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ACQUISITION OF SUPREME INDUSTRIES, INC. (Tables)

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Purchase Price Allocation

The aggregate purchase price of $360.4 million was allocated to the opening balance sheet of Supreme at September 27, 2017, the date of acquisition. The following initial allocation of the purchase price (in thousands) is preliminary and subject to adjustments as the Company has not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, including goodwill:

Cash		$	36,878
Accounts receivable			25,155
Inventories			34,258
Prepaid expense and other			10,070
Current assets			106,361
Property, plant, and equipment			62,293
Intangibles			158,000
Goodwill			165,400
Other assets			127
Total assets		$	492,181
Current portion of long term debt		$	7,167
Accounts payable		$	10,546
Other accrued liabilites		$	44,787
Current liabilities			62,500
Deferred income taxes			66,399
Long term liabilities			2,917
Total liabilities		$	131,816
Net assets acquired		$	360,365
Acquisition, net of cash acquired		$	323,487

Intangible Assets

Intangible assets totaling  $158.0 million have provisionally been assigned to tradenames and customer relationships as a result of the acquisition and consist of the following (in thousands):

		Amount			Useful Life
Tradename		$	20,000		20 years
Customer relationships			138,000		15 years
		$	158,000

Goodwill

The change in the carrying amount of goodwill for the nine months ended September 30, 2017 and 2016 were as follows (in thousands):

		2017			2016
Balance as of January 1		$	148,367		$	149,718
Acquisition of Supreme			165,400
Effects of foreign currency			(141)			230
Impairment of goodwill			-			(1,663)
Balance as of September 30		$	313,626		$	148,285

Pro Forma Information

The following unaudited pro forma information is shown below as if the acquisition of Supreme had been completed as of the beginning of the earliest period presented (in thousands, except per share amounts):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Sales		$	496,761		$	538,623		$	1,454,599		$	1,615,835
Net income		$	24,304		$	34,483		$	68,113		$	103,785

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

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