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Business Acquisitions and Investments | 9 Months Ended
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Sep. 30, 2017
Business Acquisitions and Investments [Abstract] |
Business Acquisitions and Investments |
Note 3. | Business Acquisitions and Investments
2016 Business Acquisitions In May 2016, we acquired the North American automotive ignition wire business of General Cable Corporation for approximately $67.5 million. The acquisition was paid for in cash funded by our revolving credit facility with JPMorgan Chase, as agent. The acquisition includes the purchase of certain assets and the assumption of certain liabilities of General Cable Corporation’s (and certain of its affiliates) automotive ignition wire business in North America as well as 100% of the equity interests of a General Cable subsidiary in Nogales, Mexico. The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their fair values (in thousands):
Purchase Price |  |  |  |  | $ | 67,451 |
Assets acquired and liabilities assumed: |  |  |  |  |  |  |
Receivables |  | $ | 3,130 |  |  |  |  |
Inventory |  |  | 12,567 |  |  |  |  |
Other current and noncurrent assets (1) |  |  | 334 |  |  |  |  |
Property, plant and equipment, net |  |  | 2,660 |  |  |  |  |
Intangible assets |  |  | 42,440 |  |  |  |  |
Goodwill |  |  | 12,746 |  |  |  |  |
Current liabilities |  |  | (6,426 | ) |  |  |  |
Net assets acquired |  |  |  |  |  | $ | 67,451 |
| (1) | Other current and noncurrent assets includes $0.2 million of cash acquired.
Intangible assets acquired of $42.4 million consists of customer relationships of $39.4 million that will be amortized on a straight-line basis over the estimated useful life of 15 years; a non-compete agreement of $2.2 million that will be amortized on a straight-line basis over the estimated useful life of 5 years; and a supply agreement of $0.8 million that will be amortized on a straight-line basis over the estimated useful life of 1 year. Goodwill of $12.7 million was allocated to the Engine Management Segment and is deductible for income tax purposes. The goodwill reflects relationships, business specific knowledge and the replacement cost of an assembled workforce associated with personal reputations, as well as the value of anticipated synergies. Incremental net sales from the acquisition included in our consolidated statements of operations were $38.4 million for the nine months ended September 30, 2017.

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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 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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