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Business Combinations | 9 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Business Combinations | 9) Business Combinations During the first nine months of fiscal year 2019, the Company acquired two liquid product dealers and the assets of one of its subcontractors for an aggregate purchase price of approximately $62.8 million. The estimated working capital associated with the May 2019 acquisition is subject to a final post closing adjustment, and as of June 30, 2019 the intangibles and goodwill have been provisionally determined. The Company will record any material adjustments to the initial estimates based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises. The following table summarizes the preliminary fair values and purchase price allocations in aggregate of the assets acquired and liabilities assumed related to the fiscal 2019 acquisitions as of the respective acquisition dates.
(in thousands) |  | As of Acquisition Date |
Receivables |  | $ | 8,008 |
Inventories |  |  | 3,059 |
Prepaid expenses and other current assets |  |  | 89 |
Property and equipment, net |  |  | 13,097 |
Intangibles |  |  | 25,952 |
Accrued expenses and other current liabilities |  |  | (365 | )
Unearned service contract revenue |  |  | (2,763 | )
Customer credit balances |  |  | (3,150 | )
Other long-term liabilities |  |  | (25 | )
Total net identifiable assets acquired |  | $ | 43,902 |
Total consideration |  | $ | 62,807 |
Less: Total net identifiable assets acquired |  |  | 43,902 |
Goodwill |  | $ | 18,905 |
The total acquisition expenses of $1.2 million related to these acquisitions are included in the Condensed Consolidated Statement of Operations under “General and administrative expenses” for the nine months ended June 30, 2019. All of the $18.9 million of goodwill relating to the acquisitions is expected to be deductible for income tax purposes. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on the respective acquisition dates. Customer lists, other intangibles and trade names are amortized on a straight-line basis over ten to twenty years. Included in our Condensed Consolidated Statement of Operations from the respective acquisition dates through June 30, 2019, are sales and net earnings before income taxes of $7.1 million and $0.1 million, respectively. The following table provides unaudited pro forma results of operations as if the fiscal 2019 acquisitions had occurred on October 1, 2017, the beginning of fiscal year 2018. The unaudited pro forma results were prepared using current and prior year financial information, reflecting certain adjustments related to the acquisition, such as the elimination of directly attributable acquisition expenses and changes to depreciation and amortization expenses. These pro forma adjustments do not include any potential synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of October 1, 2017 or of results that may occur in the future.
| Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
(in thousands) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Total sales | $ | 292,107 |  |  | $ | 344,683 |  |  | $ | 1,585,635 |  |  | $ | 1,520,715 |
Net income (loss) | $ | (23,242 | ) |  | $ | (8,287 | ) |  | $ | 56,391 |  |  | $ | 79,926 |

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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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- References No definition available. + Details
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