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Business Combinations and Asset Acquisitions | 3 Months Ended
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Jun. 30, 2022
Acquistions [Abstract] |
Business Combination Disclosure [Text Block] | Acquisitions Acquisition of i2O Water Ltd On June 14, 2021, we acquired all the outstanding capital stock of i2O for $19.7 million, net of cash acquired. The purchase agreement provided for customary final adjustments, including a net working capital adjustment that was completed during the three months ended December 31, 2021, resulting in a purchase price of $19.5 million. We have recognized the assets acquired and liabilities assumed at their estimated acquisition date fair values, with the excess of the purchase price over the estimated fair values of the identifiable net assets acquired recorded as goodwill. The accounting for the business combination is considered to be final. The results of i2O are included in our Water Management Solutions segment. The goodwill below is attributable to the strategic opportunities and synergies that we expect to arise from the acquisition of i2O and the value of its workforce. Goodwill is nondeductible for income tax purposes. Identified intangible assets consist of customer relationships, non-compete agreements and developed technology with an estimated weighted-average useful life of approximately 12 years and trade names with an indefinite life. Values of intangible assets were determined using a discounted cash flow method. The following is a summary of the fair values of the net assets acquired (in millions):
Assets, net of cash: |
Receivables | $ | 0.5 |
Inventories | 0.6 |
Other current assets | 0.9 |
Identified intangible assets: |
Tradename | 1.8 |
Customer relationships | 2.1 |
Non-compete agreements | 0.1 |
Developed technology | 3.5 |
Goodwill | 12.1 |
Liabilities: |
Accounts payable | (0.8) |
Other current liabilities | (1.3) |
Fair value of net assets acquired, net of cash | $ | 19.5 |

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- Definition Acquistions [Abstract] + References No definition available. + Details
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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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