Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

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 Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company is still finalizing the final purchase price adjustment with the seller and must finalize other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.


	Revised Preliminary Allocation		Measurement Period		Revised Preliminary Allocation
(In millions)	As of August 1, 2019		Adjustments		As of March 31, 2020
Total consideration transferred	$	445.7	$	(4.3)	$	441.4

Assets:
Cash and cash equivalents	16.0		(0.2)		15.8
Trade receivables, net	37.3		—		37.3
Other receivables	0.3		—		0.3
Inventories, net	40.7		(0.7)		40.0
Prepaid expenses and other current assets	2.3		—		2.3
Property and equipment, net⁽¹⁾	76.9		9.3		86.2
Identifiable intangible assets, net⁽¹⁾	81.1		(0.6)		80.5
Goodwill	261.3		(13.4)		247.9
Operating lease right-of-use-assets	—		4.3		4.3
Other non-current assets	24.7		1.2		25.9
Total assets	$	540.6	$	(0.1)	$	540.5
Liabilities:
Accounts payable	12.0		—		12.0
Current portion of long-term debt	2.6		—		2.6
Current portion of operating lease liabilities	—		1.5		1.5

Other current liabilities	56.2		(2.2)		54.0
Long-term debt, less current portion	4.3		—		4.3
Long-term operating lease liabilities, less current portion	—		2.8		2.8
Deferred taxes	—		0.5		0.5
Other non-current liabilities	19.8		1.6		21.4
Total liabilities	$	94.9	$	4.2	$	99.1

⁽¹⁾In the Preliminary Allocation as of August 1, 2019, $2.4 million of software was initially recorded as computer hardware within Property and equipment, net as disclosed in the 2019 Form 10-K. The asset represents software acquired and has been reclassified in identifiable intangible assets, net within Revised Preliminary Allocation in the table above.

Measurement period adjustments recorded during the three months ended March 31, 2020 and the change in consideration transferred were primarily a result of net working capital and purchase price settlements with the seller of $4.3 million.

Schedule of Identifiable Intangible Assets, net and Their Useful Life

The following table summarizes the acquired identifiable intangible assets, net and their useful lives.


	Amount		Useful life
	(in millions)		(in years)
Customer relationships	$	28.9	13.0
Trademarks and tradenames	15.6		9.1
Capitalized software	2.4		3.0
Technology	29.6		6.4
Backlog	4.0		0.4
Total intangible assets with definite lives	$	80.5