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Note 12 - Significant Transactions - Allocation of Preliminary Price (Details) - USD ($)
$ in Thousands
Oct. 31, 2019
Dec. 31, 2020
Mar. 31, 2020
Goodwill, Ending Balance   $ 165,784 $ 141,536
GPT Acquisition [Member]      
Cash and cash equivalents $ 4,654    
Accounts receivable [1] 6,663    
Inventories [2] 12,522    
Prepaid income taxes 477    
Prepaid expenses and other 14,149    
Property, plant and equipment 1,523    
Other assets 1,469    
Deferred taxes 10,576    
Goodwill, Ending Balance 85,130 [3] $ 85,130  
Total Assets acquired 231,063    
Accounts payable 599    
Accrued salaries and payroll taxes 10,735    
Other short-term liabilities 157    
Unearned revenues 2,089    
Other accrued expenses 6,967    
Deferred taxes 23,350    
Other long-term liabilities 965    
Total liabilities assumed 44,862    
Total closing amount, net of cash acquired 181,547    
GPT Acquisition [Member] | Customer Relationships [Member]      
Intangible assets [4] 77,500    
GPT Acquisition [Member] | Trade Names [Member]      
Intangible assets [4] 4,600    
GPT Acquisition [Member] | Noncompete Agreements [Member]      
Intangible assets [4] 0    
GPT Acquisition [Member] | Technology-Based Intangible Assets [Member]      
Intangible assets [4] $ 11,800    
[1] Accounts receivable is composed of trade accounts receivable, net which is expected to be collected.
[2] Finished goods inventory of GPT includes $8,066 of inventory-step up, which is required to report inventory at fair value at the time of acquisition. The inventory step-up was amortized to cost of revenues over approximately eight months following the acquisition date, which resulted in a temporary reduction in gross profit for the business. During the period from November 1, 2019 until March 31, 2020, we recorded $8,502 of amortization of inventory step-up costs in cost of revenues on the Condensed Consolidated Statements of Operations. The final inventory valuation was completed during the nine months ended December 31, 2020 and was lower than our preliminary valuation, resulting in a cumulative effect decrease of $436 in amortization of inventory step up costs.
[3] Acquired goodwill of $85,130, all of which is allocated to the Biopharmaceutical Development reportable segment, represents the value expected to arise from organic revenues growth projections that are expected to exceed that of our legacy divisions, and the opportunity to expand into a new market with well-established market share. The goodwill acquired is not deductible for income tax purposes.
[4] Customer relationships and acquired technology are being amortized on a straight-line basis over a 10 year period. Amortization expense for customer relationships is recorded to general and administrative expenses; amortization expense for acquired technology is recorded to cost of revenues. During the nine months ended December 31, 2020, $5,328 of amortization expense related to the GPT intangible assets was recorded to general and administrative costs and $1,101 of amortization expense was recorded to cost of goods sold and allocated to the Biopharmaceutical Development division, including the cumulative-effect benefit to amortization expense discussed above. Trademarks associated with this acquisition are considered indefinite-lived intangibles. The estimated fair value of identifiable intangible assets was determined primarily using the income approach, which requires a forecast of all the expected future cash flows associated with the identified intangible assets.