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Business Acquisition | 6 Months Ended
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Jun. 30, 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 Consolidated Statements of Income for 2016 includes 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 three and six month periods ended June 30, 2016 as if the acquisition had occurred on January 1, 2015.
(in thousands, except per share amounts) | Three months ended June 30, 2016 | Six months ended June 30, 2016
Combined Net sales | $204,371 |  | $397,706 |
Combined Income before income taxes | $15,765 |  | $38,915 |
Pro forma increase/(decrease) to income before income taxes: |  |  |  |
Acquisition expenses | 3,771 |  | 5,367 |
Interest expense related to purchase price | (81 | ) | (1,133 | )
Acquisition accounting adjustments: |  |  |  |
Depreciation and amortization on property, plant and equipment, and intangible assets | (121 | ) | (1,696 | )
Valuation of contract inventories | 145 |  | 2,036 |
Interest expense on captial lease obligation | 23 |  | 323 |
Interest expense on other obligations | (10 | ) | (143 | )
Pro forma Income before income taxes | $19,492 |  | $43,669 |
Pro forma Net Income | $11,922 |  | $28,187 |

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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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