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Acquisitions | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Acquisitions |
6. | ACQUISITIONS
Acquisitions in the year ended December 31, 2016 On January 4, 2016, the Company completed the acquisition of 100% of the common shares and voting interests of the Getrag Group of Companies [“Getrag”]. Getrag is a global supplier of automotive transmission systems, including manual, automated-manual, dual clutch, hybrid and other advanced systems. The purchase price was approximately $1.9 billion [net of $136 million cash acquired]. The acquired business has sales primarily to BMW, Audi, Jiangling Motors, Ford, Volvo and Dongfeng. The acquisition of Getrag was accounted for as a business combination. The following table summarizes the amounts recognized for assets acquired and liabilities assumed:
|  | Final |
|  | allocation |
Cash |  | $ | 136 |
Non-cash working capital |  |  | (395 | )
Investments |  |  | 1,497 |
Fixed assets |  |  | 445 |
Goodwill |  |  | 590 |
Other assets |  |  | 24 |
Intangibles |  |  | 372 |
Deferred tax assets |  |  | 34 |
Long-term employee benefit liabilities |  |  | (137 | )
Long-term debt |  |  | (117 | )
Other long-term liabilities |  |  | (52 | )
Deferred tax liabilities |  |  | (119 | )
Non-controlling interest |  |  | (287 | )
Consideration paid |  |  | 1,991 |
Less: Cash acquired |  |  | (136 | )
Net cash outflow |  | $ | 1,855 |
The investments amount includes the following equity investments that were acquired as part of the business combination:
|  | Ownership |  |  | Investment |
|  | percentage |  |  | balance |
Getrag Ford Transmission GmbH |  |  | 50.0 | % |  | $ | 340 |
Getrag (Jiangxi) Transmission Co., Ltd [“GJT”] |  |  | 66.7 | % |  | $ | 1,077 |
Dongfeng Getrag Transmission Co. Ltd |  |  | 50.0 | % |  | $ | 80 |
The Company accounts for the investments under the equity method since it has the ability to exercise significant influence but does not hold a controlling financial interest. Recognized goodwill is attributable to the assembled workforce, expected synergies and other intangible assets that do not qualify for separate recognition. All of the goodwill recognized was assigned to the Company’s European segment. Intangible assets consist primarily of amounts recognized for the fair value of customer relationship intangibles and patents. These amortizable intangible assets are being amortized on a straight-line basis over a 15 year estimated useful life. Sales and net income for the acquired Getrag entities for the year ended December 31, 2016 were $2.0 billion and $45 million, respectively. Other During the fourth quarter of 2016, the Company acquired 100% of the equity interest in the BÖCO Group of Companies [“BÖCO”]. BÖCO is an automotive supplier of latches, hinges and strikers, with sales primarily to the BMW Group, Daimler and Audi. During the second quarter of 2016, the Company acquired 100% of the equity interest in Telemotive AG, an engineering service provider in the field of automotive electronics. The acquired business has sales primarily to BMW, Volkswagen and Daimler. These entities have been included in our consolidated results of operations since their respective acquisition dates. The effects of these acquisitions, individually and in aggregate, were not material to the Company’s consolidated results of operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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