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Acquisitions | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS On October 4, 2021, the Company completed the acquisition of substantially all of the assets and operations of Ground Force Manufacturing LLC (“Ground Force”). Ground Force is a leading manufacturer of specialty material handling vehicles that support the extraction of metals. The Company expects that the Ground Force acquisition will further bolster its position as an industry leading diversified industrial manufacturer of specialized vehicles for maintenance and infrastructure markets with leading brands of premium, value-adding products, and a strong supporting aftermarket platform. The cash consideration paid by the Company to acquire Ground Force was approximately $43.1 million and was funded through existing cash and borrowings on the Company’s credit facility. During the three months ended September 30, 2022, the Company finalized its purchase price allocation for the Ground Force acquisition. The measurement period adjustments, which primarily resulted from the completion of the third-party valuation of acquired intangible assets, did not have a material impact on the financial statements as of, and for the three and nine months ended, September 30, 2022. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions) |
Purchase price, inclusive of closing adjustments | $ | 43.1 |
Total consideration | 43.1 |
Accounts receivable | 3.0 |
Inventories | 4.0 |
Prepaid expenses and other current assets | 0.2 |
Properties and equipment | 1.3 |
Operating lease right-of-use assets | 3.0 |
Customer relationships (a) | 16.8 |
Trade names (b) | 7.8 |
Operating lease liabilities | (3.0) |
Accounts payable | (1.8) |
Accrued liabilities | (0.7) |
Customer deposits | (2.9) |
Net assets acquired | 27.7
Goodwill (c) | $ | 15.4 |
(a) Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of 12 years. (b) Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. (c) Goodwill, 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 The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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