Acquisition |
9 Months Ended |
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Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On July 1, 2016, the Company completed the acquisition of the Engineered Fasteners and Components business ("EF&C") from ZF TRW for a purchase price of approximately $450 million. EF&C had operating revenue of $117 million for the three months ended September 30, 2016 which was reported within the Company’s Automotive OEM segment. The acquisition of EF&C did not materially affect the Company’s results of operations or financial position for any period presented. Based on preliminary acquisition accounting, the Company allocated $236 million to goodwill and $95 million to intangible assets, primarily related to customer relationships and technology. The intangible assets are expected to be amortized on a straight-line basis over their estimated useful lives ranging from 4 to 19 years. The Company anticipates subsequent acquisition accounting adjustments will change the initial amounts recorded for goodwill and intangible assets, primarily due to the completion of valuations. The allocation of purchase price will be completed as soon as practicable, but no later than one year from the acquisition date. |