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Acquisitions, Discontinued Operations, and Other Dispositions
 12 Months Ended
Dec. 31, 2019
Business Combinations And Discontinued Operations [Abstract]  
Acquisitions, Discontinued Operations, and Other Dispositions Acquisitions and Discontinued Operations
Acquisition of Cues
As indicated in Note 1, on June 7, 2018, we completed the acquisition of Cues for $164.4, net of cash acquired of $20.6. We financed the acquisition with available cash and borrowings under our senior credit and trade receivables financing arrangements. The following is a summary of the recorded fair values of the assets acquired and liabilities assumed for Cues as of June 7, 2018:
Assets acquired:
Current assets, including cash and equivalents of $20.6
$70.4  
Property, plant and equipment7.4  
Goodwill47.8  
Intangible assets79.5  
Other assets2.3  
Total assets acquired207.4  
Current liabilities assumed7.8  
Non-current liabilities assumed14.6  
Net assets acquired$185.0  
The identifiable intangible assets acquired consist of a trademark, customer backlog, customer relationships, and technology of $27.6, $0.8, $42.6, and $8.5, respectively, with such amounts based on an assessment of the related fair values. We are amortizing the customer backlog, customer relationships, and technology assets over 0.5, 12.0, and 11.0 years, respectively.
We acquired gross receivables of $13.6, which had a fair value at the acquisition date of $13.2 based on our estimates of cash flows expected to be recovered.
The qualitative factors that comprise the recorded goodwill include expected synergies from combining our existing inspection equipment operations with those of Cues, expected market growth for Cues’ existing operations, and various other factors. We expect none of this goodwill or the intangible assets described above to be deductible for tax purposes.
For the period June 7, 2018 to December 31, 2018, Cues recognized revenues and a net loss of $52.3 and $0.4, respectively with the net loss impacted by charges of $4.3 associated with the excess fair value (over historical cost) of inventory acquired which has been subsequently sold. During the year ended December 31, 2018, we incurred acquisition related costs for Cues of $2.4, which have been recorded to “Selling, general and administrative” within the accompanying consolidated statement of operations.
The following unaudited pro forma information presents our consolidated results of operations for the years ended December 31, 2018 and 2017 as if the acquisition of Cues had taken place on January 1, 2017. The unaudited pro forma financial information is not intended to represent or be indicative of our consolidated results of operations that would have been reported had the acquisition been completed as of the date presented, and should not be taken as representative of our future consolidated results of operations. The pro forma results include estimates and assumptions that management believes are reasonable; however, these results do not include any anticipated cost savings or expenses of the planned integration of Cues. These pro forma results of operations have been prepared for comparative purposes only and include additional interest expense on the borrowings required to finance the acquisition, additional depreciation and amortization expense associated with fair value adjustments to the acquired property, plant and equipment and intangible assets, the removal of charges associated with the excess fair value (over historical cost) of inventory acquired and subsequently sold, the removal of professional fees and other one-time costs incurred in connection with the transaction, and the related income tax effects.
Year ended December 31,
20182017
Revenues$1,572.7  $1,511.4  
Income from continuing operations87.1  87.4  
Net income90.1  92.7  
Income from continuing operations per share of common stock:
Basic$2.02  $2.06  
Diluted$1.95  $1.99  
Net income per share of common stock:
Basic$2.09  $2.19  
Diluted$2.02  $2.11  

Other Acquisitions
As indicated in Note 1, on March 1, 2018, February 1, 2019, July 3, 2019, and November 12, 2019, we completed the acquisitions of Schonstedt, Sabik, SGS, and Patterson-Kelley, respectively. The pro forma effects of these acquisitions are not material to our consolidated results of operations.
Sale of Balcke Dürr Business
As indicated in Note 1, on December 30, 2016, we completed the sale of Balcke Dürr. In connection with the sale, we recorded a net loss of $78.6 to “Gain (loss) on disposition of discontinued operations, net of tax” during 2016.
During 2017, we reduced the net loss associated with the sale of Balcke Dürr by $6.8. The reduction was comprised of an additional income tax benefit recorded for the sale of $9.4, partially offset by the impact of adjustments to liabilities retained in connection with the sale and certain other adjustments. During the second quarter of 2018, we reached a settlement with the Buyer on the amount of cash and working capital at the closing date, as well as on various other matters, for a net payment from the Buyer in the amount of Euro 3.0. The settlement resulted in a gain, net of tax, of $3.8, which was recorded to “Gain (loss) on disposition of discontinued operations, net of tax” during the second quarter of 2018.
Other Discontinued Operations Activity
In addition to Balcke Dürr, we recognized net losses of $4.4, $0.8 and $1.5 during 2019, 2018 and 2017, respectively, resulting from adjustments to gains/losses on dispositions of businesses discontinued prior to 2017.
Changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. As a result, it is possible that the resulting gains/losses on these and other previous divestitures may be materially adjusted in subsequent periods.
For the years ended December 31, 2019, 2018 and 2017, results of operations from our businesses reported as discontinued operations were as follows:
Year ended December 31,
201920182017
Balcke Dürr
Income (loss) from discontinued operations$—  $6.3  $(2.6) 
Income tax (provision) benefit—  (2.5) 9.4  
Income from discontinued operations, net—  3.8  6.8  
All other
Loss from discontinued operations(4.0) (1.2) (4.0) 
Income tax (provision) benefit(0.4) 0.4  2.5  
Loss from discontinued operations, net(4.4) (0.8) (1.5) 
Total
Income (loss) from discontinued operations(4.0) 5.1  (6.6) 
Income tax (provision) benefit(0.4) (2.1) 11.9  
Income (loss) from discontinued operations, net$(4.4) $3.0  $5.3