Acquisitions On December 6, 2017, the Company's indirect wholly owned subsidiary, Hyster-Yale Acquisition Holding Ltd. ("Acquisition Co."), entered into an Equity Transfer Agreement ("ETA") with KNSN Pipe &amp; Pile Company Limited ("KNSN"), pursuant to which Acquisition Co. agreed to purchase 75% of the equity interest of Zhejiang Maximal Forklift Co., Ltd. ("Maximal") from KNSN for an aggregate purchase price of $90.0 million . After the closing under the ETA, the remaining 25% of the equity interest of Maximal is owned by senior management of Maximal, through Y-C Hong Kong Holding Company Limited ("HK Holding Co."). Maximal is a manufacturer of utility and standard lift trucks and specialized materials handling equipment founded in 2006 in the Hangzhou, Zhejiang Province of China . Under the terms of the ETA, upon the closing on June 1, 2018, the Company paid $81.0 million to a jointly-controlled bank account under the name of KNSN, and KNSN was only allowed to use such amount to repay intercompany indebtedness owed by KNSN to Maximal and to remove existing related-party guarantees provided by Maximal. Any balance amount remaining after fulfilling the specified purposes will belong to KNSN. The Maximal balance sheet as of June 1, 2018 includes $65.7 million of receivables from KNSN included in other receivables in the table below, which were collected during June 2018 in accordance with the ETA. The proceeds were used by Maximal to repay $59.9 million of short-term debt during June 2018. In addition, upon the closing of the acquisition, the Company paid $9.0 million to an escrow account, which will be released to KNSN in two installments. The first installment of $2.7 million will be released on the second anniversary of the closing and the second installment of $6.3 million will be released on the third anniversary of the closing, subject to a number of conditions. KNSN is obligated to indemnify the Company from and against any breach of representations and warranties and any liabilities and losses associated with the pre-closing operations of Maximal. In addition, the Company signed an incentive agreement with Mr. Jin Hong Lu, a key member of senior management of Maximal and the majority shareholder of KNSN. Pursuant to this agreement, the Company will pay $10.0 million to Mr. Lu by the third anniversary of the closing under the ETA, provided that Mr. Lu, his immediate family members and any affiliates fully comply with the non-competition, conflict of interest, non-solicitation, and compliance covenants set forth in the agreement. The Company has recorded a liability of $1.9 million related to the incentive agreement as of December 31, 2018. Pursuant to the terms of the ETA, Mr. Lu signed and issued a Guarantee and Undertaking Letter for the benefit of the Company, guaranteeing KNSNs performance of all terms under the ETA. In the case of any breach of the ETA by KNSN, Mr. Lu shall be liable and shall indemnify the Company against any losses arising from such breach in accordance with the ETA and applicable laws. The Company accounted for the acquisition of 75% equity interest of Maximal using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed to be recognized at their respective fair values as of the acquisition date. In addition, the cash consideration paid was finalized with KNSN during September 2018 and the Company paid an additional $3.2 million of consideration for working capital, cash and debt adjustments. The Company has not yet finalized its analysis of the fair value of income taxes, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than the second quarter of 2019. The following table summarizes the preliminary estimated fair values of the assets acquired and the liabilities assumed of Maximal as of June 1, 2018: Cash $ 15.3 Accounts receivable 13.2 Other receivables 68.9 Inventories 22.1 Property, plant and equipment 38.6 Intangible assets 21.4 Other assets 14.3 Total assets acquired $ 193.8 Accounts payable 20.3 Short-term debt 77.6 Long-term deferred tax liabilities 8.5 Other liabilities 21.1 Total liabilities assumed $ 127.5 Noncontrolling interest 28.2 Net assets acquired $ 38.1 Purchase price 93.2 Goodwill $ 55.1 Acquired Intangible Assets Preliminary Fair Value Preliminary Weighted-Average Useful Lives (Years) Valuation Method Customer relationships $ 10.7 20 Excess Earnings Patents 5.6 7 Relief from Royalty Trademarks 5.1 20 Relief from Royalty Total $ 21.4 The fair value of accounts receivable acquired was $13.2 million with the gross contractual amount being $13.2 million . At the time of the acquisition, the Company expected to collect all accounts receivable. The $55.1 million of goodwill was assigned to the JAPIC segment . The goodwill recognized is attributable primarily to expected synergies, production and design capability and the distribution network of Maximal. None of the goodwill is expected to be deductible for income tax purposes. The results of Maximals operations have been included in the consolidated financial statements since the acquisition date and are reflected in the JAPIC segment. Subsequent to the acquisition, Maximal recorded $48.9 million , $4.8 million and $1.4 million of revenues, operating loss and net loss attributable to stockholders, respectively, for the year ended December 31, 2018. Pro forma information has not been presented as it would not be materially different from historical reported results of operations. The Company recognized $3.3 million , $2.5 million and $6.6 million of acquisition-related costs, which are included in the Americas segment during 2018, 2017 and 2016, respectively. These costs are included in the line Selling, general and administrative expenses in the Consolidated Statements of Operations.