ALTA EQUIPMENT GROUP INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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Jun 30, 2024 · Filed Aug 7, 2024
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Business Combinations
NOTE 15 — BUSINESS COMBINATIONS
The following table summarizes the net assets acquired by segment from our 2023 acquisitions:
| Material Handling | Construction | Total | |
|---|---|---|---|
| Cash | $0.1 | $0.9 | $1.0 |
| Accounts receivable | 0.3 | 7.9 | 8.2 |
| Inventories | 0.8 | 37.6 | 38.4 |
| Prepaid expenses and other current assets | — | 0.8 | 0.8 |
| Rental fleet | 1.0 | 10.8 | 11.8 |
| Property and equipment | 0.1 | 1.8 | 1.9 |
| Operating lease right-of-use assets | 1.9 | 2.7 | 4.6 |
| Other intangible assets | — | 14.4 | 14.4 |
| Goodwill | 1.1 | 6.9 | 8.0 |
| Other assets | — | 0.3 | 0.3 |
| Total assets | $5.3 | $84.1 | $89.4 |
| Floor plan payable – new equipment | $— | $(9.2) | $(9.2) |
| Accounts payable | (0.7) | (9.3) | (10.0) |
| Customer deposits | — | (0.1) | (0.1) |
| Accrued expenses | — | (3.1) | (3.1) |
| Current operating lease liabilities | (0.2) | (0.4) | (0.6) |
| Current deferred revenue | — | (0.6) | (0.6) |
| Long-term operating lease liabilities | (1.7) | (2.3) | (4.0) |
| Deferred tax liability | — | (6.0) | (6.0) |
| Total liabilities | $(2.6) | $(31.0) | $(33.6) |
| Net assets acquired | $2.7 | $53.1 | $55.8 |
| Assets acquired net of cash | $2.6 | $52.2 | $54.8 |
During 2024, we recorded adjustments to the purchase price allocation related to the Ault acquisition which were not significant individually or in the aggregate. These adjustments had no cash impact as reported in the Condensed Consolidated Statements of Cash Flows "Acquisitions of businesses, net of cash acquired". We describe our 2023 acquisitions in more detail in Note 15 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023.
The fair values of assets acquired and liabilities assumed are finalized for our 2023 acquisitions of M&G Materials Handling Co., Battery Shop of New England Inc., and Burris Equipment Company and are provisional with working capital, tax-related and purchase price allocation adjustments remaining open for Ault.
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