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Acquisitions - JJE acquisition (Details) - USD ($)
$ in Millions
Jun. 03, 2016
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Business Acquisition [Line Items]        
Goodwill   $ 375.1 $ 377.3 $ 236.5
Joe Johnson Equipment        
Business Acquisition [Line Items]        
Purchase price, inclusive of working capital adjustment [1] $ 96.6      
Estimated fair value of additional consideration [2] 10.3      
Settlement of pre-existing contractual relationship [3] 11.4      
Total consideration 118.3      
Accounts receivable 12.1      
Inventories 28.7      
Prepaid expenses and other current assets 0.8      
Rental equipment [4] 75.9      
Properties and equipment 2.0      
Intangible assets [5] 8.4      
Capital lease obligations (0.5)      
Accounts payable [3] (11.5)      
Customer deposits (0.8)      
Accrued liabilities (2.0)      
Net assets acquired 113.1      
Goodwill [6] 5.2      
Joe Johnson Equipment | Deferred Payment        
Business Acquisition [Line Items]        
Estimated fair value of additional consideration 5.4      
Joe Johnson Equipment | Earn-Out Payment        
Business Acquisition [Line Items]        
Estimated fair value of additional consideration $ 4.9      
[1] The initial purchase price was funded with existing cash on hand and borrowings under the Company’s revolving credit facility.
[2] Includes estimated fair value of contingent earn-out payment ($4.9 million) and the deferred payment ($5.4 million) as of the acquisition date. Included as a component of Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment.
[3] Represents the non-cash settlement of accounts receivable due from JJE to the Company as of the acquisition date. Corresponding amount payable by JJE to the Company is not included in accounts payable assumed in the table above, and the amount was settled at fair value with no impact on the Consolidated Statement of Operations.
[4] Consists primarily of street sweepers, sewer cleaners, vacuum trucks and other maintenance equipment. Fair value was determined using a combination of a market-based approach and a cost-based approach. The specific valuation technique depended upon the nature of the asset or availability of relevant information. Under the market-based approach, an analysis of market conditions and transactions comparable to the subject asset being valued was performed, and fair value was determined where reliable and available data on comparable sales could be found. In this context, fair value was determined by comparing recent sales of similar assets and adjusting these comparable sales based on factors such as age, condition and type of sale. Under the cost-based approach, the current replacement cost for the assets was calculated, using the direct method of the cost approach. In determining fair value under the cost approach, adjustments were made for physical, functional and economic factors affecting utility and value as they might apply.
[5] Represents the fair value assigned to the JJE trade name, which is considered to be an indefinite-lived intangible asset.
[6] The majority of goodwill, which is primarily attributable to synergies expected to result from combining JJE’s operations with the Company’s operations, is expected to be deductible for tax purposes.