2.	Acquisitions:

August 5, 2019,

the Company acquired certain assets related to the manufacturing of the EZ-Dumper® hydraulic dump inserts. The dump inserts are sold through a network of more than

100

dealers across the United States and Canada. 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)	August 5, 2019
Assets acquired
Inventories	$	43
Property and equipment		67
Goodwill		166
Intangible assets		23
Total assets acquired	$	299
Total liabilities assumed	$	(166	)
Cash paid	$	133

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, EZ Dumper’s results are included in the Company’s carbon flat products segment.

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

	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

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.