3. Acquisition On August 26, 2019, the Company acquired the assets of Tuffy Manufacturing Industries, Inc. (Tuffy), a warehouse distributor of tire repair equipment and supplies, which is included in the Distribution Segment. The Tuffy acquisition aligns with the Companys strategy to grow in key niche markets and focus on strategic account customers. The purchase price for the acquisition was $18.7 million, which includes a working capital adjustment of $0.7 million that was paid during the quarter ended March 31, 2020. The Company funded the acquisition using available cash. The acquisition of Tuffy was accounted for using the acquisition method, whereby all of the assets acquired and liabilities assumed were recognized at their fair value on the acquisition date, with any excess of the purchase price over the estimated fair value recorded as goodwill. The following table summarizes the allocation of the purchase price based on the estimated fair value of assets acquired and liabilities assumed based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase accounting will be finalized within one year from the acquisition date. Assets acquired: Accounts receivable $ 2,105 Inventories 2,719 Prepaid expenses 43 Property, plant and equipment 124 Right of use asset - operating leases 229 Intangible assets 8,400 Goodwill 7,143 Assets acquired $ 20,763 Liabilities assumed: Accounts payable $ 1,675 Accrued expenses 143 Operating lease liability - short term 112 Operating lease liability - long term 117 Total liabilities assumed 2,047 Net acquisition cost $ 18,716 The goodwill represents the future economic benefits arising from other assets acquired that could not be individually and separately recognized, and the Company expects that the goodwill recognized for the acquisition will be deductible for tax purposes. The intangible assets included above consist of the following: Fair Value Weighted Average Estimated Useful Life Customer relationships $ 7,300 7.3 years Trade name 500 5.0 years Non-competition agreements 600 5.0 years Total amortizable intangible assets $ 8,400