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Business Combinations | 9 Months Ended
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Sep. 30, 2019
Business Combinations |
Business Combinations | 19. Business Combinations ​ On June 28, 2019, the Company completed the acquisition of Nueva Fábrica Nacional de Vidrio, S. de R.L. de C.V. (“Nueva Fanal”) from Grupo Modelo, an affiliate of Anheuser-Busch InBev SA/NV for a total purchase price of approximately $195 million. In the second quarter of 2019, the Company paid approximately $157 million in cash toward this acquisition and the remaining approximately $42 million is expected to be paid by the end of 2019, subject to a working capital adjustment. The Company financed this acquisition with debt. The Nueva Fanal facility is located near Mexico City, Mexico. Currently, this plant has four furnaces to produce and supply approximately 300,000 tons of glass containers annually for Grupo Modelo brands, such as Corona, for local and global export markets. Further, the Company has entered into a long-term agreement to continue to supply glass to Grupo Modelo. This acquisition increases the Company’s presence in the Mexican glass packaging market. Nueva Fanal’s operating results are included in the Company’s unaudited condensed consolidated financial statements from the acquisition date as part of the Americas segment. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting. The total purchase price will be allocated to the tangible and identifiable intangible assets and liabilities based upon their respective fair values. The purchase agreement contains customary provisions for working capital adjustments, which the Company expects to resolve with the seller by the end of 2019. The aggregate purchase price was preliminarily allocated to the Company’s balance sheet as of September 30, 2019 and has not yet been finalized because the Company has not yet completed its review of the asset and liability values and related amortization and depreciation periods. The Company expects that the purchase price allocation process will be completed no later than the first quarter of 2020. The following table summarizes the preliminary estimates of fair value of the assets and liabilities assumed on June 28, 2019 and subsequent adjustments identified through the ongoing purchase price allocation process and recorded through the measurement period: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | June 28, 2019 | ​ | ​ | Measurement Period Adjustments | ​ | ​ | September 30, 2019
Accounts receivable | ​ | $ | 42 | ​ | ​ | ​ | ​ | ​ | 42
Inventory | ​ | ​ | 17 | ​ | ​ | ​ | ​ | ​ | 17
Long lived assets (includes PP&E and intangibles) | ​ | ​ | 164 | ​ | ​ | 19 | ​ | ​ | 183
Total assets | ​ | ​ | 223 | ​ | ​ | 19 | ​ | ​ | 242
Accounts payable | ​ | ​ | 25 | ​ | ​ | ​ | ​ | ​ | 25
Accrued liabilities | ​ |  | 3 | ​ | ​ | ​ | ​ | ​ | 3
Deferred tax liabilities | ​ |  | — | ​ | ​ | 19 | ​ | ​ | 19
Net assets acquired | ​ | $ | 195 | ​ | ​ | — | ​ | ​ | 195
​ This acquisition did not meet the thresholds for a significant acquisition and therefore no pro forma financial information is presented.

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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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