Acquisition During second quarter 2019, our wholly owned subsidiary, Boise Cascade Building Materials Distribution, L.L.C., completed the acquisition of a wholesale building material distribution location in Birmingham, Alabama (the "Acquisition"). The purchase price of the Acquisition was $15.7 million , subject to post-closing adjustments based upon working capital targets. We funded the Acquisition with cash on hand. The distribution location adds to our existing distribution business and strengthens our nationwide presence. In addition, we believe we will be able to broaden our product and service offerings within this market following the Acquisition. Goodwill represents the excess of the purchase price and related costs over the fair value of the net tangible and intangible assets of businesses acquired. The goodwill and customer relationships recognized from the Acquisition are deductible for U.S. income tax purposes. The useful life for customer relationships is 10 years . All of the goodwill and intangible assets were assigned to the Building Materials Distribution segment. The purchase price allocations of the Acquisition are preliminary and subject to post-closing working capital adjustments. The following table summarizes the allocations of the purchase price to the assets acquired and liabilities assumed, based on our estimates of the fair value at the acquisition date: Acquisition Date Fair Value (thousands) Accounts receivable $ 5,600 Inventories 3,398 Other assets 12 Property and equipment 3,487 Lease right-of-use assets 359 Intangible assets: Customer relationships 2,100 Goodwill 1,183 Assets acquired 16,139 Accounts payable 105 Lease liabilities 359 Liabilities assumed 464 Net assets acquired $ 15,675