Goodwill (Tables)
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9 Months Ended |
Dec. 31, 2016 |
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| Acquired Finite-Lived Intangible Assets [Line Items] |
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| Schedule of Business Acquisitions, by Acquisition |
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Consideration to or on behalf of sellers at close |
$ |
10,956 |
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Fair value of total consideration transferred |
$ |
10,956 |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the fair value of the assets and liabilities assumed:
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Assets acquired: |
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Accounts receivable |
$ |
1,693 |
|
Inventories |
1,299 |
Other current assets |
33 |
Property, plant and equipment |
1,316 |
Identifiable intangible assets |
3,085 |
Goodwill |
7,992 |
Deferred tax asset |
111 |
Total assets |
15,529 |
|
Liabilities assumed: |
|
Current liabilities |
935 |
Total liabilities |
935 |
|
Non-controlling interests |
3,638 |
|
Total consideration |
$ |
10,956 |
|
|
| Schedule of Intangible Assets |
Our total intangible assets consisted of the following (including Sumac and IPI):
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Gross Carrying Amount at December 31, 2016 |
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Accumulated Amortization |
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Net Carrying Amount at December 31, 2016 |
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Gross Carrying Amount March 31, 2016 |
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Accumulated Amortization |
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Net Carrying Amount at March 31, 2016 |
Trademarks |
|
$ |
44,294 |
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|
$ |
450 |
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|
$ |
43,844 |
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|
$ |
45,234 |
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|
$ |
237 |
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|
$ |
44,997 |
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Developed technology |
|
9,734 |
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|
3,305 |
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|
6,429 |
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|
9,950 |
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|
2,988 |
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|
6,962 |
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Customer relationships |
|
99,197 |
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|
61,697 |
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|
37,500 |
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|
105,720 |
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|
54,913 |
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|
50,807 |
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Certification |
|
438 |
|
|
— |
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|
438 |
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|
449 |
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|
— |
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|
449 |
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Other |
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2,625 |
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|
2,175 |
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|
450 |
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|
2,631 |
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|
1,848 |
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|
783 |
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Total |
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$ |
156,288 |
|
|
$ |
67,627 |
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|
$ |
88,661 |
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|
$ |
163,984 |
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|
$ |
59,986 |
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|
$ |
103,998 |
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| Schedule of carrying amount of goodwill |
The carrying amount of goodwill by operating segment as of December 31, 2016 is as follows:
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United States |
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Canada |
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Europe |
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Asia |
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Total |
Balance as of March 31, 2016 |
$ |
48,971 |
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|
$ |
44,488 |
|
|
$ |
19,427 |
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|
$ |
8,624 |
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|
$ |
121,510 |
|
Adjustments to purchase price allocation |
3,045 |
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|
— |
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|
— |
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|
— |
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|
3,045 |
|
Foreign currency translation impact |
— |
|
|
(1,458 |
) |
|
(1,331 |
) |
|
— |
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|
(2,789 |
) |
Balance as of December 31, 2016 |
$ |
52,016 |
|
|
$ |
43,030 |
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|
$ |
18,096 |
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|
$ |
8,624 |
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|
$ |
121,766 |
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| Industrial Process Insulators, Inc. |
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| Acquired Finite-Lived Intangible Assets [Line Items] |
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| Schedule of Business Acquisitions, by Acquisition |
During the nine months ended December 31, 2016, we finalized our provisional purchase accounting for the IPI transaction. The table below summarizes our provisional estimates of the fair value of assets and liabilities assumed as well as the final fair value of assets and liabilities assumed:
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Provisional Fair Value |
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Final Fair Value |
Customer relationships |
$ |
10,720 |
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|
$ |
5,962 |
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Goodwill |
10,204 |
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|
13,249 |
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Noncurrent deferred tax liability |
4,962 |
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|
3,249 |
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|
|
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Consideration to or on behalf of sellers at close |
$ |
21,750 |
|
Fair value of total consideration transferred |
$ |
21,750 |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the fair value of the assets and liabilities assumed:
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|
|
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Assets acquired: |
|
Cash |
$ |
1,526 |
|
Accounts receivable |
3,723 |
|
Inventories |
474 |
|
Other current assets |
204 |
Property, plant and equipment |
119 |
Identifiable intangible assets |
9,026 |
Goodwill |
13,249 |
Total assets |
28,321 |
|
Liabilities assumed: |
|
Current liabilities |
2,203 |
Uncertain tax position liability |
1,119 |
|
Noncurrent deferred tax liability |
3,249 |
Total liabilities |
6,571 |
|
Total consideration |
$ |
21,750 |
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| Schedule of Intangible Assets |
Our identifiable intangible assets at December 31, 2016 and March 31, 2016 that were related to the IPI transaction consisted of the following:
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Amortization period |
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Gross Carrying Amount at December 31, 2016 |
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Accumulated Amortization |
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Net Carrying Amount at December 31, 2016 |
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Gross Carrying Amount March 31, 2016 |
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Accumulated Amortization |
|
Net Carrying Amount at March 31, 2016 |
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Customer relationships |
8 years |
|
$ |
5,962 |
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|
$ |
1,056 |
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$ |
4,906 |
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$ |
10,720 |
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$ |
715 |
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|
$ |
10,005 |
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Trademark |
8 years |
|
1,820 |
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|
322 |
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|
1,498 |
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|
1,820 |
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|
152 |
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|
1,668 |
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Non-compete agreement |
3 years |
|
807 |
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|
381 |
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|
426 |
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$ |
807 |
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$ |
179 |
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|
$ |
628 |
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Total |
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|
$ |
8,589 |
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|
$ |
1,759 |
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|
$ |
6,830 |
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$ |
13,347 |
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$ |
1,046 |
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|
$ |
12,301 |
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| Sumac Fabrication Company Limited |
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
| Schedule of Intangible Assets |
Our identifiable intangible assets at December 31, 2016 and March 31, 2016 that were related to the Sumac transaction consisted of the following:
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Amortization period |
|
Gross Carrying Amount at December 31, 2016 |
|
Accumulated Amortization |
|
Net Carrying Amount at December 31, 2016 |
|
Gross Carrying Amount March 31, 2016 |
|
Accumulated Amortization |
|
Net Carrying Amount at March 31, 2016 |
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Customer relationships |
4 years |
|
2,526 |
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|
1,105 |
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|
1,421 |
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|
2,612 |
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|
653 |
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|
1,959 |
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Non-compete agreement |
2 years |
|
188 |
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|
164 |
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|
24 |
|
|
194 |
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|
97 |
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|
97 |
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Total |
|
|
$ |
2,714 |
|
|
$ |
1,269 |
|
|
$ |
1,445 |
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|
$ |
2,806 |
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|
$ |
750 |
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|
$ |
2,056 |
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