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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
Blasters [Member] |
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 closing adjustments | $ | 13.2 |
Estimated fair value of additional consideration (a) | 4.0 |
Total consideration | 17.2 |
Accounts receivable | 0.7 |
Inventories | 4.6 |
Prepaid expenses and other current assets | 0.1 |
Properties and equipment | 1.1 |
Operating lease right-of-use assets (b) | 1.1 |
Customer relationships (c) | 5.3 |
Trade names (d) | 2.6 |
Other intangible assets | 0.3 |
Operating lease liabilities (b) | (1.1) |
Accounts payable | (0.9) |
Accrued liabilities | (0.3) |
Customer deposits | (0.5) |
Finance lease obligations | (0.1) |
Net assets acquired | 12.9
Goodwill (e) | $ | 4.3 |
(a) Represents the preliminary estimated fair value of the contingent earn-out payment as of the acquisition date, of which $1.0 million is included in Other current liabilities and $3.0 million is included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. See Note 13 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (b) In connection with the acquisition, the Company entered into a lease agreement for the Blasters facility, which is owned by affiliates of the sellers. The related-party lease contains a market-based annual rent of $0.2 million, an initial lease term of five years, and options to renew. (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, which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.
Trackless |
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 | $ | 42.6 |
Estimated fair value of additional consideration (a) | 4.5 |
Total consideration | 47.1 |
Accounts receivable | 4.7 |
Inventories | 14.3 |
Prepaid expenses and other current assets | 0.1 |
Rental equipment | 1.6 |
Properties and equipment | 4.4 |
Customer relationships (b) | 10.5 |
Trade names (c) | 2.8 |
Other intangible assets | 1.3 |
Accounts payable | (1.5) |
Accrued liabilities | (0.5) |
Net assets acquired | 37.7
Goodwill (d) | $ | 9.4 |
(a) Represents the preliminary estimated fair value of the contingent earn-out payment as of the acquisition date, which is included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. See Note 13 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (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 12 years. (c) Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. (d) Goodwill, which is primarily tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.
TowHaul Corporation |
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 closing adjustments | $ | 43.3 |
Total consideration | 43.3 |
Accounts receivable | 1.5 |
Inventories | 4.7 |
Properties and equipment | 6.4 |
Customer relationships (a) | 6.9 |
Trade names (b) | 5.7 |
Other intangible assets | 1.0 |
Accounts payable | (0.1) |
Accrued liabilities | (0.5) |
Customer deposits | (2.4) |
Net assets acquired | 23.2 |
Goodwill (c) | $ | 20.1 |
(a) 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 6 years. (b) Represents the preliminary 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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