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Acquisitions (Tables)
 3 Months Ended
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 consideration46.2 
Accounts receivable4.7 
Inventories15.0 
Prepaid expenses and other current assets0.1 
Rental equipment1.6 
Properties and equipment4.4 
Customer relationships (b)
11.1 
Trade names (c)
4.6 
Accounts payable(1.5)
Accrued liabilities(0.5)
Net assets acquired39.5
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..