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Acquisitions | 3 Months Ended
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Mar. 31, 2015
Acquisitions |
Acquisitions | Note 4 — Acquisitions 2014 Acquisition LHi Technology On October 1, 2014, the Company acquired 100% of the equity of LHi Technology (“LHi”) for total cash consideration of $194.0 million, net of $6.7 million cash acquired, inclusive of the working capital settlement. The Company funded the acquisition with cash on hand. LHi is a leading designer, manufacturer and provider of cable assemblies and related interconnect components to the medical equipment and device industry. The acquisition will strengthen Carlisle’s launch of its medical cable and cable assembly product line by adding new products, new customers and complementary technologies to better serve the global healthcare market. LHi operates within the Interconnect Technologies segment. The following table summarizes the consideration transferred to acquire LHi and the preliminary allocation among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting which requires that consideration be allocated to the acquired assets and liabilities based upon their acquisition date fair values with the remainder allocated to goodwill.
|  | Preliminary Allocation |
|  | As of |
(in millions) |  | 10/1/2014 |
Total cash consideration transferred |  | $ | 200.7 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |
Cash & cash equivalents |  | $ | 6.7 |
Receivables |  | 26.9 |
Inventories |  | 17.1 |
Prepaid expenses and other current assets |  | 2.9 |
Property, plant, and equipment |  | 4.5 |
Definite-lived intangible assets |  | 74.5 |
Indefinite-lived intangible assets |  | 6.0 |
Other long-term assets |  | 8.8 |
Accounts payable |  | (16.9 | )
Income tax payables |  | (0.3 | )
Accrued expenses |  | (4.9 | )
Net deferred tax liabilities |  | (16.2 | )
Other long-term liabilities |  | (20.1 | )
Total identifiable net assets |  | 89.0 |
Goodwill |  | $ | 111.7 |
The goodwill recognized in the acquisition of LHi is attributable to the workforce of LHi, the solid financial performance in the medical cable market, and the significant strategic value of the business to Carlisle. Goodwill arising from the acquisition of LHi is not deductible for income tax purposes. All of the goodwill was assigned to the Interconnect Technologies reporting unit. Indefinite-lived intangible assets of $6.0 million represent acquired trade names. The $74.5 million value allocated to definite-lived intangible assets consists of $57.0 million of customer relationships with a useful life of 15 years, $16.0 million of acquired technology with a useful life of six years, and a $1.5 million non-compete agreement with a useful life of five years. The Company recorded an indemnification asset of $8.7 million in Other long-term assets relating to the indemnification of Carlisle for certain pre-acquisition liabilities, in accordance with the purchase agreement. The Company has also recorded deferred tax liabilities related to intangible assets as of the closing date. As additional information is obtained, adjustments may be made to the preliminary purchase price allocation. The Company is still finalizing the fair value of certain intangible assets, deferred taxes, and accrued expenses.

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