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Divestitures and Acquisitions | 6 Months Ended
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Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Acquisitions | Divestitures and Acquisitions Divestitures Embalagens Ltda. On August 1, 2017, we entered into an agreement to sell our polystyrene food tray business in Guarulhos, Brazil for a gross purchase price of R$26.9 million (or $8.2 million as of the closing date of March 19, 2018). The purchase price was subject to working capital, cash and debt adjustments, which were finalized in the fourth quarter of 2018 for R$1.6 million (or $0.4 million). For the three and six months ended June 30, 2018, the Company recognized an immaterial net loss and a net gain on the sale of $1.0 million, respectively, within other income (expense), net on the Condensed Consolidated Statements of Operations. Acquisitions Automated Packaging Systems, Inc. On May 1, 2019, the Company announced it signed a definitive agreement to acquire Automated Packaging Systems, Inc. (APS), a leading manufacturer of high-reliability, automated bagging systems, for $510.0 million, net of cash acquired and debt assumed. Approximately $60 million of the $510 million purchase price will be paid to APS’s European employees in accordance with a deferred incentive compensation plan. The transaction closed on August 1, 2019. Other Activity During the second quarter of 2019, Food Care had acquisition activity resulting in a total purchase price paid of $23.4 million. The Company allocated the consideration transferred to the fair value of assets acquired and liabilities assumed, resulting in an allocation to goodwill of $6.0 million for the acquisition activity. Identifiable intangible assets acquired were not material. AFP, Inc. On August 1, 2018, the Company acquired AFP, Inc., a leading, privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions, to join its Product Care division. This acquisition further expands our protective packaging solutions in the electronics, transportation and industrial markets with custom-engineered applications. We acquired 100% of AFP shares for an estimated consideration of $74.1 million, excluding cash acquired of $3.3 million. The following table summarizes the consideration transferred to acquire AFP and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.
|  | Preliminary Allocation |  | Measurement Period |  | Revised Preliminary Allocation
(In millions) |  | As of August 1, 2018 |  | Adjustments |  | As of June 30, 2019
Total consideration transferred |  | $ | 70.8 |  |  | $ | 3.3 |  |  | $ | 74.1 |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | 2.9 |  |  | 0.4 |  |  | 3.3 |
Trade receivables, net |  | 30.8 |  |  | — |  |  | 30.8 |
Inventories, net |  | 7.1 |  |  | — |  |  | 7.1 |
Prepaid expenses and other current assets |  | 0.7 |  |  | — |  |  | 0.7 |
Property and equipment, net |  | 3.5 |  |  | (0.4 | ) |  | 3.1 |
Identifiable intangible assets, net |  | 18.6 |  |  | 0.7 |  |  | 19.3 |
Goodwill |  | 21.6 |  |  | 1.1 |  |  | 22.7 |
Other non-current assets |  | 0.7 |  |  | (0.4 | ) |  | 0.3 |
Total assets |  | $ | 85.9 |  |  | $ | 1.4 |  |  | $ | 87.3 |
Liabilities: |  |  |  |  |  |
Current portion of long-term debt |  | — |  |  | 0.1 |  |  | 0.1 |
Accounts payable |  | 13.8 |  |  | (2.2 | ) |  | 11.6 |
Other current liabilities |  | 1.3 |  |  | — |  |  | 1.3 |
Long-term debt, less current portion |  | — |  |  | 0.2 |  |  | 0.2 |
Total liabilities |  | $ | 15.1 |  |  | $ | (1.9 | ) |  | $ | 13.2 |
The following tables summarizes the identifiable intangible assets, net and their useful life.
|  | Amount |  | Useful life
|  | (in millions) |  | (in years)
Customer relationships |  | $ | 14.9 |  |  | 11
Trademarks and tradenames |  | 4.4 |  |  | 5
Total intangible assets with definite lives |  | $ | 19.3 |  |  |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: 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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