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Note 2 - Acquisitions | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Business Combination Disclosure [Text Block] |
2. | Acquisitions:
On January 2, 2019, the Company acquired substantially all of the net assets of McCullough, based in Kenton, Ohio. McCullough was founded in 1965 and manufactures and sells branded self-dumping metal hoppers used in a variety of industrial applications. McCullough’s products are primarily sold through industrial distributors and catalogues. The acquisition is not considered significant and thus pro forma information has not been provided. The acquisition was accounted for as a business combination and the assets and liabilities were valued at fair market value. The table below summarizes the preliminary purchase price allocation of the fair market values of the assets acquired and liabilities assumed.
|  | As of |
Details of Acquisition (in thousands) |  | January 2, 2019 |
Assets acquired |  |  |  |
Accounts receivable, net |  | $ | 461 |
Inventories |  |  | 586 |
Property and equipment |  |  | 4,138 |
Goodwill |  |  | 898 |
Intangible assets |  |  | 5,599 |
Total assets acquired |  | $ | 11,682 |
Total liabilities assumed |  | $ | (682 | )
Cash paid |  | $ | 11,000 |
The purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but not limited to, the timing and amounts of future cash flows, revenue growth rates, discount rates, and royalty rates. As of the effective date of the acquisition, McCullough’s results are included in the Company’s carbon flat products segment. Upon the acquisition, the Company entered into an amendment to its credit facility to include the eligible assets of McCullough.

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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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