Business Combinations

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

On September 27, 2013, the Company completed the acquisition of certain assets and liabilities of Johnson Controls, Inc. related to HomeLink^®. Prior to the acquisition, the Company was a licensee of HomeLink^® which allowed for incorporation of HomeLink^® into the Company’s rearview mirror products, that are installed in automobiles. The aggregate purchase price for the Business paid at the closing was approximately $700 million subject to working capital adjustments. During the first quarter of 2014 the Company finalized purchase accounting.

The Company funded the transaction using a combination of cash on hand of approximately $423 million and debt financing. The Company’s debt financing included net proceeds from the Company’s Credit Agreement as described in Note 2.