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Acquisition | 3 Months Ended
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Mar. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Acquisition | Acquisition I.G. Bauerhin On April 26, 2023, the Company completed the acquisition of I.G. Bauerhin ("IGB"), a privately held supplier of automotive seat heating, ventilation and active cooling, steering wheel heating, seat sensors and electronic control modules, headquartered in Grundau-Rothenbergen, Germany. IGB has more than 4,600 employees at nine manufacturing plants in seven countries with annual sales of approximately $290 million. The acquisition of IGB furthers the Company's comprehensive strategy to develop and integrate a complete portfolio of thermal comfort systems for automotive seating. The acquisition of IGB was accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed are included in the accompanying condensed consolidated balance sheets as of March 30, 2024 and December 31, 2023. The operating results and cash flows of IGB are included in the accompanying condensed consolidated financial statements from the date of acquisition in the Company's Seating segment. The preliminary purchase price and related allocation are shown below (in millions):
|  | December 31, 2023 |  | Adjustments |  | March 30, 2024
Preliminary purchase price, net of acquired cash |  | $ | 174.5 |  |  | $ | — |  |  | $ | 174.5 |
Property, plant and equipment |  | 47.5 |  |  | — |  |  | 47.5 |
Other assets purchased and liabilities assumed, net |  | 38.1 |  |  | 3.5 |  |  | 41.6 |
Goodwill |  | 73.5 |  |  | (3.5) |  |  | 70.0 |
Intangible assets |  | 15.4 |  |  | — |  |  | 15.4 |
Preliminary purchase price allocation |  | $ | 174.5 |  |  | $ | — |  |  | $ | 174.5 |
Goodwill recognized is primarily attributable to the assembled workforce and expected synergies related to future growth. Intangible assets consist of amounts recognized for the fair value of developed technology and customer-based assets which were both based on an independent appraisal. Developed technology assets have a weighted average useful life of approximately nine years. Customer-based assets include IGB's established relationships with its customers and the ability of these customers to generate future economic profits for the Company and have a weighted average useful life of approximately thirteen years. The purchase price and related allocation are preliminary and may be revised as a result of further adjustments made to the purchase price and additional information obtained regarding assets acquired and liabilities assumed, including, but not limited to, certain tax attributes and contingent liabilities. The pro-forma effects of this acquisition do not materially impact the Company's reported results for any period presented. For further information related to acquired assets measured at fair value, see Note 18, "Financial Instruments."

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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/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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