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Business Combinations and Asset Acquisitions | 9 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Business Combination Disclosure [Text Block] | Business Combination Acquisition of i20 Water Ltd On June 14, 2021, we acquired all the outstanding capital stock of i20 Water Ltd for $19.7 million, net of cash acquired. The purchase agreement provides for customary final adjustments, including a net working capital adjustment, which we expect to occur in calendar 2021. We have recognized the assets acquired and liabilities assumed at their estimated acquisition date fair values, with the excess of the consideration paid over the estimated fair values of the identifiable net assets acquired recorded as goodwill. The accounting for the business combination is based on currently available information and is considered preliminary. We have retained a third-party valuation specialist to assist in our estimate of the fair value of acquired intangible assets. We have not yet received a final valuation report for acquired intangible assets and we are also still gathering information about income taxes, deferred taxes and current assets and liabilities. The final accounting for the business combination may differ materially from that presented in these unaudited consolidated statements. The following is a summary of the estimated fair values of the net assets acquired (in millions):
Assets, net of cash: |
Receivables | $ | 0.5 |
Inventories | 0.6 |
Other current assets | 0.9 |
Tradename | 2.0 |
Customer relationships | 2.1 |
Non-compete agreements | 0.4 |
Developed technology | 5.9 |
Goodwill | 13.6 |
Liabilities: |
Accounts payable | (0.8) |
Other current liabilities | (2.9) |
Deferred income taxes | (2.6) |
Fair value of net assets acquired, net of cash | $ | 19.7 |
The preliminary estimated goodwill above is attributable to the strategic opportunities and synergies that we expect to arise from the acquisition of i20 Water Ltd and the workforce of the acquired business. The goodwill is nondeductible for income tax purposes.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: 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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