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Acquisitions | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | 3. Acquisitions 2024 Acquisitions During the six months ended June 30, 2024, the Company acquired three businesses in separate transactions for total consideration of $174,300, net of cash acquired and inclusive of contingent consideration of $29,428 (a non-cash financing activity). These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling and Imaging & Identification segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies and is non-deductible for income tax purposes. On January 17, 2024, the Company acquired 100% of the equity interests in the Transchem Group ("Transchem"), a supplier of car wash chemicals and associated solutions, for $48,241, net of cash acquired and inclusive of contingent consideration. The Transchem acquisition expands the Company's chemical product offerings in the Clean Energy & Fueling segment, specializing in wash performance and water reclaim technology that reduces water usage and lowers car wash operators' cost. In connection with this acquisition, the Company recorded goodwill of $24,439 and intangible assets of $26,308, primarily related to customer intangibles. On January 31, 2024, the Company acquired 100% of the equity interests in Bulloch Technologies, Inc. ("Bulloch"), a provider of point-of-sale ("POS"), forecourt controller and electronic payment server solutions to the convenience retail industry, for $122,315, net of cash acquired and inclusive of contingent consideration. The acquisition of Bulloch expands the Company's offering in North America with highly complementary POS and forecourt solutions within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $74,250 and intangible assets of $62,417, primarily related to customer intangibles. One other immaterial acquisition was completed during the six months ended June 30, 2024, within the Imaging & Identification segment. The acquisition is highly complementary to our existing track and trace solutions business, grows our presence in the European market and adds complementary offerings to our portfolio. The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, for all 2024 acquisitions, based on their estimated fair values at acquisition date:
| Total |  |  |
Current assets, net of cash acquired | $ | 16,437 |  |  |  |
Property, plant and equipment | 1,823 |  |  |  |
Goodwill | 98,689 |  |  |  |
Intangible assets | 88,725 |  |  |  |
Other assets and deferred charges | 5,559 |  |  |  |
Current liabilities | (9,264) |  |  |  |
Non-current liabilities | (27,669) |  |  |  |
Net assets acquired | $ | 174,300 |  |  |  |
The amounts assigned to goodwill and major intangible asset classifications for all 2024 acquisitions were as follows:
| Amount allocated |  | Useful life (in years)
Goodwill - non-deductible | $ | 98,689 |  |  | na
Customer intangibles | 70,698 |  |  | 11 - 13
Unpatented technology | 14,141 |  |  | 6 - 8
Trademarks | 3,886 |  |  | 15
| $ | 187,414 |  |  |  |  |
2023 Acquisitions There were no acquisitions during the six months ended June 30, 2023.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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