Business Combinations

9 Months Ended

Sep. 30, 2023

NOTE 17 — BUSINESS COMBINATIONS

During the first nine months of 2023, the Company purchased the assets of M&G Materials Handling Co. ("M&G") and Battery Shop of New England Inc. ("BSNE") for a combined purchase price of $2.6 million, net of cash acquired. These acquisitions, which took place in our Material Handling segment, are neither material individually nor in the aggregate; therefore, we did not include opening balance sheets herein. The estimated fair values of assets acquired and liabilities assumed are provisional and are based on the information that was available as of the acquisition dates. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practical but no later than one year from the acquisition dates. Costs and expenses related to the acquisitions have been expensed as incurred in operating expenses.

The following table summarizes the net assets acquired by segment from the 2022 acquisitions:


	Material Handling			Master Distribution			Total
Cash	$	2.3		$	0.3		$	2.6
Accounts receivable		9.6			9.6			19.2
Inventories		7.6			12.3			19.9
Prepaid expenses and other current assets		0.1			0.8			0.9
Rental fleet		22.7			—			22.7
Property and equipment		2.0			0.6			2.6
Operating lease right-of-use assets		2.2			1.6			3.8
Other intangible assets		1.4			27.8			29.2
Goodwill		2.3			18.3			20.6
Total assets	$	50.2		$	71.3		$	121.5

Accounts payable	$	(1.5	)	$	(8.3	)	$	(9.8	)
Customer deposits		—			(2.2	)		(2.2	)
Accrued expenses		(1.6	)		(0.2	)		(1.8	)
Current operating lease liabilities		(0.8	)		(0.1	)		(0.9	)
Current deferred revenue		(1.2	)		—			(1.2	)
Other current liabilities		—			(0.9	)		(0.9	)
Long-term operating lease liabilities		(1.4	)		(1.5	)		(2.9	)
Deferred tax liability		(2.8	)		—			(2.8	)
Total liabilities	$	(9.3	)	$	(13.2	)	$	(22.5	)

Net assets acquired	$	40.9		$	58.1		$	99.0

Net assets acquired net of cash	$	38.6		$	57.8		$	96.4

During 2023, we have had purchase price accounting adjustments related to 2022 acquisitions which were not significant individually or in the aggregate. See the Condensed Consolidated Statements of Cash Flows for the total cash outflow in "Expenditures for acquisitions, net of cash acquired" for the net current year impact of the 2022 acquisitions purchase price accounting adjustments and current year acquisitions. We describe our 2022 acquisitions in more detail in Note 17 of the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022.