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Acquisitions for the years ended December 31, 2019, 2018 and 2017 were as follows:
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Entity Acquired (Dollars in millions) |
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Date of Acquisition |
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Percent Interest Acquired |
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Payments to Former Owners |
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Acquisition Related Debt Retirements |
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Total Purchase Consideration(1)
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Goodwill Recognized |
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Intangibles Recognized(2)
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Net Sales Previous Fiscal Year Ended |
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2019 |
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Hydrogenics Corporation |
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09/09/19 |
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81% |
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$ |
235 |
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$ |
— |
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$ |
235 |
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$ |
161 |
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$ |
161 |
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$ |
34 |
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2018 |
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Efficient Drivetrains, Inc. |
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08/15/18 |
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100% |
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$ |
51 |
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$ |
2 |
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$ |
64 |
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(3) |
$ |
49 |
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$ |
15 |
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$ |
3 |
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2017 |
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Brammo Inc. |
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11/01/17 |
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100% |
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$ |
60 |
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$ |
— |
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$ |
68 |
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(3) |
$ |
47 |
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$ |
23 |
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$ |
4 |
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Eaton Cummins Automated Transmission Technologies |
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07/31/17 |
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50% |
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600 |
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(4) |
— |
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600 |
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544 |
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596 |
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— |
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____________________________________________________
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(1) |
All results from acquired entities (excluding Brammo Inc. in 2017) were included in segment results subsequent to the acquisition date. Newly consolidated entities were accounted for as business combinations and (excluding Brammo Inc. and Eaton Cummins Automated Transmission Technologies) were included in the New Power Segment on the date of acquisition. The Brammo Inc. acquisition was allocated to the New Power Segment on January 1, 2018. Eaton Cummins Automated Transmission Technologies was included in the Components Segment on the date of acquisition.
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(2) |
Intangible assets acquired in business combinations were mostly customer and technology related, the majority of which will be amortized over a period of`up to 25 years from the date of the acquisition.
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(3) |
The "Total Purchase Consideration" represents the total amount that will or is estimated to be paid to complete the acquisition. A portion of the acquisition payment has not yet been made and will be paid in future periods in accordance with the purchase contract. The Brammo Inc. acquisition contains an earnout based on future results of the acquired business and could result in a maximum contingent consideration payment of $100 million (fair value of $5 million) to the former owners.
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(4) This transaction created a newly formed joint venture that we consolidated as we have a majority voting interest in the venture by virtue of a tie-breaking vote on the joint venture's board of directors.
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