Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Estimates of Fair Value of the Assets Acquired and the Liabilities Assumed as of the Acquisition Date

The purchase price for this acquisition had been provisionally allocated as of May 19, 2015, and deemed final as of December 31, 2015, to the assets acquired and liabilities assumed based on their estimated fair values as follows:


	May 19, 2015 (As initially reported)		Measurement period adjustment			May 19, 2015 (As adjusted)
Assets acquired:
Accounts receivable	$	4,942	$	(11	)	$	4,931
Inventories		1,890		—			1,890
Prepaid expenses and other current assets		23		—			23
Property, plant & equipment		315		(1	)		314
Other non-current assets		24		—			24

Total tangible assets		7,194		(12	)		7,182

Intangible assets:
Intangible assets		13,600		—			13,600
Goodwill		14,471		506			14,977

Total assets acquired		35,265		494			35,759

Liabilities assumed:
Accounts payable		5,951		—			5,951
Accrued liabilities		241		591			832

Total liabilities assumed		6,192		591			6,783

Net assets acquired	$	29,073	$	(97	)	$	28,976


Cash paid at Powertrain Date of Acquisition	$	20,873
Contingent consideration		8,200
Working capital adjustment		(97	)

Aggregate consideration	$	28,976

Estimated Useful Lives of Identifiable Intangible Assets

The identifiable intangible assets as a result of the acquisition are amortized over their respective estimated useful lives as follows:


	Asset amount		Estimated life
Backlog	$	600		3 months
Customer relationships		13,000		12 years

Total identifiable intangible assets	$	13,600

Bi-Phase Technologies, LLC [Member]

Summary of Estimates of Fair Value of the Assets Acquired and the Liabilities Assumed as of the Acquisition Date

The purchase price for this acquisition had been provisionally allocated at the Bi-Phase Date of Acquisition, and deemed final as of December 31, 2015, to the assets acquired and liabilities assumed based on their estimated fair values as follows:


	May 1, 2015 (Bi-Phase Date of Acquisition)
Assets acquired:
Accounts receivable	$	212
Inventories		2,103
Prepaid expenses		4
Property, plant & equipment		113
Other assets		162

Total tangible assets		2,594

Intangible assets:
Intangible assets		860
Goodwill		1,217

Total assets acquired		4,671

Liabilities assumed:
Accounts payable		199
Accrued liabilities		47

Total liabilities assumed		246

Net assets acquired	$	4,425

Initial cash paid at Bi-Phase Date of Acquisition	$	3,619
Contingent consideration		540
Working capital adjustment		266

Aggregate consideration	$	4,425

Estimated Useful Lives of Identifiable Intangible Assets

The identifiable intangible assets as a result of the acquisition are amortized over their respective estimated useful lives as follows:


	Asset amount		Estimated life
Developed technology	$	700		7 years
Customer relationships		160		15 years

Total identifiable intangible assets	$	860

Buck's Acquisition Company, LLC [Member]

Summary of Estimates of Fair Value of the Assets Acquired and the Liabilities Assumed as of the Acquisition Date

The purchase price for this acquisition had been provisionally allocated at the Bucks Date of Acquisition, and deemed final as of December 31, 2015, to the assets acquired and liabilities assumed based on their estimated fair values as follows:


	March 18, 2015 (Buck’s Date of Acquisition)
Assets acquired:
Inventories	$	6,598
Property, plant & equipment		231

Total tangible assets		6,829

Intangible assets:
Intangible assets		1,380
Goodwill		1,526

Total assets acquired	$	9,735

Estimated Useful Lives of Identifiable Intangible Assets

The identifiable intangible asset as a result of the acquisition is amortized over its respective estimated useful life as follows:


	Asset amount		Estimated life
Customer relationships	$	1,380		10 years

Professional Power Products, Inc. [Member]

Summary of Estimates of Fair Value of the Assets Acquired and the Liabilities Assumed as of the Acquisition Date

The purchase price for this acquisition allocated to the assets acquired and liabilities assumed based on their estimated fair values was as follows:


	April 1, 2014 (As initially reported)		Measurement period adjustment			April 1, 2014 (As adjusted)
Assets acquired:
Cash	$	1,277	$	—		$	1,277
Accounts receivable		3,989		—			3,989
Inventories		5,073		(120	)		4,953
Prepaid expenses and other current assets		243		—			243
Property, plant & equipment		2,596		—			2,596

Total tangible assets		13,178		(120	)		13,058

Intangible assets:
Intangible assets		23,500		—			23,500
Goodwill		22,372		1,174			23,546

Total assets acquired		59,050		1,054			60,104

Liabilities assumed:
Accounts payable		1,494		—			1,494
Accrued liabilities		3,257		1,054			4,311

Total liabilities assumed		4,751		1,054			5,805

Net assets acquired	$	54,299	$	—		$	54,299

Summary of Initial Consideration Paid for Acquisitions

The following table provides a summary of the initial consideration for 3PI:


Fair value of assets acquired	$	60,104
Less liabilities assumed		(5,805	)

Net assets acquired		54,299
Less value of shares of Company common stock expected to be issued at date of acquisition		(8,900	)
Less cash acquired		(1,277	)

Cash paid	$	44,122

Summary of Supplemental Pro Forma Information

The following supplemental pro forma information presents the financial results as if the Powertrain transaction had occurred on January 1, 2014 as follows:


	Year ended (unaudited)
	December 31, 2015		December 31, 2014
Net sales	$	402,718	$	400,585
Net income		14,868	$	26,320
Earnings per share, basic	$	1.38	$	2.46
Earnings per share, diluted	$	0.50	$	1.81

The following supplemental unaudited pro forma information presents the financial results as if the 3PI transaction had occurred on January 1, 2013 as follows:


	Year ended (unaudited)
	December 31, 2014		December 31, 2013
Net sales	$	353,175	$	278,117
Net (loss) income	$	23,671	$	(16,557	)
(Loss) earnings per share, basic	$	2.21	$	(1.69	)
(Loss) earnings per share, diluted	$	1.57	$	(1.69	)