accordance with ASC Topic 805, Business Combinations (ASC 805), the Company accounts for acquisitions by applying the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. PetMatrix On June 1, 2017, Spectrum Brands completed the acquisition of PetMatrix, a manufacturer and marketer of rawhide-free dog chews consisting primarily of the DreamBone  and SmartBones  brands. The results of PetMatrixs operations since June 1, 2017 are included in the Companys Consolidated Statements of Operations within the Consumer Products segment for Fiscal 2017 . Spectrum Brands has recorded an allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the June 1, 2017 (the acquisition date). The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets was recorded as goodwill, which includes value associated with the assembled workforce. The calculation of purchase price and purchase price allocation is as follows: Purchase Price Cash consideration $ 255.2 Purchase Price Allocation Cash and cash equivalents $ 0.2 Receivables, net 7.8 Inventories, net 16.0 Property, Plant and Equipment, net 0.8 Goodwill 123.8 Intangibles, net 110.4 Other assets 0.9 Accounts payable and other current liabilities (4.7 ) Net assets acquired $ 255.2 The purchase price allocation resulted in goodwill of $123.8 , which is deductible for tax purposes. The values allocated to intangible assets and the weighted average useful lives are as follows: Carrying Amount Weighted Average Useful Life (Years) Tradenames $ 75.0 Indefinite Technology 21.0 14 Customer relationships 12.0 16 Non-compete agreement 2.4 5 Total intangibles acquired $ 110.4 Spectrum Brands performed a valuation of the acquired inventories, tradenames, tec