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Business Combinations | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Business Combinations | NOTE S – BUSINESS COMBINATIONS On February 28, 2019, the Company acquired 100% of SubCon. Subcon is headquartered in Dornbirn, Austria with manufacturing operations in Brno, Czech Republic. The acquisition of SubCon will strengthen the Company’s position in the global substation market and will expand its operational presence in Europe. The majority of assets acquired were intangible assets and are reported as Goodwill and Intangibles - net on the Company’s consolidated balance sheet in the amounts of $7.0 million and $4.8 million, respectively, at June 30, 2019. The values related to the acquisition are preliminary and subject to final opening balance sheet adjustments. On April 1, 2019, the Company acquired MICOS Telcom s.r.o (“MICOS Telcom”) headquartered in Prostějov, Czech Republic. The acquisition of MICOS Telcom will strengthen the Company’s position in the global telecom market and will also expand its operational presence in Europe. The majority of assets acquired were intangible assets and are reported as Goodwill on the Company’s consolidated balance sheet in the amount of $6.2 million at June 30, 2019. The values related to the acquisition are preliminary and subject to final opening balance sheet adjustments. The Company paid $19.0 million, net of cash acquired, for the two acquisitions. The purchase price was predominantly allocated to goodwill of $13.2 million, intangible assets of $4.8 million and net working capital of $4.2 million. The remaining purchase price was allocated to other long-term liabilities, net of long-term assets. The overall purchase price includes an earn-out consideration payment for SubCon that will be considered for remeasurement each reporting period as the operating results of SubCon are evaluated. From an accounting perspective, the acquisitions are not considered material to the Company’s Consolidated Balance Sheets or Statements of Consolidated Income. The values related to the acquisitions are preliminary and subject to final opening balance sheet adjustments. The operating results and financial positions of SubCon and MICOS Telcom are included in the Company’s EMEA reportable segment.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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