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Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Acquisitions, Goodwill And Other Intangible Assets [Abstract] |
Schedule of Business Acquisitions | The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):
Cash consideration | $ | 39,704 |
Net tangible assets | 31,504 |
Total fair value of net assets acquired | $ | 31,504 |
Goodwill (tax deductible) | $ | 8,200 |
The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 50,534 |
Effective settlement of Receivable from Furrion | 34,956 |
Discounted value of fixed deferred consideration | 61,191 |
Total fair value of consideration given | $ | 146,681 |
Customer relationships | $ | 66,300 |
Other identifiable intangible assets | 43,900 |
Other assets acquired and liabilities assumed, net | (9,518) |
Total fair value of net assets acquired | $ | 100,682 |
Goodwill (not tax deductible) | $ | 45,999 |
The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 29,383 |
Customer relationships | $ | 13,322 |
Other identifiable intangible assets | 2,640 |
Other assets acquired and liabilities assumed, net | (186) |
Total fair value of net assets acquired | $ | 15,776 |
Goodwill (not tax deductible) | $ | 13,607 |
The acquisition of this business was recorded on the acquisition date as follows (in thousands):
Cash consideration, net of cash acquired | $ | 56,857 |
Contingent consideration | 3,000 |
Total fair value of consideration given | $ | 59,857 |
Customer relationships | $ | 24,500 |
Other identifiable intangible assets | 9,100 |
Net tangible assets | 16,923 |
Total fair value of net assets acquired | $ | 50,523 |
Goodwill (tax deductible) | $ | 9,334 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | During the year ended December 31, 2021, the Company adjusted the preliminary purchase price allocation reported at December 31, 2020 to account for updates to assumptions and estimates related to the fair value of intangible assets and fixed assets, and to adjust the purchase price for final net working capital balances. These measurement period adjustments would not have resulted in a material impact on the prior period results if the adjustments had been recognized as of the acquisition date. The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):
| Preliminary at December 31, 2020 |  | Measurement Period Adjustments |  | As Adjusted at December 31, 2021
Cash consideration | $ | 56,760 |  |  | $ | (141) |  |  | $ | 56,619 |
Holdback payment | 12,219 |  |  | — |  |  | 12,219 |
Total value of consideration given | $ | 68,979 |  |  | $ | (141) |  |  | $ | 68,838 |
Customer relationship | $ | 30,000 |  |  | $ | (11,400) |  |  | $ | 18,600 |
Other identifiable intangible assets | 7,250 |  |  | (2,350) |  |  | 4,900 |
Net tangible assets | 8,864 |  |  | 3,549 |  |  | 12,413 |
Total fair value of net assets acquired | $ | 46,114 |  |  | $ | (10,201) |  |  | $ | 35,913 |
Goodwill (not tax deductible) | $ | 22,865 |  |  | $ | 10,060 |  |  | $ | 32,925 |
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, 2019 | $ | 215,620 |  |  | $ | 135,494 |  |  | $ | 351,114 |
Acquisitions – 2020 | 84,774 |  |  | 523 |  |  | 85,297 |
Measurement period adjustments | (2,251) |  |  | 12,613 |  |  | 10,362 |
Foreign currency translation | 7,810 |  |  | 145 |  |  | 7,955 |
Net balance – December 31, 2020 | 305,953 |  |  | 148,775 |  |  | 454,728 |
Acquisitions – 2021 | 70,836 |  |  | 14,938 |  |  | 85,774 |
Measurement period adjustments | 9,519 |  |  | (23) |  |  | 9,496 |
Foreign currency translation | (6,845) |  |  | 27 |  |  | (6,818) |
Net balance – December 31, 2021 | $ | 379,463 |  |  | $ | 163,717 |  |  | $ | 543,180 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2021 |  | 2020 |  |
