Acquisitions, Goodwill And Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):

Cash consideration, net of cash acquired	$	95,766
Contingent consideration	2,796
Total fair value of consideration given	$	98,562
Customer relationship and other identifiable intangible assets	$	63,626
Net tangible assets, excluding pension obligation	15,460
Unfunded pension benefit obligation	(28,665)
Total fair value of net assets acquired	$	50,421
Goodwill (not tax deductible)	$	48,141

The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):

	Preliminary at December 31, 2019		Measurement Period Adjustments		As Adjusted at September 30, 2020
Cash consideration, net of cash acquired	$	337,640	$	(1,053)	$	336,587
Assets Acquired
Accounts receivable	$	28,611	$	—	$	28,611
Inventories	88,765		(6,648)		82,117
Fixed assets	24,036		—		24,036
Customer relationship	112,000		(7,800)		104,200
Tradename and other identifiable intangible assets	37,705		(300)		37,405
Operating lease right-of-use assets	27,925		—		27,925
Other tangible assets	4,060		(1,550)		2,510
Liabilities Assumed
Accounts payable	(18,577)		—		(18,577)
Current portion of operating lease obligations	(5,360)		—		(5,360)
Accrued expenses and other current liabilities	(10,002)		—		(10,002)
Operating lease obligations	(22,565)		—		(22,565)
Deferred taxes	(31,877)		1,752		(30,125)
Total fair value of net assets acquired	$	234,721	$	(14,546)	$	220,175
Goodwill (not tax deductible)	$	102,919	$	13,493	$	116,412

The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands):

	Preliminary at December 31, 2019		Measurement Period Adjustments		As Adjusted at September 30, 2020
Cash consideration, net of cash acquired	$	43,224	$	—	$	43,224
Customer relationship and other identifiable intangible assets	$	19,580	$	2,170	$	21,750
Net tangible assets	3,286		(705)		2,581
Total fair value of net assets acquired	$	22,866	$	1,465	$	24,331
Goodwill (not tax deductible)	$	20,358	$	(1,465)	$	18,893

Schedule of Goodwill

Goodwill by reportable segment was as follows:

(In thousands)	OEM Segment		Aftermarket Segment		Total
Net balance – December 31, 2019	$	215,620	$	135,494	$	351,114
Acquisitions – 2020	48,141		—		48,141
Measurement period adjustments	(2,251)		12,613		10,362
Foreign currency translation	3,575		(124)		3,451
Net balance – September 30, 2020	$	265,085	$	147,983	$	413,068

Schedule of Other Intangible Assets

Other intangible assets consisted of the following at September 30, 2020:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	352,370	$	88,674	$	263,696	6	to	17
Patents	88,340		45,691		42,649		3	to	20
Trade names (finite life)	63,766		10,516		53,250		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	6,379		4,439		1,940		3	to	6
Other	309		190		119		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	523,451	$	149,510	$	373,941

Other intangible assets consisted of the following at December 31, 2019:

(In thousands)	Gross Cost		Accumulated Amortization		Net Balance		Estimated Useful Life in Years
Customer relationships	$	319,934	$	69,008	$	250,926	6	to	17
Patents	76,206		44,611		31,595		3	to	19
Trade names (finite life)	50,917		7,086		43,831		3	to	20
Trade names (indefinite life)	7,600		—		7,600		Indefinite
Non-compete agreements	7,598		4,947		2,651		3	to	6
Other	309		173		136		2	to	12
Purchased research and development	4,687		—		4,687		Indefinite
Other intangible assets	$	467,251	$	125,825	$	341,426