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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions) |
Purchase price, inclusive of preliminary working capital adjustment (a) | $ | 271.8 |
Total consideration | 271.8 |
Cash | 2.6 |
Accounts receivable | 23.4 |
Inventories | 24.7 |
Prepaid expenses and other current assets | 0.8 |
Rental equipment | 0.8 |
Properties and equipment | 23.4 |
Customer relationships (b) | 90.0 |
Trade names (c) | 60.0 |
Other intangible assets | 3.0 |
Accounts payable | (18.7 | )
Accrued liabilities | (5.6 | )
Deferred tax liabilities | (65.4 | )
Net assets acquired | $ | 139.0 |
Goodwill (d) | $ | 132.8 |
(a) | $243.0 million of the purchase price was funded through borrowings under the Company’s revolving credit facility, with the remainder being funded with existing cash on hand. The purchase price is subject to a final working capital adjustment that is expected to be finalized before the end of the fourth quarter of 2017.
(b) | Represents the preliminary fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with a preliminary estimated useful life of approximately 10 years.
(c) | Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(d) | Goodwill, which is not deductible for tax purposes, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.
Pro Forma Statement of Operations | The unaudited pro forma statement of operations of the Company assuming this transaction occurred at January 1, 2016 is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share data) | 2017 |  | 2016 |  | 2017 |  | 2016
Net sales | $ | 261.8 |  |  | $ | 232.1 |  |  | $ | 491.3 |  |  | $ | 456.3 |
Income from continuing operations | 14.8 |  |  | 13.0 |  |  | 25.2 |  |  | 26.4 |
Diluted earnings from continuing operations (per share) | $ | 0.25 |  |  | $ | 0.21 |  |  | $ | 0.42 |  |  | $ | 0.43 |
The unaudited pro forma financial information is presented for informational purposes only and is not intended to represent or be indicative of the consolidated results of operations of the Company that would have been reported had the acquisition been completed as of the beginning of the periods presented, and should not be taken as being representative of the future consolidated results of operations of the Company.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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