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Acquisition (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Summary of Purchase Price

The purchase price of Photon Control consisted of the following:


Cash paid for outstanding shares (1)		$	302
Less: Cash and cash equivalents acquired			(34	)
Total purchase price, net of cash and cash equivalents acquired		$	268

(1)

Represents cash paid of CAD 3.60 per share for approximately 105.2 shares of Photon Control common stock, without interest and subject to deduction for any required withholding tax.

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the Photon Control Acquisition:


Current assets		$	51
Intangible assets			121
Goodwill			168
Other non-current assets			9
Total assets acquired			349
Current liabilities			14
Non-current deferred taxes			32
Other long-term liabilities			1
Total liabilities assumed			47
Fair value of assets acquired and liabilities assumed			302
Less: Cash and cash equivalents acquired			(34	)
Total purchase price, net of cash and cash equivalents acquired		$	268

Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives

The following table reflects the allocation of the acquired intangible assets and related estimate of useful lives:


Completed technology		$	110			9 years
Customer relationships			9			10 years
Backlog			2			1.5 years
		$	121