Acquisitions

3 Months Ended

Mar. 31, 2020

2020 Acquisition

During the three months ended March 31, 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The acquisition was accounted for as a business combination.

The following table summarizes the aggregate consideration paid for this acquisition and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date. The Company is in the process of obtaining information to finalize the valuations of certain acquired assets and assumed liabilities. Thus, the provisional measurements of these acquired assets and assumed liabilities are subject to change and will be finalized no later than one year from the acquisition date (amounts in millions):



	Total
Cash paid for acquisition of business	$	131.0
Amounts due to sellers	30.0
Estimated purchase price	$	161.0

Assets acquired:
Accounts receivable	40.1
Goodwill and identifiable intangible assets	127.1
Other current and long-term assets	4.5

Liabilities assumed:
Accounts payable	(9.9		)
Other current and long-term liabilities	(0.9		)

Estimated purchase price	$	161.0

The goodwill of $82.9 million was assigned to the aviation segment, of which $73.5 million is anticipated to be deductible for tax purposes, and is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the aviation segment operations. The identifiable intangible assets were $44.3 million, and primarily consisted of customer relationships and other identifiable assets.

The financial position, results of operations and cash flows of this acquisition have been included in our Consolidated Financial Statements since the acquisition date and did not have a material impact on our consolidated revenue and net income for the three months ended March 31, 2020; accordingly, pro forma information for this acquisition has not been provided as the impact was not considered material.