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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the acquisition purchase consideration to the identifiable assets acquired and liabilities assumed based on their fair values (in thousands):
Total purchase consideration(a) |  | $ | 397,111 |
Cash and cash equivalents | 24,620 |  |
Accounts receivable | 48,460 |  |
Inventories | 88,337 |  |
Unreturned customer inventories | 1,820 |  |
Prepaid expenses and other current assets | 1,033 |  |
Property, plant and equipment | 29,048 |  |
Operating lease right-of-use assets | 8,625 |  |
Customer relationships intangibles(c) | 150,400 |  |
Other intangibles(c) | 78,871 |  |
Other assets | 407 |  |
Total assets acquired | 431,621 |  |
Current portion of term loan and other debt | 1,749 |  |
Accounts payable | 34,568 |  |
Sundry payables and accrued expenses | 19,836 |  |
Accrued customer returns | 3,360 |  |
Accrued rebates | 24,732 |  |
Payroll and commissions | 3,294 |  |
Long-term debt | 14,423 |  |
Noncurrent operating lease liabilities | 5,501 |  |
Other accrued liabilities | 1,371 |  |
Deferred tax liabilities | 37,870 |  |
Total liabilities assumed | 146,704 |  |
Net assets acquired |  | 284,917 |
Goodwill(b) |  | $ | 112,194 |
(a) Total purchase consideration is the cash paid of $397.1 million for the acquisition. (b) Goodwill is deductible for tax purposes (c) Intangible assets comprise of capitalized computer software of $2.2 million and the following preliminary valuation of identifiable intangible assets (in thousands):
| Gross Carrying Amount | Weighted-Average Useful Life (in Years)
Customer relationships | $ | 150,400 |  | 16
Trade names - Nissens & AVA | 75,600 |  | Indefinite
Trade names - Highway | 1,100 |  | 15
Other intangibles | $ | 227,100 |  |
The following table summarizes the allocation of the total step acquisition purchase consideration to the identifiable assets acquired and liabilities assumed based on their fair values (in thousands):
Total purchase consideration(a) |  |  | $ | 21,725 |
Assets acquired and liabilities assumed: |  |  |
Cash and cash equivalents | $ | 6,779 |  |  |
Receivables | 5,912 |  |  |
Inventories | 5,945 |  |  |
Other current assets | 528 |  |  |
Property, plant and equipment | 2,924 |  |  |
Operating lease right-of-use assets | 4,372 |  |  |
Intangible assets(b) | 532 |  |  |
Goodwill | 2,208 |  |  |
Long term investments and other assets | 7,257 |  |  |
Current liabilities | (6,004) |  |  |
Noncurrent operating lease liabilities | (3,455) |  |  |
Subtotal |  |  | 26,998 |
Fair value of acquired noncontrolling interest |  |  | (5,273) |
Total purchase consideration allocated to net assets acquired |  |  | $ | 21,725 |
(a) Total purchase consideration is the sum of the fair value of the previously held equity investment interest in Gwo Yng of $17.7 million and the cash paid of $4 million for the acquisition of the additional 15% equity ownership interest. (b) Intangible assets consists of customer relationships of $0.4 million that will be amortized on a straight-line basis over the estimated useful life of 10 years and capitalized software of $0.1 million.
Schedule of Business Acquisition Pro Forma Information |
| Year Ended December 31,
| 2024 | 2023
Net sales | $ | 1,704,858 |  | $ | 1,615,110 |
Net earnings attributable to SMP | 39,907 |  | 18,870 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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