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BUSINESS ACQUISITIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
The Company enters into strategic acquisitions in an effort to better service existing customers and to attract new customers.

The Company makes an initial allocation of the purchase price at the date of acquisition based upon its estimate of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments.

During the first quarter of 2026, the Company acquired three businesses for a total of $126.3 million. The Company acquired these businesses to expand its platforms and to maintain its leading position as the largest distributor of rotating equipment in North America.

A summary of the preliminary allocation of the total purchase consideration of our business acquisition during the three months ended March 31, 2026 is presented as follows (in thousands):

Acquisition 1
 
All Other
Total
  
Cash payments$86,959  $21,982 $108,941 
Contingent consideration
13,843 3,499 17,342 
Total purchase price consideration$100,802  $25,481 $126,283 
Tangible assets acquired29,368 8,528 37,896 
Intangible assets acquired43,361 5,123 48,484 
Total assets acquired$72,729 $13,651 $86,380 
Total liabilities assumed(14,313)(2,070)(16,383)
Net assets acquired58,416 11,581 69,997 
Goodwill$42,386 $13,900 $56,286 

The total purchase consideration related to our acquisitions for the three months ended March 31, 2026 consisted primarily of cash consideration. The total cash and cash equivalents acquired for these acquisitions was $6.2 million. Transaction-related costs for acquisitions consummated during the period and included within selling, general, and administrative expenses in the consolidated statements of operations was $0.8 million as of March 31, 2026.

The goodwill total of approximately $56.3 million for the three months ended March 31, 2026 assigned to our IPS segment was primarily attributable to expected synergies and the assembled workforce of the entities. The total amount of goodwill expected to be deductible for tax purposes is $52.5 million.

The acquisitions' operating results are included within the Company's consolidated statements of operations from the date of acquisition, which were not material for the three months ended March 31, 2026. Pro forma results of operations information have not been presented, as the effects of the acquisitions were not material to our financial results.

Of the $48.5 million of acquired intangible assets, $0.3 million was provisionally assigned to non-compete agreements that are subject to amortization over 5 years, $29.7 million was assigned to customer relationships and will be amortized over a period of 8 years, $6.9 million was assigned to trade names and will be amortized over a period of 10 years, and $11.6 million was assigned to dealer relationships and will be amortized over a period of 9 years.