OEM Segment | $ | 330,930 |  |  | $ | 260,778 |  |  |
Aftermarket Segment | 189,027 |  |  | 160,107 |  |  |
Other intangible assets | $ | 519,957 |  |  | $ | 420,885 |  |  |
Other intangible assets consisted of the following at December 31, 2021:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 487,853 |  |  | $ | 127,048 |  |  | $ | 360,805 |  |  | 6 | to | 17
Patents | 116,725 |  |  | 53,479 |  |  | 63,246 |  |  | 3 | to | 20
Trade names (finite life) | 93,994 |  |  | 16,497 |  |  | 77,497 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,464 |  |  | 5,439 |  |  | 6,025 |  |  | 3 | to | 6
Other | 309 |  |  | 212 |  |  | 97 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite
Other intangible assets | $ | 722,632 |  |  | $ | 202,675 |  |  | $ | 519,957 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2020:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 398,613 |  |  | $ | 95,443 |  |  | $ | 303,170 |  |  | 6 | to | 17
Patents | 92,128 |  |  | 47,090 |  |  | 45,038 |  |  | 3 | to | 20
Trade names (finite life) | 69,686 |  |  | 11,272 |  |  | 58,414 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 6,478 |  |  | 4,617 |  |  | 1,861 |  |  | 3 | to | 6
Other | 309 |  |  | 194 |  |  | 115 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite
Other intangible assets | $ | 579,501 |  |  | $ | 158,616 |  |  | $ | 420,885 |  |  |  |  |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2021 |  | 2020 |  |
OEM Segment | $ | 330,930 |  |  | $ | 260,778 |  |  |
Aftermarket Segment | 189,027 |  |  | 160,107 |  |  |
Other intangible assets | $ | 519,957 |  |  | $ | 420,885 |  |  |
Other intangible assets consisted of the following at December 31, 2021:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 487,853 |  |  | $ | 127,048 |  |  | $ | 360,805 |  |  | 6 | to | 17
Patents | 116,725 |  |  | 53,479 |  |  | 63,246 |  |  | 3 | to | 20
Trade names (finite life) | 93,994 |  |  | 16,497 |  |  | 77,497 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,464 |  |  | 5,439 |  |  | 6,025 |  |  | 3 | to | 6
Other | 309 |  |  | 212 |  |  | 97 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite
Other intangible assets | $ | 722,632 |  |  | $ | 202,675 |  |  | $ | 519,957 |  |  |  |  |
Schedule of Indefinite-lived Intangible Assets | Other intangible assets consisted of the following at December 31, 2020:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 398,613 |  |  | $ | 95,443 |  |  | $ | 303,170 |  |  | 6 | to | 17
Patents | 92,128 |  |  | 47,090 |  |  | 45,038 |  |  | 3 | to | 20
Trade names (finite life) | 69,686 |  |  | 11,272 |  |  | 58,414 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 6,478 |  |  | 4,617 |  |  | 1,861 |  |  | 3 | to | 6
Other | 309 |  |  | 194 |  |  | 115 |  |  | 2 | to | 12
Purchased research and development | 4,687 |  |  | — |  |  | 4,687 |  |  | Indefinite
Other intangible assets | $ | 579,501 |  |  | $ | 158,616 |  |  | $ | 420,885 |  |  |  |  |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands) | 2021 |  | 2020 |  | 2019
Cost of sales | $ | 5,783 |  |  | $ | 5,101 |  |  | $ | 5,200 |
Selling, general and administrative expense | 41,782 |  |  | 32,772 |  |  | 18,558 |
Amortization expense | $ | 47,565 |  |  | $ | 37,873 |  |  | $ | 23,758 |
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands) | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Cost of sales | $ | 8,543 |  |  | $ | 8,172 |  |  | $ | 7,699 |  |  | $ | 6,701 |  |  | $ | 6,189 |
Selling, general and administrative expense | 45,684 |  |  | 44,824 |  |  | 43,804 |  |  | 41,464 |  |  | 39,610 |
Amortization expense | $ | 54,227 |  |  | $ | 52,996 |  |  | $ | 51,503 |  |  | $ | 48,165 |  |  | $ | 45,799 |

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