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Business Acquisitions and Investments | 12 Months Ended
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Dec. 31, 2015
Business Acquisitions and Investments [Abstract] |
Business Acquisitions and Investments |
2. | Business Acquisitions and Investments
2014 Business Acquisitions and Investment Pensacola Fuel Injection, Inc, and Annex Manufacturing Acquisitions In January 2014, we acquired certain assets and assumed certain liabilities of Pensacola Fuel Injection Inc., a privately held company, for $12.2 million in cash funded by our revolving credit facility. Pensacola Fuel Injection, Inc., located in Pensacola, Florida, remanufactures and distributes a wide range of diesel injectors, diesel pumps and turbo chargers. Prior to the acquisition, we were the primary purchaser of products supplied by the company. In April 2014, we acquired certain assets and assumed certain liabilities of Annex Manufacturing, a privately held company, for $11.5 million in cash funded by our revolving credit facility. Annex Manufacturing, located in Fort Worth, Texas, distributes a variety of temperature control products for the automotive aftermarket. Revenues generated from the acquired business were approximately $22 million for the year ended December 31, 2013, of which approximately 40% of the volume was sold to us. The allocation of purchase price to assets acquired and liabilities assumed is based upon their fair values. The following table presents the allocation of purchase price to assets acquired and liabilities assumed (in thousands):
|  | Pensacola Fuel Injection, Inc. |  |  | Annex Manufacturing |
Purchase price: |  |  |  |  | $ | 12,225 |  |  |  |  |  | $ | 11,500 |
Assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  | $ | — |  |  |  |  |  |  | $ | 2,581 |  |  |  |  |
Inventory |  |  | 2,815 |  |  |  |  |  |  |  | 2,630 |  |  |  |  |
Property, plant and equipment, net |  |  | 466 |  |  |  |  |  |  |  | 128 |  |  |  |  |
Intangible assets |  |  | — |  |  |  |  |  |  |  | 4,760 |  |  |  |  |
Goodwill |  |  | 12,528 |  |  |  |  |  |  |  | 4,567 |  |  |  |  |
Current liabilities |  |  | (3,584 | ) |  |  |  |  |  |  | (3,166 | ) |  |  |  |
Net assets acquired |  |  |  |  |  | $ | 12,225 |  |  |  |  |  |  | $ | 11,500 |
Goodwill related to the Pensacola Fuel Injection, Inc. and Annex Manufacturing acquisitions of $12.5 million and $4.6 million, respectively, was allocated to the Engine Management Segment and Temperature Control Segment, respectively, and is deductible for income tax purposes. The goodwill reflects business specific knowledge and the replacement cost of an assembled workforce, as well as the value of expected synergies. Intangible assets acquired in the Annex Manufacturing acquisition consisted of customer relationships of $4.7 million that will be amortized on a straight-line basis over the estimated useful life of 7 years and non-compete agreements of $0.1 million that will be amortized on a straight-line basis over the estimated useful life of 5 years. Revenues included in our consolidated statements of operations for the Annex Manufacturing acquisition from the date of acquisition through December 31, 2014 were $8.5 million. Revenues from the Pensacola Fuel Injection, Inc. acquisition from the date of acquisition through December 31, 2014 were not material. Foshan GWO YNG SMP Vehicle Climate Control & Cooling Products Co. Ltd. Equity Investment In April 2014, we formed a 50/50 joint venture with Gwo Yng Enterprise Co., Ltd., a China-based manufacturer of air conditioning accumulators, filter driers, hose assemblies, and switches for the automotive aftermarket and OEM/OES markets. We acquired our 50% interest in the joint venture for $14 million in cash funded by our revolving credit facility. We determined that due to a lack of a voting majority and other qualitative factors, we do not control the operations of the joint venture and accordingly, our investment in the joint venture is accounted for under the equity method of accounting.

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