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Acquisitions | 3 Months Ended
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Mar. 31, 2016
Acquisitions [Abstract] |
Acquisitions | 3. ACQUISITIONS ﻿ TEW Plus, LTD On November 23, 2015, the Company acquired the 75% balance of the remaining shares of TEW Plus, LTD (“Tew Plus”) for $2,130, net of cash acquired. Headquartered in Nottingham, UK, Tew Plus provides telecommunications and security systems to the railway and commercial markets. Their offerings include full installation services including: design; project management; survey; and commissioning along with future maintenance. The results of Tew Plus’ operations are included within the Rail Products and Services segment from the date of acquisition. Inspection Oilfield Services On M arch 13, 2015, the Company acquired IOS Holdings, Inc. (“IOS” or “test and inspection services”) for $167,404, net of cash acquired and a net working capital receivable adjustment of $2,363. The purchase agreement includes an earn-out provision for the seller to generate an additional $60,000 of proceeds upon achieving certain levels of EBITDA during the three year period beginning on January 1, 2015. The Company has not accrued an estimated earn-out obligation based upon a probability weighted valuation model of the projected EBITDA results, which indicates that the minimum target will not be achieved. Approximately $7,600 of the purchase price relates to amounts held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Houston, TX, IOS is a leading independent provider of tubular management services with operations in every significant oil and gas producing region in the continental United States. The acquisition is included within our Tubular and Energy Services segment from the date of acquisition. Tew Holdings, LTD On January 13, 2015, the Company acquired Tew Holdings, LTD (“Tew”) for $26,467, net of cash acquired. The purchase price includes approximately $4,200 related to working capital and net debt adjustments. The non-domestic cash payment includes approximately $600 which is held in escrow to satisfy potential indemnity claims made under the purchase agreement. Headquartered in Nottingham, UK, Tew provides application engineering solutions primarily to the rail market and other major industries. The results of Tew’s operations are included within the Rail Products and Services segment from the date of acquisition. Acquisition Summary Each transaction was accounted for under the acquisition method of accounting under U.S. generally accepted accounting principles which requires an acquiring entity to recognize, with limited exceptions, all of the assets acquired and liabilities assumed in a transaction at fair value as of the acquisition date. Goodwill primarily represents the value paid for each acquisition’s enhancement to the Company’s product and service offerings and capabilities, as well as a premium payment related to the ability to control the acquired assets. The Company has concluded that intangible assets and goodwill values resulting from the IOS, Tew, and Tew Plus transactions will not be deductible for tax purposes. ﻿ The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition: ﻿
﻿ |  |  |  |  |  |
﻿Allocation of Purchase Price |  | November 23, 2015 - Tew Plus |  | March 13, 2015 - IOS |  | January 13, 2015 - Tew
﻿Current assets | $ | 4,420 | $ | 19,877 | $ | 12,125
﻿Other assets |  | - |  | 708 |  | -
﻿Property, plant, and equipment |  | 47 |  | 51,453 |  | 2,398
﻿Goodwill |  | 822 |  | 69,908 | * | 8,772
﻿Other intangibles |  | 1,074 |  | 50,354 |  | 14,048
﻿Liabilities assumed |  | (3,597) |  | (23,596) |  | (6,465)
﻿Total | $ | 2,766 | $ | 168,704 | $ | 30,878
﻿ * - As a result of the impact of the downturn within the energy markets, the expectations of a prolonged period before recovery, and the reduction in active U.S. land oil rig count, the Company performed an interim test for impairment of goodwill during the third quarter of 2015 which resulted in the full impairment of goodwill related to the IOS acquisition. ﻿ The following table summarizes the estimates of the fair values of the identifiable intangible assets acquired: ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿Intangible Asset |  | November 23, 2015 - Tew Plus |  | March 13, 2015 - IOS |  | January 13, 2015 - Tew
﻿ |  |  |  |  |  |
﻿Trade name | $ | - | $ | 2,641 | $ | 870
﻿Customer relationships |  | 817 |  | 41,171 |  | 10,035
﻿Technology |  | 203 |  | 4,364 |  | 2,480
﻿Non-competition agreements |  | 54 |  | 2,178 |  | 663
﻿Total identified intangible assets | $ | 1,074 | $ | 50,354 | $ | 14,048
﻿ ﻿ ﻿ The purchase allocation for Tew Plus is based on a preliminary valuation. If new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement recognized for assets and liabilities assumed, the Company will recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.

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