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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2024
Trackless |
Business Acquisition [Line Items] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 | $ | 41.9 |
Estimated fair value of additional consideration (a) | 4.3 |
Total consideration | 46.2 |
Accounts receivable | 4.7 |
Inventories | 15.0 |
Prepaid expenses and other current assets | 0.1 |
Rental equipment | 1.6 |
Properties and equipment | 4.4 |
Customer relationships (b) | 11.1 |
Trade names (c) | 4.6 |
Accounts payable | (1.5) |
Accrued liabilities | (0.5) |
Net assets acquired | 39.5
Goodwill (d) | $ | 6.7 |
(a) Represents the 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 12 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (b) Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of approximately 12 years. (c) Represents the 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..

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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