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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2025
Hog |
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) | $ | 84.1 |
Estimated fair value of additional consideration (b) | 7.5 |
Settlement of pre-existing contractual relationship (c) | 0.9 |
Total consideration | 92.5 |
Accounts receivable | 7.2 |
Inventories | 11.1 |
Prepaid expenses and other current assets | 2.3 |
Properties and equipment | 17.8 |
Customer relationships (d) | 16.5 |
Trade names (e) | 10.5 |
Other intangible assets | 3.5 |
Accounts payable | (4.1) |
Accrued liabilities | (1.8) |
Customer deposits | (5.4) |
Net assets acquired | 57.6
Goodwill (f) | $ | 34.9 |
(a) The initial purchase price, which is subject to certain post-closing adjustments, including working capital, was funded through existing cash on hand and borrowings under the Company’s credit agreement. The initial purchase price includes $2.0 million that was held back from the initial amount paid at closing pending resolution of certain post-closing adjustments. This hold back amount is included as a component of Other current liabilities on the Condensed Consolidated Balance Sheet as of March 31, 2025. (b) Represents the preliminary estimate of fair value assigned to the contingent earn-out payment as of the acquisition date, which is included in Other current liabilities on the Condensed Consolidated Balance Sheet as of March 31, 2025. See Note 13 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment. (c) Represents the non-cash settlement of accounts receivable due from Hog to the Company as of the acquisition date. Corresponding amount payable by Hog to the Company is not included in accounts payable assumed in the table above, and the amount was settled at fair value with no impact on the Condensed Consolidated Statement of Operations. (d) 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 11 years. (e) Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets. (f) 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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