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Acquisition (Notes) | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Acquisitions |
5. | Acquisition
On January 4, 2019, we completed the acquisition of Hefei Gaomei Cleaning Machines Co., Ltd. and Anhui Rongen Environmental Protection Technology Co., Ltd. (collectively "Gaomei"), privately held designers and manufacturers of commercial cleaning solutions based in China. The financial results for Gaomei have been included in the consolidated financial results since the date of closing. The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:
ASSETS |  |
Current Assets |  | $ | 7.8 |
Intangible Assets Subject to Amortization: |  |
Trade Name |  | 1.8 |
Customer Lists |  | 15.2 |
Other Assets |  | 1.4 |
Total Identifiable Assets Acquired |  | 26.2 |
LIABILITIES |  |
Current Liabilities |  | (5.6 | )
Long-Term Liabilities |  | (2.9 | )
Total Identifiable Liabilities Assumed |  | (8.5 | )
Noncontrolling Interest |  | (0.3 | )
Goodwill |  | 9.5 |
Total Purchase Price |  | $ | 26.9 |
The total purchase price will be paid as follows:
• | $11.3 million was paid during the first quarter of 2019 upon close of the transaction;
• | $11.3 million which will be paid in January 2020; and
• | The remaining purchase price of $4.3 million represents the estimated fair value of contingent consideration. The payment is based on a probability-weighted scenario analysis of achieving certain levels of gross profit growth over a three year period. Consideration of $0.0 million to $42.4 million will be paid in March 2021 if the gross profit growth targets are met.
None of the goodwill is expected to be deductible for income tax purposes. The expected lives of the acquired amortizable intangible assets range from 10 years to 15 years and are being amortized on a straight-line basis.

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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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