6 Acquisitions

On November 19, 2010, the Company acquired 100 percent of the stock of Glassec Vidros de Segurança Ltda., a privately held business, for $20.6 million, net of cash acquired of $1.1 million. Glassec is a leading architectural glass fabricator in Brazil. The business operates under the name GlassecViracon as part of the Company's architectural glass business. GlassecViracon's fiscal year ends December 31 and is reported in the consolidated financial statements within the Architectural segment on a two-month lag.

In the third quarter of fiscal 2012, the Company recorded a measurement period adjustment of $4.2 million, reducing the fair values of goodwill and long-term deferred tax liabilities assumed in the acquisition as of the acquisition date. The Company has retrospectively adjusted the previously reported acquisition-date fair values of goodwill and long-term deferred tax liabilities to reflect these amounts.

The assets and liabilities of Glassec were recorded in the consolidated balance sheet within the Architectural segment as of the acquisition date, at their respective fair values. The purchase price allocation, as adjusted for the item described above, was based on the estimated fair value of assets acquired and liabilities assumed and were allocated as follows:


(In thousands)	Nov. 19, 2010
Current assets	$	6,276
Property, plant and equipment		10,203
Deferred tax assets⁽¹⁾		112
Intangible assets		7,265
Goodwill⁽¹⁾		3,284
Other long-term assets		9,612

Total assets		36,752
Current liabilities	$	5,605
Long-term debt		1,113
Unrecognized tax benefits		2,393
Other long-term liabilities		7,012

Total liabilities		16,123

Net assets acquired	$	20,629

(1)	Includes a retrospective adjustment of $4.2 million described above.

Identifiable intangible assets are definite-lived assets. These assets include customer relationships, trademarks, patents and non-compete agreements, and have a weighted average amortization period of 18 years which matches the weighted average useful life of the assets. Goodwill recorded as part of the purchase price allocation is not tax deductible. The sellers have agreed to indemnify the Company for certain contingent liabilities. For contingent liabilities determined to be probable, a liability and an indemnification asset have been recorded. Total of such liabilities and indemnification assets, primarily related to various tax matters, of $9.4 million were recorded.