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Business Acquisitions | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Business Acquisitions | NOTE 19 – Business Acquisitions On July 31, 2019, we acquired 100% of the outstanding shares of Quality Thermistor, Inc. ("QTI") for $75 million plus a contingent earn out of up to $5 million based on sales performance objectives. The purchase price included adjustments for debt assumed and changes in working capital. QTI, doing business as QTI Sensing Solutions, is a leading designer and manufacturer of high-quality temperature sensors serving original equipment manufacturers with mission-critical applications in the industrial, aerospace, defense and medical markets. This acquisition provided us with a new core temperature sensing technology that expands our sensing product portfolio, while increasing our presence in the industrial and medical markets. The final purchase price of $73,906 was allocated to the fair values of assets and liabilities acquired as of July 31, 2019. The following table summarizes the consideration paid and the fair values of the assets acquired and the liabilities assumed as of the date of acquisition:
|  | Consideration Paid |
Cash paid, net of cash acquired of $567 |  | $ | 72,850 |
Contingent consideration |  |  | 1,056 |
Purchase price |  | $ | 73,906 |
|  | Fair Values at July 31, 2019 |
Current assets |  | $ | 6,221 |
Property, plant and equipment |  |  | 2,567 |
Other assets |  |  | 29 |
Goodwill |  |  | 34,999 |
Intangible assets |  |  | 32,800 |
Fair value of assets acquired |  |  | 76,616 |
Less fair value of liabilities acquired |  |  | (2,710 | )
Purchase price |  | $ | 73,906 |
Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships within our existing business, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The contingent earn out was payable in cash upon the achievement of a revenue performance target for the year ending December 31, 2019. The Company recorded contingent consideration for the earn out of $1,056 based on the achievement performance target for the full year 2019 results. This amount is reflected as an addition to the purchase price. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets:
|  | Carrying Value |  |  | Weighted Average Amortization Period |
Customer lists/relationships |  | $ | 31,000 |  |  |  | 15.0 |
Technology and other intangibles |  |  | 1,800 |  |  |  | 5.0 |
Total |  | $ | 32,800 |  |  |  |  |

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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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