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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2019
MRL |
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 closing adjustments (a) | $ | 49.8 |
Estimated fair value of additional consideration (b) | 7.9 |
Total consideration | 57.7 |
Cash | 0.2 |
Accounts receivable | 3.2 |
Inventories | 12.9 |
Prepaid expenses and other current assets | 0.3 |
Properties and equipment | 6.4 |
Operating lease right-of-use assets | 4.6 |
Other long-term assets | 0.1 |
Customer relationships (c) | 17.7 |
Trade names (d) | 9.0 |
Other intangible assets | 1.4 |
Operating lease liabilities | (4.6 | )
Accounts payable | (3.7 | )
Accrued liabilities | (1.0 | )
Customer deposits | (5.9 | )
Deferred tax liabilities | (1.4 | )
Net assets acquired | 39.2 |
Goodwill (e) | $ | 18.5 |
(a) | The initial purchase price was funded with borrowings under the Company’s revolving credit facility.
(b) | Represents the preliminary estimated fair value of the contingent earn-out payment as of the acquisition date, which is included as a component of Other long-term liabilities on the Condensed Consolidated Balance Sheet. See Note 14 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment.
(c) | 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 12 years.
(d) | Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(e) Goodwill, the majority of which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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