Business Combinations

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Business Combinations

Business Combinations

During the six months ended June 30, 2014, the Company completed five acquisitions. The total consideration, net of cash acquired, related to the acquisitions was $50.4 million. The Company accounted for the acquisitions using the acquisition method of accounting in accordance with applicable U.S. GAAP whereby the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on respective estimated fair values. The following table summarizes the values of the assets acquired and liabilities assumed at the date of acquisition (dollars in millions):

Accounts receivable	$	2.7
Total inventories	4.8
Prepaid and other current assets	4.3
Property and equipment	10.2
Intangible assets	13.7
Goodwill	32.2
Accounts payable	(2.4		)
Advanced billings and deposits	(6.5		)
Other current liabilities	(4.1		)
Deferred income tax liabilities	(2.5		)
Other noncurrent accrued liabilities	(2.0		)
Consideration, net of cash acquired	$	50.4

Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents several strategic benefits including a comprehensive portfolio of brands, complementary product offerings and attractive synergy opportunities. Goodwill recognized as a result of the acquisitions is not deductible for income tax purposes. See Note 3 for additional information regarding goodwill and other intangible assets.

Acquisition related costs were expensed as incurred and included legal fees and advisory services. The Company incurred acquisition related costs of $0.2 million and $1.1 million for the three and six months ended June 30, 2014, respectively.