Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Allocation of Purchase Price

The seller provided representations, warranties and indemnities customary for acquisition transactions, including indemnities for certain customer claims identified, before closing. The acquired entity is part of the AEC segment. CirComp specializes in designing and manufacturing customized engineered composite components for aerospace and other demanding industrial applications.

The following table summarizes the provisional allocation of the purchase price to the fair value of the assets and liabilities acquired:

(in thousands)		November 20, 2019
Assets acquired
Cash		$1,607
Accounts receivable		986
Contract assets		2,269
Inventories		525
Prepaid expenses and other current assets		452
Right of use assets		5,686
Property, plant and equipment		4,884
Amortizable intangible assets (see Note 15)		9,973
Goodwill		17,343
Total assets acquired		$43,725

Liabilities assumed
Accounts payable		$65
Accrued liabilities		2,249
Lease liabilities		502
Deferred income taxes		3,325
Other noncurrent liabilities		5,184
Total liabilities assumed		$11,325

Net assets acquired		$32,400
Purchase of business, net of cash acquired		$30,793

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)		November 20 to December 31, 2019
Net sales		$485
Operating loss		(162)
Loss before income taxes		(199)
Net loss attributable to the Company		(324)

Loss per share:
Basic		$(0.01)
Diluted		$(0.01)