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Acquisitions
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Acquisitions ACQUISITIONS

During 2019 and 2018 the Company acquired three businesses for an aggregate consideration of $104.8 million, net of cash acquired. A summary of the acquisitions made during the period is as follows:
Date
 
Type
 
Company/Product Line
 
Location (Near)
 
Segment
 
 
 
 
 
 
 
 
 
February 1, 2019
 
Stock
 
LEKTRO, Inc.
 
Warrenton, Oregon
 
AeroTech
 
 
 
 
 
 
 
 
 
A manufacturer of commercial aviation ground support equipment, including electric towbarless aircraft pushback tractors for narrow body and smaller aircrafts. With this acquistion, AeroTech will now be well positioned to lead in the market supporting the growing demand for emissions-free ground support equipment.
 
 
 
 
 
 
 
 
 
July 12, 2018
 
Stock
 
FTNON
 
Almelo, Netherlands
 
FoodTech
 
 
 
 
 
 
 
 
 
A manufacturer of equipment and solutions for the fresh produce, ready meals, and pet food industries.
 
 
 
 
 
 
 
 
 
January 26, 2018
 
Stock
 
Schröder
 
Breidenbach, Germany
 
FoodTech
 
 
 
 
 
 
 
 
 
Manufacturer of engineered processing solutions to the food industry.

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.
The following presents the allocation of acquisition consideration to the assets acquired and the liabilities assumed, based on their estimated values:
 
 
LEKTRO(1)
 
FTNON(2)
 
Schröder(3)
 
Total
(In millions)
 
 
 
 
 
 
 
 
Financial assets
 
$
4.2

 
$
17.2

 
$
4.3

 
$
25.7

Inventories
 
7.2

 
4.3

 
6.6

 
18.1

Property, plant and equipment
 
0.3

 
3.9

 
7.4

 
11.6

Other intangible assets (4)
 
26.7

 
19.0

 
4.2

 
49.9

Deferred taxes
 
(6.9
)
 
(3.4
)
 
0.4

 
(9.9
)
Financial liabilities
 
(4.4
)
 
(20.6
)
 
(4.5
)
 
(29.5
)
Total identifiable net assets
 
$
27.1

 
$
20.4

 
$
18.4

 
$
65.9


 
 
 
 
 
 
 
 
Cash consideration paid
 
$
49.0

 
$
43.6

 
$
20.3

 
$
112.9

Cash acquired
 
1.7

 
4.9

 
1.5

 
8.1

Net consideration
 
$
47.3

 
$
38.7

 
$
18.8

 
$
104.8

 
 
 
 
 
 
 
 
 
Goodwill
 
$
21.9

 
$
23.2

 
$
1.9

 
$
47.0



(1)
The purchase accounting for LEKTRO is provisional. The valuation of certain working capital balances, property, plant and equipment, intangibles, income tax balances and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date).
(2)
The purchase accounting for FTNON is provisional. The valuation of intangibles, income tax balances and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2019 we had no significant measurement period adjustments for FTNON.
(3)
The purchase accounting of Schröder was final as of December 31, 2018.
(4)
The acquired definite-lived intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from seven to twenty years.