Divestitures and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire APS and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.

	Preliminary Allocation
(In millions)	As of August 1, 2019
Total consideration transferred	$	445.7
Assets:
Cash and cash equivalents	7.4
Trade receivables, net	37.3
Other receivables	8.9
Inventories, net	40.7
Prepaid expenses and other current assets	2.3
Property and equipment, net	79.3
Goodwill	261.3
Identifiable intangible assets, net	78.7
Other non-current assets	24.7
Total assets	$	540.6
Liabilities:
Current portion of long-term debt	2.6
Accounts payable	12.0
Other current liabilities	36.8
Long-term debt, less current portion	4.3
Other non-current liabilities	39.2
Total liabilities	$	94.9

The following table summarizes the consideration transferred to acquire AFP and the allocation of the purchase price among the assets acquired and liabilities assumed.

	Preliminary Allocation		Measurement Period			Final Opening Balance Sheet Allocation
(In millions)	As of August 1, 2018		Adjustments			As of September 30, 2019
Total consideration transferred	$	70.8	$	3.3		$	74.1
Assets:
Cash and cash equivalents	2.9		0.4			3.3
Trade receivables, net	30.8		—			30.8
Inventories, net	7.1		—			7.1
Prepaid expenses and other current assets	0.7		—			0.7
Property and equipment, net	3.5		(0.4		)	3.1
Goodwill	21.6		1.0			22.6
Identifiable intangible assets, net	18.6		0.7			19.3
Other non-current assets	0.7		(0.4		)	0.3
Total assets	$	85.9	$	1.3		$	87.2
Liabilities:
Current portion of long-term debt	—		0.1			0.1
Accounts payable	13.8		(2.2		)	11.6
Other current liabilities	1.3		(0.1		)	1.2
Long-term debt, less current portion	—		0.2			0.2
Total liabilities	$	15.1	$	(2.0	)	$	13.1

Schedule of Identifiable Intangible Assets, net and Their useful Life

The following tables summarizes the identifiable intangible assets, net and their useful life.

	Amount		Useful life
	(in millions)		(in years)
Customer relationships	$	14.9	11
Trademarks and tradenames	4.4		5
Total intangible assets with definite lives	$	19.3

The goodwill allocated to the U.S. entities in the purchase is deductible for tax purposes.