Annual report pursuant to Section 13 and 15(d)

Acquisition

v3.8.0.1
Acquisition
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Acquisition
Acquisition
On April 18, 2017, Sirius XM acquired Automatic, a connected vehicle device and mobile application company, for an aggregate purchase price of $107,736, net of cash and restricted cash acquired of $819. Automatic has created and operates a data-driven platform that enables vehicle owners to be safer and drive smarter. The company's proprietary Automatic Pro and Automatic Lite connected car adapters provide, among other things, vehicle diagnostic alerts, emergency crash assistance, fuel monitoring, access to parking information and live vehicle location tracking.
The condensed table below summarizes the fair value of the assets acquired and liabilities assumed:
Acquired Assets:
 
Intangible assets subject to amortization
$
14,700

Goodwill
81,475

Deferred income tax asset, net
14,760

Other assets
4,019

Trademark
800

Total Assets
$
115,754

 
 
Assumed Liabilities:
 
Deferred revenue
(5,582
)
Other liabilities
(1,617
)
Total Liabilities
$
(7,199
)
Total Consideration
$
108,555


The transaction was accounted for using the acquisition method of accounting. The fair value assessed for the majority of the assets acquired and liabilities assumed equaled their carrying value. The excess purchase price over identifiable net assets of $81,475 has been recorded to Goodwill in our consolidated balance sheets as of December 31, 2017. A total of $14,700 has been allocated to identifiable intangible assets subject to amortization and relates to the assessed fair value of software and technology and a total of $800 has been allocated to the Automatic trademark.
We recognized acquisition related costs of $922 that were expensed in General and administrative expenses in our consolidated statements of comprehensive income during the year ended December 31, 2017. Pro forma financial information related to this acquisition has not been provided as it is not material to our consolidated results of operations.