Business Combinations 2014 Acquisitions During 2014, the Company completed five acquisitions including a U.S. manufacturer of turn-key, co-injection molding equipment and a high-precision component supplier to the plastics industry located in the Czech Republic. The acquisitions provide the Company with incremental scale to enable facility consolidation and also result in the addition of intellectual property related to hot runner system design and functionality. The total consideration, net of cash acquired, related to the acquisitions in 2014 was $50.4 million . The Company accounted for the acquisitions using the acquisition method of accounting in accordance with applicable U.S. GAAP whereby the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on respective estimated fair values. The following table summarizes the values of the assets acquired and liabilities assumed at the date of acquisition (in millions): Accounts receivable $ 2.7 Total inventories 4.8 Prepaid and other current assets 4.3 Property and equipment 10.2 Intangible assets 13.7 Goodwill 32.2 Accounts payable (2.4 ) Advanced billings and deposits (6.5 ) Other current liabilities (4.1 ) Deferred income tax liabilities (2.5 ) Other noncurrent accrued liabilities (2.0 ) Consideration, net of cash acquired $ 50.4 Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents several strategic benefits including a comprehensive portfolio of brands, complementary product offerings and attractive synergy opportunities. Goodwill recognized as a result of the acquisitions is not deductible for income tax purposes. See Note 3 for additional information regarding goodwill and other intangible assets. CanGen Holdings Inc. On December 1, 2015, the Company acquired all the outstanding equity interests of CanGen Holdings Inc. ("CanGen"), a supplier of highly engineered aftermarket process control components for extrusion and injection molding applica