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Gentherm Global Power Technologies | 12 Months Ended
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Dec. 31, 2015
Business Combinations [Abstract] |
Gentherm Global Power Technologies | Note 15 — Gentherm Global Power Technologies GPT develops, manufactures and sells thermoelectric and non-thermoelectric power generation systems and related products. The principal application for these technologies include natural gas well and pipeline protection systems and remote power generation for instrumentation, automation and telecommunication systems. Results of operations for GPT are included in the Company’s consolidated financial statements beginning April 1, 2014. GPT contributed $24,235 in product revenues and $776 in operating income for the year ended December 31, 2014. Purchase Price Allocation The purchase price of approximately $30,866, net of cash acquired of $2,954, has been allocated to the values of assets acquired and liabilities assumed as of April 1, 2014. An appraisal was completed to assist management in determining the fair value of acquired assets and assumed liabilities, including identifiable intangible assets. The final purchase price allocation is as follows:
Accounts receivable |  | $ | 10,200 |
Inventory |  |  | 6,487 |
Deferred income tax assets, net |  |  | 3,499 |
Order backlog |  |  | 815 |
Prepaid expenses and other assets |  |  | 258 |
Property and equipment |  |  | 716 |
Customer relationships |  |  | 5,524 |
Technology |  |  | 2,807 |
Trade name |  |  | 725 |
Goodwill |  |  | 6,365 |
Assumed liabilities |  |  | (6,530 | )
Net assets acquired |  |  | 30,866 |
Cash acquired |  |  | 2,954 |
Purchase price |  | $ | 33,820 |
Note 15 — Gentherm Global Power Technologies (Continued) Supplemental Pro Forma Information The unaudited pro forma combined historical results for the amounts of GPT’s revenue and earnings that would have been included in the Company’s consolidated statements of income had the acquisition occurred on January 1, 2014 and January 1, 2013 are as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |
Product revenues |  | $ | 824,311 |  |  | $ | 694,697 |
Net income |  |  | 71,997 |  |  |  | 35,348 |
The pro forma information includes adjustments for the effect of the amortization of intangible assets recognized in the acquisition. This pro forma information is not necessarily indicative of future operating results. Goodwill We recorded goodwill of approximately $6,365 arising from the acquisition. It is estimated that none of the goodwill recognized will be deductible for income tax purposes. Goodwill represents intangible assets that do not qualify for separate recognition. Intangible Assets In conjunction with the acquisition, intangible assets of $9,871 were recorded. The Company’s estimate of the fair value of these assets at the time of the acquisition was determined with the assistance of an independent third-party valuation firm. As part of the estimated valuation, an estimated useful life for the assets was determined. Intangible assets, net of accumulated amortization, consisted of the following (balances are lower as of December 31, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $465):
|  | December 31, 2014
|  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |  |  | Useful Life
Customer relationships |  | $ | 5,264 |  |  | $ | (334 | ) |  | $ | 4,930 |  |  | 12 yrs
Order backlog |  |  | 777 |  |  |  | (777 | ) |  |  | — |  |  | 0.5 yrs
Technology |  |  | 2,675 |  |  |  | (204 | ) |  |  | 2,471 |  |  | 10 yrs
Trade name |  |  | 690 |  |  |  | (150 | ) |  |  | 540 |  |  | 3.5 yrs
Total |  | $ | 9,406 |  |  | $ | (1,465 | ) |  | $ | 7,941 |  |  |
Amortization expense of $1,962 for the year ended December 31, 2014 was recorded as follows:
|  | Year Ended December 31, 2014 |
Product revenues |  | $ | (350 | )
Selling, general and administrative expense |  |  | 1,612 |
Amortization expense for the prospective five years is estimated to be as follows:
2015 |  | $ | 903 |
2016 |  |  | 903 |
2017 |  |  | 854 |
2018 |  |  | 706 |
2019 |  |  | 706 |
Note 15 — Gentherm Global Power Technologies (Continued) Property and Equipment Property and equipment consist of the following:
Asset Category |  | Useful Life |  | Amount |
Land |  | Indefinite |  | $ | 15 |
Buildings |  | 20 yrs |  |  | 81 |
Leasehold improvements |  | 5-7 yrs |  |  | 28 |
Machinery and equipment |  | 2-5 yrs |  |  | 423 |
Computer hardware and software |  | 3-5 yrs |  |  | 169 |
|  |  |  | $ | 716 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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