Acquisitions

6 Months Ended

Jun. 30, 2020

2020 Acquisitions

During the second quarter of 2020, we acquired an additional interest in a software company in our aviation segment and obtained control. The transaction was accounted for as an asset acquisition and did not have a material impact on our Consolidated Financial Statements.

During the first quarter of 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The acquisition was accounted for as a business combination.

The following table summarizes the aggregate consideration paid for this acquisition, updated as of June 30, 2020 for certain working capital items, and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date. The Company is in the process of obtaining information to finalize the valuations of certain acquired assets and assumed liabilities and expects to complete the process in the third quarter 2020. Thus, the provisional measurements of these acquired assets and assumed liabilities are subject to change (amounts in millions):


	Total
Cash paid for acquisition of business	$	128.6
Amounts due to sellers	30.0
Estimated purchase price	$	158.6

Assets acquired:
Accounts receivable	$	42.8
Goodwill and identifiable intangible assets	123.0
Other current and long-term assets	3.8

Liabilities assumed:
Accounts payable	(9.9)
Other current and long-term liabilities	(1.0)

Estimated purchase price	$	158.6

The goodwill of $78.7 million included the adjustments made to certain working capital items during the quarter ended June 30, 2020 and was assigned to the aviation segment. The company anticipates $70.3 million of the goodwill assigned to be deductible for tax purposes and is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the aviation segment operations. The identifiable intangible assets were $44.3 million and primarily consisted of customer relationships and other identifiable assets.

The financial position, results of operations and cash flows of these acquisitions have been included in our Consolidated Financial Statements since their acquisition dates and did not have a material impact on our consolidated revenue and net income for the three and six months ended June 30, 2020; accordingly, pro forma information for these acquisitions have not been provided as the impact was not considered material.