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Business Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Schedule of Provisional Allocation of Purchase Price of Albany Aerostructures Composites, LLC | There were no changes during 2017 to the provisional allocation recorded in 2016. The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:
(in thousands) |  | April 8, 2016
Assets acquired |  |
Accounts receivable |  | $15,443
Inventories |  | 16,670
Prepaid expenses and other current assets |  | 402
Property, plant and equipment |  | 62,784
Intangibles |  | 71,630
Goodwill |  | 95,730
Total assets acquired |  | $262,659
Liabilities assumed |  |
Accounts payable |  | $10,323
Accrued liabilities |  | 2,862
Capital lease obligation |  | 17,560
Deferred income taxes |  | 33,143
Other noncurrent liabilities |  | 11,771
Total liabilities assumed |  | $75,659
Net assets acquired |  | $187,000
Schedule of Operational Results of Acquired Business | The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income (unaudited):
(in thousands, except per share amounts) |  | April 8 to December 31, 2016 |
Net sales |  | $67,011 |
Operating loss |  | (1,246 | )
Loss before income taxes |  | (2,342 | )
Net loss attributable to the Company |  | (1,495 | )
Loss per share: |  |  |
Basic |  | ($0.05 | )
Diluted: |  | ($0.05 | )
Schedule of Proforma Statement of Operations | The following table shows total Company pro forma statements of what results would have been if the 2016 acquisition had occurred as of January 1, 2015.
|  | Unaudited - Pro forma
(in thousands, except per share amounts) |  | 2016 |  | 2015
Combined Net sales |  | $802,023 |  | $786,623
Combined Income before income taxes |  | $80,639 |  | $52,542
Pro forma increase/(decrease) to income before income taxes: |  |  |  |
Acquisition expenses |  | 5,367 |  | -
Interest expense related to purchase price |  | (1,382) |  | (5,133)
Acquisition accounting adjustments: |  |  |  |
Depreciation and amortization on property, plant and equipment, and intangible assets |  | (1,575) |  | (7,875)
Valuation of contract inventories |  | 1,997 |  | 6,908
Interest expense on capital lease obligation |  | 300 |  | 1,096
Interest expense on other obligations |  | (133) |  | (533)
Pro forma Income before income taxes |  | $85,213 |  | $47,005
Pro forma Net Income attributable to the Company |  | $57,229 |  | $54,245

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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=79982066&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=84161108&loc=d3e4845-128472 + Details
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