forma Net Income attributable to the Company |  | $16,265 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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