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Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2019
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 337,640 |
Assets Acquired |  |
Accounts receivable | $ | 28,611 |
Inventories | 88,765 |
Fixed assets | 24,036 |
Customer relationship | 112,000 |
Tradename and other identifiable intangible assets | 37,705 |
Operating lease right-of-use assets | 27,925 |
Other tangible assets | 4,060 |
Liabilities Assumed |  |
Accounts payable | (18,577) |
Current portion of operating lease obligations | (5,360) |
Accrued expenses and other current liabilities | (10,002) |
Operating lease obligations | (22,565) |
Deferred taxes | (31,877) |
Total fair value of net assets acquired | $ | 234,721 |
Goodwill (not tax deductible) | $ | 102,919 |
The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
Cash consideration | $ | 40,000 |
Holdback payment | 5,000 |
Total value of consideration given | $ | 45,000 |
Customer relationship and other identifiable intangible assets | $ | 7,030 |
Net tangible assets | 520 |
Total fair value of net assets acquired | $ | 7,550 |
Goodwill (tax deductible) | $ | 37,450 |
The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 43,224 |
Customer relationship and other identifiable intangible assets | $ | 19,579 |
Net tangible assets | 3,287 |
Total fair value of net assets acquired | $ | 22,866 |
Goodwill (not tax deductible) | $ | 20,358 |
Summary of Pro Forma Information | The unaudited pro forma information combines the reported results of the Company and CURT but does not reflect any operating efficiencies, cost savings, financing costs, step-up of assets, or other accounting related adjustments resulting from the acquisition.
| (unaudited) |  |
| Year Ended December 31, |  |
(In thousands, except per share amounts) | 2019 |  | 2018
Net sales | $ | 2,639,761 |  |  |  | $ | 2,735,378 |
Net income | $ | 144,878 |  |  |  | $ | 147,878 |
Basic net income per common share | $ | 5.80 |  |  |  | $ | 5.87 |
Diluted net income per common share | $ | 5.77 |  |  |  | $ | 5.81 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands) | OEM Segment |  | Aftermarket Segment |  | Total
Net balance – December 31, 2017 | $ | 109,641 |  |  | $ | 14,542 |  |  | $ | 124,183 |
Acquisitions – 2018 | 50,698 |  |  | 5,369 |  |  | 56,067 |
Other | (82) |  |  | — |  |  | (82) |
Net balance – December 31, 2018 | 160,257 |  |  | 19,911 |  |  | 180,168 |
Acquisitions – 2019 | 57,245 |  |  | 115,178 |  |  | 172,423 |
Other | (1,882) |  |  | 405 |  |  | (1,477) |
Net balance – December 31, 2019 | $ | 215,620 |  |  | $ | 135,494 |  |  | $ | 351,114 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2019 |  | 2018
OEM Segment | $ | 164,047 |  |  | $ | 159,803 |
Aftermarket Segment | 177,379 |  |  | 16,539 |
Other intangible assets | $ | 341,426 |  |  | $ | 176,342 |
Other intangible assets consisted of the following at December 31, 2019:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years |  |
Customer relationships | $ | 319,934 |  |  | $ | 69,008 |  |  | $ | 250,926 |  |  | 6 | to | 17
Patents | 76,206 |  |  | 44,611 |  |  | 31,595 |  |  | 3 | to | 19
Trade names (finite life) | 50,917 |  |  | 7,086 |  |  | 43,831 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite |  |
Non-compete agreements | 7,598 |  |  | 4,947 |  |  | 2,651 |  |  | 3 | to | 6
Other | 309 |  |  | 173 |  |  | 136 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite |  |
Other intangible assets | $ | 467,251 |  |  | $ | 125,825 |  |  | $ | 341,426 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2018:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years |  |
Customer relationships | $ | 191,919 |  |  | $ | 54,889 |  |  | $ | 137,030 |  |  | 6 | to | 16
Patents | 58,787 |  |  | 40,079 |  |  | 18,708 |  |  | 3 | to | 19
Trade names (finite life) | 10,885 |  |  | 5,507 |  |  | 5,378 |  |  | 3 | to | 15
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite |  |
Non-compete agreements | 6,919 |  |  | 4,148 |  |  | 2,771 |  |  | 3 | to | 6
Other | 309 |  |  | 141 |  |  | 168 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite |  |
Other intangible assets | $ | 281,106 |  |  | $ | 104,764 |  |  | $ | 176,342 |  |  |  |  |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2019 |  | 2018
OEM Segment | $ | 164,047 |  |  | $ | 159,803 |
Aftermarket Segment | 177,379 |  |  | 16,539 |
Other intangible assets | $ | 341,426 |  |  | $ | 176,342 |
Other intangible assets consisted of the following at December 31, 2019:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years |  |
Customer relationships | $ | 319,934 |  |  | $ | 69,008 |  |  | $ | 250,926 |  |  | 6 | to | 17
Patents | 76,206 |  |  | 44,611 |  |  | 31,595 |  |  | 3 | to | 19
Trade names (finite life) | 50,917 |  |  | 7,086 |  |  | 43,831 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite |  |
Non-compete agreements | 7,598 |  |  | 4,947 |  |  | 2,651 |  |  | 3 | to | 6
Other | 309 |  |  | 173 |  |  | 136 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite |  |
Other intangible assets | $ | 467,251 |  |  | $ | 125,825 |  |  | $ | 341,426 |  |  |  |  |
Schedule of Indefinite-lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2018:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years |  |
Customer relationships | $ | 191,919 |  |  | $ | 54,889 |  |  | $ | 137,030 |  |  | 6 | to | 16
Patents | 58,787 |  |  | 40,079 |  |  | 18,708 |  |  | 3 | to | 19
Trade names (finite life) | 10,885 |  |  | 5,507 |  |  | 5,378 |  |  | 3 | to | 15
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite |  |
Non-compete agreements | 6,919 |  |  | 4,148 |  |  | 2,771 |  |  | 3 | to | 6
Other | 309 |  |  | 141 |  |  | 168 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite |  |
Other intangible assets | $ | 281,106 |  |  | $ | 104,764 |  |  | $ | 176,342 |  |  |  |  |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands) | 2019 |  | 2018 |  | 2017
Cost of sales | $ | 5,200 |  |  | $ | 5,350 |  |  | $ | 5,631 |
Selling, general and administrative expense | 18,558 |  |  | 15,912 |  |  | 13,942 |
Amortization expense | $ | 23,758 |  |  | $ | 21,262 |  |  | $ | 19,573 |
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands) | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Cost of sales | $ | 4,469 |  |  | $ | 4,393 |  |  | $ | 4,180 |  |  | $ | 3,321 |  |  | $ | 2,566 |
Selling, general and administrative expense | 28,887 |  |  | 28,372 |  |  | 28,227 |  |  | 27,484 |  |  | 27,038 |
Amortization expense | $ | 33,356 |  |  | $ | 32,765 |  |  | $ | 32,407 |  |  | $ | 30,805 |  |  | $ | 29,604 |

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