Acquisition and Goodwill (Notes)

9 Months Ended

Sep. 30, 2016

Goodwill [Line Items]

Goodwill Disclosure [Text Block]

Acquisition and Goodwill

In the nine months of 2016, the Company acquired the assets of Perfect Products Company of Michigan, an auto parts distributor for approximately $1.3 million in cash and $30 thousand in contingent consideration. The Company also acquired the assets of F.B. Feeney Hardware in Ontario, Canada, for approximately $1.3 million in cash and $84 thousand in contingent consideration. Total contingent consideration of $114 thousand was not reflected in the condensed consolidated statement of cash flows.

These transactions resulted in additional goodwill which is included in the table below:

	(Dollars in thousands)
Goodwill	Nine Months Ended September 30, 2016
Beginning balance	$	319
Acquisitions	1,762
Impact of foreign exchange	(7		)
Ending balance	$	2,074

Additionally, $0.7 million of the purchase price related to customer relationships was allocated to an intangible asset included in Other assets in the Condensed Consolidated Balance Sheets which will be amortized over 5 years. The preliminary allocation of the purchase price and resulting preliminary goodwill is subject to finalizing the valuation of certain assets.