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Acquisitions
 9 Months Ended
Sep. 30, 2016
PEP [Member]  
Acquisitions

Note 2. Acquisitions

PEP

As reported in our 2015 Annual Report, we completed the acquisition of Precision Engineered Products Holdings, Inc. (“PEP”) on October 19, 2015. During the nine months ended September 30, 2016, we finalized all issues related to customary working capital adjustments, fixed assets and income taxes. The changes primarily arose from differences noted during acquisition integration and finalizing return to provision adjustments. As a result, we adjusted the preliminary allocation of the purchase price initially recorded at the PEP acquisition date to reflect these measurement period adjustments.

The following table summarizes the final purchase price allocation for the PEP acquisition:

 

     As Reported
on
December 31,
2015		      Subsequent
Adjustments
to fair 
value		      Restated 
as of
September 30,
2016		  

Consideration:

         

Cash paid

    $ 621,196       $ —         $ 621,196   

Cash adjustment

      —           (1,635 )       (1,635 ) 
  

 

 

     

 

 

     

 

 

  

Total consideration

    $ 621,196       $ (1,635 )     $ 619,561   
  

 

 

     

 

 

     

 

 

  

Fair value of assets acquired and liabilities assumed on October 19, 2015:

         

Current assets

    $ 69,331       $ 452       $ 69,783   

Property, plant and equipment

      56,163         (962 )       55,201   

Intangible assets subject to amortization

      240,490         —           240,490   

Other non-current assets

      1,500         —           1,500   

Goodwill

      364,450         (1,805 )       362,645   
  

 

 

     

 

 

     

 

 

  

Total assets acquired

      731,934         (2,315 )       729,619   
  

 

 

     

 

 

     

 

 

  

Current liabilities

      21,131         —           21,131   

Non-current deferred tax liabilities

      87,578         (680 )       86,898   

Other non-current liabilities

      2,029         —           2,029   
  

 

 

     

 

 

     

 

 

  

Total liabilities assumed

      110,738         (680 )       110,058   
  

 

 

     

 

 

     

 

 

  

Net assets acquired

    $ 621,196       $ (1,635 )     $ 619,561   
  

 

 

     

 

 

     

 

 

  

In accordance with ASU 2015-16 as noted above in Note 1, we have recognized measurement-period adjustments during the period in which we determine the amount of the adjustment, including the effect on earnings of any amounts we would have recorded in previous periods if the accounting had been completed at the acquisition date.