Quarterly report pursuant to Section 13 or 15(d)

Acquisition

v3.7.0.1
Acquisition
 6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Acquisitions
Acquisition
On April 18, 2017, Sirius XM acquired Automatic, a connected vehicle device and mobile application company, for an aggregate purchase price of $107,488, 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 as of the acquisition date:
Acquired Assets:
 
Intangible assets subject to amortization
$
14,700

Goodwill
85,133

Deferred income tax asset, net
10,854

Other assets
4,019

Trademark
800

Total Assets
$
115,506

 
 
Assumed Liabilities:
 
Deferred revenue
(5,582
)
Other liabilities
(1,617
)
Total Liabilities
$
(7,199
)
Total Consideration
$
108,307


The transaction was accounted for using the acquisition method of accounting. The initial purchase price allocation is subject to change upon receipt of the final valuation analysis for Automatic. 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 $85,133 has been recorded to Goodwill in our unaudited consolidated balance sheets as of June 30, 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 $861 that were expensed in General and administrative expenses in our unaudited consolidated statements of comprehensive income during the quarter ended June 30, 2017. Pro forma financial information related to this acquisition has not been provided as it is not material to our consolidated results of operations.