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Acquisitions | 6 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS On February 22, 2017, the Company acquired all of the outstanding stock of Package Concierge. Package Concierge is a leading provider of multifamily electronic package delivery locker systems in the United States. The acquisition of Package Concierge is expected to enable the Company to expand its position in the fast-growing package delivery solutions market. The results of Package Concierge have been included in the Company's consolidated financial results since the date of acquisition (within the Company's Residential Products segment). The final aggregate purchase consideration for the acquisition of Package Concierge was $18.9 million. The purchase price for the acquisition was allocated to the assets acquired and liabilities assumed based upon their respective fair values. The excess consideration was recorded as goodwill and approximated $16.8 million, which is not deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the building products markets. The allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed is as follows as of the date of the acquisition (in thousands):
Cash | $ | 590 |
Working capital | (1,998 | )
Property, plant and equipment | 55 |
Acquired intangible assets | 3,600 |
Other assets | 8 |
Deferred income taxes | (128 | )
Goodwill | 16,790 |
Fair value of purchase consideration | $ | 18,917 |
The intangible assets acquired in this acquisition consisted of the following (in thousands):
| Fair Value |  | Estimated Useful Life
Trademarks | $ | 600 |  |  | Indefinite
Technology | 1,300 |  |  | 10 years
Customer relationships | 1,700 |  |  | 7 years
Total | $ | 3,600 |  |  |
The acquisition of Package Concierge was funded from available cash on hand. The Company incurred certain acquisition-related costs composed of legal and consulting fees, and these costs were recognized as a component of selling, general and administrative expenses in the consolidated statements of operations. Acquisition-related costs were $13 thousand and $115 thousand for the three and six months ended June 30, 2017, respectively.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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