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Cincinnati Sub-Zero Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Summary of Preliminary Allocation | The purchase price allocation is expected to be finalized by December 31, 2016. The preliminary allocation as of April 1, 2016 was as follows:
Accounts receivable |  | $ | 10,790 |
Inventory |  |  | 16,284 |
Prepaid expenses and other assets |  |  | 1,144 |
Property and equipment |  |  | 12,974 |
Customer relationships |  |  | 11,600 |
Technology |  |  | 3,200 |
Trade name |  |  | 6,370 |
Goodwill |  |  | 22,739 | a
Assumed liabilities |  |  | (11,435 | )
Net assets acquired |  |  | 73,666 |
Cash acquired |  |  | 985 |
Purchase price |  | $ | 74,651 |
| (a) | The preliminary amount recorded to goodwill is expected to change due to additional consideration owed to the seller for a tax gross up.
Supplemental Pro Forma Information | The unaudited pro forma combined historical results including the amounts of CSZ’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been January 1, 2016 or January 1, 2015 are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2016 |  |  | 2015 |
Product revenues |  | $ | 221,136 |  |  | $ | 464,339 |  |  | $ | 449,638 |
Net income |  | $ | 17,456 |  |  | $ | 30,732 |  |  | $ | 37,366 |
Basic earnings per share |  | $ | 0.48 |  |  | $ | 0.84 |  |  | $ | 1.04 |
Diluted earnings per share |  | $ | 0.48 |  |  | $ | 0.84 |  |  | $ | 1.03 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following:
|  | June 30, 2016
|  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |  |  | Useful Life
Customer relationships |  | $ | 11,600 |  |  | $ | 193 |  |  | $ | 11,407 |  |  | 15 yrs
Technology |  |  | 3,200 |  |  |  | 130 |  |  |  | 3,070 |  |  | 5 -7 yrs
Trade name |  |  | 6,370 |  |  |  | — |  |  |  | 6,370 |  |  | Indefinite
Total |  | $ | 21,170 |  |  | $ | 323 |  |  | $ | 20,847 |  |  |
Summary of Amortization Expense | Amortization expense of $323 for the three and six months ended June 30, 2016 was recorded as follows:
|  | Three and Six Months Ended June 30, 2016 |
Product revenues |  | $ | 193 |
Selling, general and administrative expense |  |  | 130 |
Estimate of Total Intangible Asset Amortization | Amortization expense for the prospective five years is estimated to be as follows:
July 1, 2016 through December 31, 2016 |  | $ | 647 |
2017 |  | $ | 1,293 |
2018 |  | $ | 1,293 |
2019 |  | $ | 1,293 |
2020 |  | $ | 1,293 |
2021 |  | $ | 1,293 |
Summary of Property and Equipment | Property and equipment consist of the following:
Asset category |  | Useful life |  | Amount |
Land |  | Indefinite |  | $ | 1,630 |
Buildings |  | 20 yrs |  |  | 6,066 |
Machinery and equipment |  | 5-7 yrs |  |  | 3,867 |
Computer hardware and software |  | 3-5 yrs |  |  | 450 |
Assets under construction |  |  |  |  | 961 |
|  |  |  | $ | 12,974 |

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