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Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2022
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 | $ | 52,761 |
Fixed deferred consideration | 2,000 |
Total fair value of consideration given | $ | 54,761 |
Identifiable intangible assets | $ | 13,000 |
Other assets acquired and liabilities assumed, net | 36,783 |
Total fair value of net assets acquired | $ | 49,783 |
Goodwill (tax deductible) | $ | 4,978 |
The acquisition of this business was recorded as of the acquisition date as follows (in thousands):
Cash consideration | $ | 50,664 |
Fixed deferred consideration | 20,000 |
Total fair value of consideration given | $ | 70,664 |
Customer relationships | $ | 35,700 |
Identifiable intangible assets | 7,820 |
Other assets acquired and liabilities assumed, net | 14,442 |
Total fair value of net assets acquired | $ | 57,962 |
Goodwill (tax deductible) | $ | 12,702 |
The acquisition of this business was preliminarily recorded as of the acquisition date, and subsequently adjusted and finalized, as follows (in thousands):
| Preliminary at December 31, 2021 |  | Measurement Period Adjustments |  | As Adjusted at December 31, 2022
Cash consideration, net of cash acquired | $ | 50,534 |  |  | $ | — |  |  | $ | 50,534 |
Effective settlement of Receivable from Furrion | 34,956 |  |  | — |  |  | 34,956 |
Discounted value of fixed deferred consideration | 61,191 |  |  | — |  |  | 61,191 |
Total fair value of consideration given | $ | 146,681 |  |  | $ | — |  |  | $ | 146,681 |
Customer relationships | $ | 66,300 |  |  | $ | (10,600) |  |  | $ | 55,700 |
Other identifiable intangible assets | 43,900 |  |  | (1,200) |  |  | 42,700 |
Other assets acquired and liabilities assumed, net | (9,518) |  |  | (1,483) |  |  | (11,001) |
Total fair value of net assets acquired | $ | 100,682 |  |  | $ | (13,283) |  |  | $ | 87,399 |
Goodwill (tax deductible) | $ | 45,999 |  |  | $ | 13,283 |  |  | $ | 59,282 |
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, 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 |
Acquisitions – 2022 | 16,302 |  |  | 2,202 |  |  | 18,504 |
Measurement period adjustments | 10,917 |  |  | 2,370 |  |  | 13,287 |
Foreign currency translation | (6,946) |  |  | (962) |  |  | (7,908) |
Net balance – December 31, 2022 | $ | 399,736 |  |  | $ | 167,327 |  |  | $ | 567,063 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows:
(In thousands) | 2022 |  | 2021 |  |
OEM Segment | $ | 314,828 |  |  | $ | 330,930 |  |  |
Aftermarket Segment | 188,492 |  |  | 189,027 |  |  |
Other intangible assets | $ | 503,320 |  |  | $ | 519,957 |  |  |
Other intangible assets consisted of the following at December 31, 2022:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 520,273 |  |  | $ | 163,562 |  |  | $ | 356,711 |  |  | 6 | to | 20
Patents | 121,167 |  |  | 62,841 |  |  | 58,326 |  |  | 3 | to | 20
Trade names (finite life) | 97,810 |  |  | 21,380 |  |  | 76,430 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,584 |  |  | 7,698 |  |  | 3,886 |  |  | 3 | to | 6
Other | 609 |  |  | 242 |  |  | 367 |  |  | 2 | to | 12
Other intangible assets | $ | 759,043 |  |  | $ | 255,723 |  |  | $ | 503,320 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets | 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, by segment, at December 31 were as follows:
(In thousands) | 2022 |  | 2021 |  |
OEM Segment | $ | 314,828 |  |  | $ | 330,930 |  |  |
Aftermarket Segment | 188,492 |  |  | 189,027 |  |  |
Other intangible assets | $ | 503,320 |  |  | $ | 519,957 |  |  |
Other intangible assets consisted of the following at December 31, 2022:
(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 520,273 |  |  | $ | 163,562 |  |  | $ | 356,711 |  |  | 6 | to | 20
Patents | 121,167 |  |  | 62,841 |  |  | 58,326 |  |  | 3 | to | 20
Trade names (finite life) | 97,810 |  |  | 21,380 |  |  | 76,430 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,600 |  |  | — |  |  | 7,600 |  |  | Indefinite
Non-compete agreements | 11,584 |  |  | 7,698 |  |  | 3,886 |  |  | 3 | to | 6
Other | 609 |  |  | 242 |  |  | 367 |  |  | 2 | to | 12
Other intangible assets | $ | 759,043 |  |  | $ | 255,723 |  |  | $ | 503,320 |  |  |  |  |
Schedule of Indefinite-lived Intangible Assets | 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 Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands) | 2022 |  | 2021 |  | 2020
Cost of sales | $ | 10,155 |  |  | $ | 5,783 |  |  | $ | 5,101 |
Selling, general and administrative expense | 46,218 |  |  | 41,782 |  |  | 32,772 |
Amortization expense | $ | 56,373 |  |  | $ | 47,565 |  |  | $ | 37,873 |
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands) | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
Cost of sales | $ | 9,834 |  |  | $ | 9,486 |  |  | $ | 8,507 |  |  | $ | 7,280 |  |  | $ | 6,137 |
Selling, general and administrative expense | 46,383 |  |  | 44,867 |  |  | 41,536 |  |  | 39,682 |  |  | 38,726 |
Amortization expense | $ | 56,217 |  |  | $ | 54,353 |  |  | $ | 50,043 |  |  | $ | 46,962 |  |  | $ | 44,863 |

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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=123413009&loc=d3e4845-128472 + Details
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