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Acquisition | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Acquisition | Note 2—Acquisition On November 12, 2015, the Company acquired all of the outstanding common stock of Secure Communication Systems, Inc. and its subsidiaries (collectively referred to as Secure Technology or Secure) (the Secure Acquisition) for a purchase price of $219.8 million, as adjusted in accordance with the acquisition agreement. Secure Technology is a leading provider of customized high-performance electronics, sub-systems, and component solutions for mission critical applications. The tran saction was financed with borrowings under the Company’s term loan facility. The allocation of the Secure Acquisition’s net purchase price resulted in $145.6 million of goodwill. The final allocation of the purchase price, which the Company completed in S eptember 2016, reflects a $10.8 million purchase price adjustment received during the quarter ended September 30, 2016. The Secure Acquisition deepened Benchmark’s engineering capabilities and enhanced its ability to serve customers in highly regulated ind ustrial markets, including aerospace and defense. The goodwill recognized in connection with the acquisition represents the future economic benefit arising from assets acquired that could not be individually identified and separately recognized and is attr ibutable to the general reputation, acquisition synergies and expected future cash flows of the acquisition, as well as the nature of Secure’s products and services and its competitive position in the marketplace. The purchase price for Secure has been al located as follows (in thousands):
|  |  | December 31, |  |  |  |  |  |
|  |  | 2015 |  |  | Measurement |  |  | December 31,
|  |  | (as initially |  |  | period |  |  | 2016
|  |  | reported) |  |  | adjustment |  |  | (as adjusted)
Purchase price paid | $ | 230,504 |  | $ | (10,750) |  | $ | 219,754
Cash acquired |  | (922) |  |  | — |  |  | (922)
| Purchase price, net of cash received | $ | 229,582 |  | $ | (10,750) |  | $ | 218,832
Acquisition-related costs for 2016 |  |  |  |  |  |  | $ | 132
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
| Cash | $ | 922 |  | $ | — |  | $ | 922
| Accounts receivable |  | 12,839 |  |  | (318) |  |  | 12,521
| Inventories |  | 16,020 |  |  | (2,536) |  |  | 13,484
| Other current assets |  | 1,569 |  |  | — |  |  | 1,569
| Property, plant and equipment |  | 2,048 |  |  | — |  |  | 2,048
| Other assets |  | 97 |  |  | — |  |  | 97
| Trade names and trademarks intangible |  | 7,800 |  |  | — |  |  | 7,800
| Technology licenses intangible |  | 15,500 |  |  | — |  |  | 15,500
| Customer relationships intangible |  | 67,100 |  |  | — |  |  | 67,100
| Current liabilities |  | (16,714) |  |  | (222) |  |  | (16,936)
| Long-term debt |  | (24) |  |  | — |  |  | (24)
| Other long-term liabilities |  | (800) |  |  | — |  |  | (800)
| Deferred income taxes |  | (29,173) |  |  | — |  |  | (29,173)
| Total identifiable net assets |  | 77,184 |  |  | (3,076) |  |  | 74,108
| Goodwill |  | 153,320 |  |  | (7,674) |  |  | 145,646
| Net assets acquired | $ | 230,504 |  | $ | (10,750) |  | $ | 219,754
The following summary pro forma condensed consolidated financial information reflects the Secure Acquisition as if it had occurred on January 1, 2014 for purposes of the statements of income. This summary pro forma information is not necessarily representative of what the Company’s results of operations would have been had these acquisitions in fact occurred on January 1, 2014, and is not intended to project the Company’s results of op erations for any future period. Pro forma condensed consoli dated financial information for 2015 and 2014 (unaudited):
|  |  |  |  | Year Ended December 31,
(in thousands) |  | 2015 |  |  | 2014
| Net sales | $ | 2,622,246 |  | $ | 2,896,638
| Net income | $ | 95,595 |  | $ | 80,025

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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 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: 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 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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