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Acquisitions, Goodwill And Other Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2020
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 95,766 |
Contingent consideration | 2,796 |
Total fair value of consideration given | $ | 98,562 |
Customer relationship and other identifiable intangible assets | $ | 53,674 |
Net tangible assets, excluding pension obligation | 15,867 |
Unfunded pension benefit obligation | (28,665) |
Total fair value of net assets acquired | $ | 40,876 |
Goodwill (not tax deductible) | $ | 57,686 |
The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):
| Preliminary at December 31, 2019 |  | Measurement Period Adjustments |  | As Adjusted at June 30, 2020
Cash consideration, net of cash acquired | $ | 337,640 |  |  | $ | (1,053) |  |  | $ | 336,587 |
Assets Acquired |  |  |  |  |
Accounts receivable | $ | 28,611 |  |  | $ | — |  |  | $ | 28,611 |
Inventories | 88,765 |  |  | (6,648) |  |  | 82,117 |
Fixed assets | 24,036 |  |  | — |  |  | 24,036 |
Customer relationship | 112,000 |  |  | (7,800) |  |  | 104,200 |
Tradename and other identifiable intangible assets | 37,705 |  |  | (300) |  |  | 37,405 |
Operating lease right-of-use assets | 27,925 |  |  | — |  |  | 27,925 |
Other tangible assets | 4,060 |  |  | (1,550) |  |  | 2,510 |
Liabilities Assumed |  |  |  |  |
Accounts payable | (18,577) |  |  | — |  |  | (18,577) |
Current portion of operating lease obligations | (5,360) |  |  | — |  |  | (5,360) |
Accrued expenses and other current liabilities | (10,002) |  |  | — |  |  | (10,002) |
Operating lease obligations | (22,565) |  |  | — |  |  | (22,565) |
Deferred taxes | (31,877) |  |  | 1,752 |  |  | (30,125) |
Total fair value of net assets acquired | $ | 234,721 |  |  | $ | (14,546) |  |  | $ | 220,175 |
Goodwill (not tax deductible) | $ | 102,919 |  |  | $ | 13,493 |  |  | $ | 116,412 |
The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):
| Preliminary at December 31, 2019 |  | Measurement Period Adjustments |  | As Adjusted at June 30, 2020
Cash consideration, net of cash acquired | $ | 43,224 |  |  | $ | — |  |  | $ | 43,224 |
Customer relationship and other identifiable intangible assets | $ | 19,580 |  |  | $ | 2,170 |  |  | $ | 21,750 |
Net tangible assets | 3,286 |  |  | (705) |  |  | 2,581 |
Total fair value of net assets acquired | $ | 22,866 |  |  | $ | 1,465 |  |  | $ | 24,331 |
Goodwill (not tax deductible) | $ | 20,358 |  |  | $ | (1,465) |  |  | $ | 18,893 |
Schedule of Goodwill | Goodwill by reportable segment was as follows:
(In thousands) | OEM Segment |  | Aftermarket Segment |  | Total
Net balance – December 31, 2019 | $ | 215,620 |  |  | $ | 135,494 |  |  | $ | 351,114 |
Acquisitions – 2020 | 57,686 |  |  | — |  |  | 57,686 |
Measurement period adjustments | (2,346) |  |  | 12,613 |  |  | 10,267 |
Foreign currency translations | 70 |  |  | (298) |  |  | (228) |
Net balance – June 30, 2020 | $ | 271,030 |  |  | $ | 147,809 |  |  | $ | 418,839 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at June 30, 2020:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years |  |
Customer relationships | $ | 345,491 |  |  | $ | 81,947 |  |  | $ | 263,544 |  |  | 6 | to | 16
Patents | 87,622 |  |  | 46,707 |  |  | 40,915 |  |  | 3 | to | 19
Trade names (finite life) | 61,092 |  |  | 9,369 |  |  | 51,723 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite |  |
Non-compete agreements | 6,379 |  |  | 4,256 |  |  | 2,123 |  |  | 3 | to | 6
Other | 309 |  |  | 186 |  |  | 123 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite |  |
Other intangible assets | $ | 513,180 |  |  | $ | 142,465 |  |  | $ | 370,715 |  |  |  |  |
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 | 16
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 |  |  |  |  |

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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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