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Business Combinations and Acquisitions | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Combinations and Acquisitions | Business Combinations and Acquisitions Acquisition of Seagate’s Lidar Business On January 18, 2023, the Company acquired certain assets (including intellectual property (“IP”), equipment and other assets) and employees from Seagate Technology LLC and its affiliates (together “Seagate”). The Company simultaneously licensed IP from Seagate. The aggregate purchase price of $12.6 million for the said acquired assets and the license was paid in cash. The acquired assets and employees comprised Seagate’s lidar development operations and have been combined into the Company’s research and development team. This transaction has been accounted for as a business combination. Recording of Assets Acquired Price allocation includes estimates of fair value of certain working capital and deferred tax balances. During the quarter ended June 30, 2023, the Company finalized its determination relating to the fair value of assets acquired from Seagate. The following table summarizes the purchase price allocation to assets acquired (in thousands):
|  | Recorded Value
Property plant and equipment |  | $ | 3,163 |
Developed Technology (1) |  | 8,240 |
Goodwill (2) |  | 1,063 |
Other assets |  | 142 |
Net assets acquired |  | $ | 12,608 |
(1)Technology and IP Licenses were measured using the cost approach. Significant inputs used as part of the valuation of intangible assets include personnel costs, overhead costs, developer’s profit, and expected time to reproduce. (2)Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected future economic benefits as a result of other assets acquired that could not be individually identified and separately recognized. Goodwill is not amortized. The factors that made up the goodwill recognized included workforce and expected synergies derived from the technology application to the Company’s current technological platforms. The entire amount of goodwill is expected to be deductible for tax purposes and is allocated to the Autonomy Solutions segment, which is also deemed the reporting unit. Identifiable intangible assets recognized (in thousands):
|  | Useful Life |  | Recorded Value
Developed technology |  | 4 — 6 years |  | $ | 8,240 |
The acquired business did not contribute distinct revenues but added additional operating expenses primarily related to personnel-related costs of the hired team of former Seagate employees and related facilities costs in the period from January 18, 2023 to June 30, 2023. Such operating expenses were not material to the operating results of the Company for the three and six months ended June 30, 2023.

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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