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Business Acquisitions | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Business Acquisitions | NOTE 3 – Business Acquisitions On December 30, 2020, we acquired 100% of the outstanding shares of Sensor Scientific, Inc. (“SSI”). SSI is a manufacturer of high-quality thermistors and temperature sensor assemblies serving original equipment manufacturers (“OEMs”) for applications that require precision and reliability in the medical, industrial and defense markets. SSI has complementary capabilities with our existing temperature sensing platform and the acquisition expands our presence in the medical and industrial end markets. It also provides high quality ceramic processing capabilities and valuable customer partnerships that expand our temperature sensing product portfolio and build on our strategy to focus on innovative products that sense, connect and move. The final purchase price, which includes changes in working capital, of $10,221 has been allocated to the fair values of assets and liabilities acquired as of December 30, 2020. 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 of SSI:
|  | Consideration Paid |
Cash paid, net of cash acquired of $470 |  | $ | 8,221 |
Contingent consideration |  |  | 2,000 |
Purchase price |  | $ | 10,221 |
|  | Fair Values at December 30, 2020 |
Current assets |  | $ | 2,551 |
Property, plant and equipment |  |  | 67 |
Other assets |  |  | 14 |
Goodwill |  |  | 3,321 |
Intangible assets |  |  | 5,340 |
Fair value of assets acquired |  |  | 11,293 |
Less fair value of liabilities acquired |  |  | (1,072 | )
Purchase price |  | $ | 10,221 |
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, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. All contingent consideration is payable in cash and is based on success factors related to the integration process as well as upon the achievement of a revenue performance target through the year ending December 31, 2022, with the possibility of prorated interim payments. The Company recorded $2,000 as the acquisition date fair value of the contingent consideration based on an estimate of the probability of achieving the performance targets. This represents the maximum amount of contingent consideration payable by the Company. This amount is also reflected as an addition to the purchase price and will be evaluated quarterly. Refer to Note 17 for further information on contingent consideration. 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 |  | $ | 5,200 |  |  |  | 11.0 |
Technology and other intangibles |  |  | 140 |  |  |  | 3.0 |
Total |  | $ | 5,340 |  |  |  |  |

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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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