Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Provisional Allocation of Purchase Price of Albany Aerostructures Composites, LLC

There were no changes subsequent to 2016 to the provisional allocation amounts recorded in the year of acquisition. The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:

(in thousands)	April 8, 2016
Assets acquired
Accounts receivable	$15,443
Inventories	16,670
Prepaid expenses and other current assets	402
Property, plant and equipment	62,784
Intangibles	71,630
Goodwill	95,730
Total assets acquired	$262,659
Liabilities assumed
Accounts payable	$10,323
Accrued liabilities	2,862
Finance obligation	17,560
Deferred income taxes	33,143
Other noncurrent liabilities	11,771
Total liabilities assumed	$75,659
Net assets acquired	$187,000

Schedule of Operational Results of Acquired Business

The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income (unaudited):

(in thousands, except per share amounts)	April 8 to December 31, 2016
Net sales	$67,011
Operating loss	(1,246	)
Loss before income taxes	(2,342)
Net loss attributable to the Company	(1,495	)
Loss per share:
Basic	$(0.05	)
Diluted:	$(0.05	)

Schedule of Proforma Statement of Operations

The Consolidated Statements of Income reflect operational activity of the acquired business for only the period subsequent to the closing, which affects comparability of results. The following table shows total company pro forma statements of what results would have been if the 2016 acquisition had occurred as of January 1, 2015.

	Unaudited - Pro forma
(in thousands, except per share amounts)	2016
Combined Net sales	$802,023
Combined Income before income taxes	$80,639
Pro forma increase/(decrease) to income before income taxes:
Acquisition expenses	5,367
Interest expense related to purchase price	(1,382	)
Acquisition accounting adjustments:
Depreciation and amortization on property, plant and equipment, and intangible assets	(1,575	)
Valuation of contract inventories	1,997
Interest expense on finance obligation	300
Interest expense on other obligations	(133	)
Pro forma Income before income taxes	$85,213
Pro forma Net Income attributable to the Company	$57,229