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Acquisitions
 9 Months Ended
Sep. 30, 2022
Business Combinations [Abstract]  
Acquisitions ACQUISITIONS
On October 4, 2021, the Company completed the acquisition of substantially all of the assets and operations of Ground Force Manufacturing LLC (“Ground Force”). Ground Force is a leading manufacturer of specialty material handling vehicles that support the extraction of metals. The Company expects that the Ground Force acquisition will further bolster its position as an industry leading diversified industrial manufacturer of specialized vehicles for maintenance and infrastructure markets with leading brands of premium, value-adding products, and a strong supporting aftermarket platform.
The cash consideration paid by the Company to acquire Ground Force was approximately $43.1 million and was funded through existing cash and borrowings on the Company’s credit facility.
During the three months ended September 30, 2022, the Company finalized its purchase price allocation for the Ground Force acquisition. The measurement period adjustments, which primarily resulted from the completion of the third-party valuation of acquired intangible assets, did not have a material impact on the financial statements as of, and for the three and nine months ended, September 30, 2022. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Purchase price, inclusive of closing adjustments$43.1 
Total consideration43.1 
Accounts receivable3.0 
Inventories4.0 
Prepaid expenses and other current assets0.2 
Properties and equipment1.3 
Operating lease right-of-use assets3.0 
Customer relationships (a)
16.8 
Trade names (b)
7.8 
Operating lease liabilities(3.0)
Accounts payable(1.8)
Accrued liabilities(0.7)
Customer deposits(2.9)
Net assets acquired27.7
Goodwill (c)
$15.4 
(a)    Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of 12 years.
(b)    Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(c)    Goodwill, which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.