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ACQUISITIONS
 6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONS
During the second quarter ended June 30, 2021, the Company acquired, in separate transactions, 100 percent of the ownership interests of Puronics, Inc. and its wholly owned subsidiaries, headquartered in Livermore, California, and 100 percent of the ownership interests of New Aqua, LLC and its wholly owned subsidiaries, headquartered in Indianapolis, Indiana. Both Puronics and New Aqua are water treatment equipment providers and will be included as a part of the Water Systems segment of the Company. In a separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Power Integrity Services, LLC, a North Carolina-based company, which will be included in the Fueling Systems segment of the Company.

In another separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Atlantic Turbine Pump, LLC, a Georgia-based company, which will be included in the Distribution segment of the Company.
As of June 30, 2021, the Company has recorded estimated fair values that exceed the acquisition price by $0.5 million, representing a bargain purchase gain due to favorable market conditions within accrued expenses and other current liabilities in the consolidated balance sheets for the Atlantic Turbine Pump acquisition. Once the determination of fair values is complete in 2022, the Company will recognize the bargain purchase gain in the consolidated statements of income.

The combined purchase price for all acquisitions in the quarter was $184.3 million after working capital adjustments, which were all cash transactions. All acquisitions in the quarter expand the Company's geographical presence and product channels. The fair value of the assets acquired and liabilities assumed for all acquisitions are preliminary as of June 30, 2021 and is classified as Level 3 within the valuation hierarchy.

The identifiable intangible assets recognized in the separate transactions in the second quarter ended June 30, 2021, were $115.6 million, and consist primarily of customer relationships and trade names, which will be amortized using the straight-line method over 12 - 20 years.

The goodwill of $50.1 million resulting from the acquisitions in the second quarter ended June 30, 2021, is expected to be deductible for tax purposes and consists primarily of expanded geographical presence and product channel expansion. Goodwill was recorded in the Water Systems and Fueling Systems segment (see Note 6 - Goodwill and Other Intangible Assets).

For all acquisitions in the second quarter ended June 30, 2021, consolidated annual revenue for the full year 2020 was $97.3 million, which would be incremental to the Company's revenue had the acquisition occurred on the first day of 2020. Since acquisition in the second quarter of 2021, consolidated revenue was $15.6 million. The Company has not presented separate results of operations since closing or combined pro forma financial information of the Company and the acquired interest since the beginning of 2020, as the results of operations for all acquisitions is immaterial.

During the fourth quarter ended December 31, 2020, the Company acquired 100 percent of the ownership interests of Gicon Pumps & Equipment, Inc., a professional groundwater distributor operating seven locations in the state of Texas for a purchase price of $28.1 million after working capital adjustments. Gicon will be included as part of the Distribution segment of the Company. As of June 30, 2021, the Company has recorded estimated fair values that exceed the acquisition price by $3.4 million, representing a bargain purchase gain due to favorable market conditions within accrued expenses and other current liabilities in the consolidated balance sheets. Once the determination of fair values is complete in 2021, the Company will recognize the bargain purchase gain in the consolidated statements of income. In a separate transaction during the fourth quarter ended December 31, 2020, the Company acquired 100 percent of the ownership interests in Waterite Inc. and its affiliate Waterite America Inc., headquartered in Winnipeg, Manitoba, Canada, for a purchase price of $21.9 million after working capital adjustments. Waterite will be included as a part of the Water Systems segment of the Company. The fair value of the assets acquired and liabilities assumed for both acquisitions are preliminary as of June 30, 2021 and is classified as Level 3 within the valuation hierarchy. In addition, the Company has not presented separate results of operations since closing or combined pro forma financial information of the Company and the acquired interest since the beginning of 2020, as the results of operations for both acquisitions is immaterial.

Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations. There were $0.8 million and $0.9 million of transaction costs included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income for the second quarter and six months ended June 30, 2021, respectively. Transaction costs were immaterial in the second quarter and six months ended June 30, 2020.