Acquisition and Goodwill (Notes)

6 Months Ended

Jun. 30, 2016

Acquisition and Goodwill

In the first half of 2016, the Company acquired the assets of Perfect Products Company of Michigan, an auto parts distributor for approximately $1.3 million in cash and $30 thousand in contingent consideration. The Company also acquired the assets of F.B. Feeney Hardware in Ontario, Canada, for approximately $1.3 million in cash and $84 thousand in contingent consideration. Total contingent consideration of $114 thousand was not reflected in the condensed consolidated statement of cash flows.

These transactions resulted in additional goodwill which is included in the table below:



	(Dollars in thousands)
Goodwill	Six Months Ended June 30, 2016
Beginning balance	$	319
Acquisition	2,442
Impact of foreign exchange	12
Ending balance	$	2,773

The preliminary allocation of purchase price is subject to finalizing the valuation of certain assets.