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BUSINESS ACQUISITIONS | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS The Company enters into strategic acquisitions in an effort to better service existing customers and to attract new customers. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its estimate of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments. During the first quarter of 2025, the Company acquired one business for a total of $12.9 million. We acquired this company to expand our platforms and to maintain our leading position as the largest distributor of rotating equipment in North America. A summary of the preliminary allocation of the total purchase consideration of our business acquisition during the three months ended March 31, 2025 is presented as follows (in thousands):
|  | Total
Total Acquisitions |  | 1
Total purchase price consideration |  | $ | 12,851 |
Tangible assets acquired |  | 8,030 |
Intangible assets acquired |  | 3,284 |
Total assets acquired |  | $ | 11,314 |
Total liabilities assumed |  | (4,983) |
Net assets acquired |  | 6,331 |
Goodwill |  | $ | 6,520 |
The total purchase consideration related to our acquisition during the period consisted of cash consideration. The total cash and cash equivalents acquired for this acquisition was $0.1 million. Transaction-related costs included within selling, general, and administrative expenses in the consolidated statements of operations was $0.3 million for the three months ended March 31, 2025. The goodwill total of approximately $6.5 million assigned to our SC segment was primarily attributable to expected synergies and the assembled workforce of the entity. The total amount of goodwill expected to be deductible for tax purposes is $6.5 million. The acquisition's operating results are included within the Company's consolidated statements of operations from the date of acquisition, which were not material for the three months ended March 31, 2025. Pro forma results of operations information have not been presented, as the effects of the acquisitions were not material to our financial results. Of the $3.3 million of acquired intangible assets, $0.2 million was provisionally assigned to non-compete agreements that are subject to amortization over 5 years, and $3.1 million was assigned to customer relationships and will be amortized over a period of 8 years.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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