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Acquisitions | 6 Months Ended
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Jul. 04, 2015
Acquisitions [Abstract] |
Acquisitions | 4 Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. T he results of each acquisition have been included in the Company's consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. O n May 22, 2015, the Company acquired the net assets of the Electroforce business of the Bose Corporation (“Electroforce”), a manufacturer of testing systems, for approximately $9 million in cash. Electroforce's core business is the manufacturing of dynamic mechanical testing systems used to characterize m edical devices, biologic and e n gineered materials. The Electrof orce test instruments are based on unique motor designs that are quiet, energy-efficient, scalable and deliver high performance over a wide range of force and frequency. Electroforce was acquired to expand the TA Division's product offering into new markets, while leveraging the technology, infrastructure and customer bases of the combined organizations. The Company has allocated $4 mil lion of the purchase price to intangible asset s comprised of technology, c ustomer relationships and trade name. The Company is amortizing the technology and customer relationships over ten years and five years, respectively. The remaining purchase price of $1 million was accounted for as goodwill, which is deductible for tax purposes. The principal factor that resulted in recognition of goo dwill in the acquisition of Electroforce is that the purchase price was based, in part, on cash flow projections assuming the integration of any acquired technology, distribution channels and products with the Company's products, which is of considerably greater value than utilizing each of the acquired companies' technology, customer access or products on a stand-alone basis. The goodwill also includes value assigned to assembled workforce, which cannot be recognized as an intangible asset. In this acquisition, the sellers provided the Company with customary representations, warranties and indemnification, which would be settled in the future if and when a breach of the contractual representation or warranty condition occurs. The i mpact of the acquisition of Electroforce on the Company's revenues and net income since the acquisition date for the six months ended July 4, 2015 was immaterial. The fair values of the assets and liabilities acquired were determined using various income-approach valuation techniques, which use Level 3 inputs. The followin g table presents the fair values as of the acquisition date, as deter mined by the Company, of 100% of the assets and liabilities owned and recorded in connection with the acquisition of Electroforce (in thousands):
Accounts receivable and other current assets |  | $ | 1,520
Inventory |  |  | 4,489
Property, plant and equipment |  |  | 699
Intangible assets |  |  | 3,700
Goodwill |  |  | 1,118
| Total assets acquired |  |  | 11,526
Accrued expenses and other current liabilities |  |  | 2,118
| Cash consideration paid |  | $ | 9,408

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