ACQUISITIONS Fiscal 2019 Acquisitions Distributor Acquisitions During the six months ended December 29, 2018 , the Company acquired designated assets of its Stuart Weitzman distributor in Southern China and of its Kate Spade distributor in Australia, Malaysia and Singapore. The aggregate purchase consideration for the acquisitions was $39.7 million , all of which is cash consideration. Of the cash consideration, $37.7 million was paid during the first six months of fiscal 2019 and the remaining $2.0 million will be paid in the future. Of the total purchase consideration of $39.7 million , $18.6 million of net assets were recorded at their fair values. The excess of the purchase consideration over the fair value of the net assets acquired was recorded as non-tax deductible goodwill in the amount of $21.1 million , of which $8.4 million was assigned to the Stuart Weitzman segment and $12.7 million was assigned to the Kate Spade segment. The purchase price allocation for these assets acquired and liabilities assumed is substantially complete, however may be subject to change as additional information is obtained during the acquisition measurement period. The pro forma results are not presented for these acquisitions as they are immaterial. Fiscal 2018 Acquisitions Kate Spade and Company Acquisition On July 11, 2017, the Company completed its acquisition of Kate Spade &amp; Company for $18.50 per share for a total purchase price of $2.40 billion . As a result, Kate Spade became a wholly owned subsidiary of the Company. The aggregate cash paid in connection with the acquisition of Kate Spade was $2.39 billion (or $2.32 billion net of cash acquired). Consideration also included $5.3 million as a result of the conversion of unvested equity awards held by Kate Spade employees. The Company funded the acquisition through cash on-hand, as well as debt proceeds as described in Note 12, "Debt." The Company accounted for the acquisition of Kate Spade under the acquisition method of accounting for business combinations. Accordingly, the cost was allocated to the underlying net assets based on their respective fair values. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill, which consists largely of the synergies expected from the acquisition. The purchase price allocation for the assets acquired and liabilities assumed is complete. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date: Assets Acquired and Liabilities Assumed Fair Value at Acquisition Date Measurement Period Adjustments Adjusted Fair Value (millions) Cash and cash equivalents $ 71.8 $  $ 71.8 Trade accounts receivable 62.8  62.8 Inventories (1) 310.1  310.1 Prepaid expenses and other current assets 33.9 (1.2 ) 32.7 Property and equipment 175.5  175.5 Goodwill (2)(3) 916.1 (16.1 ) 900.0 Brand intangible asset (4) 1,300.0  1,300.0 Other intangible assets (5) 119.2  119.2 Other assets 59.0 11.1 70.1 Total assets acquired 3,048.4 (6.2 ) 3,042.2 Accounts payable and accrued liabilities 233.3  233.3 Deferred income taxes (6) 333.0 (7.3 ) 325.7 Other liabilities (7) 84.8 1.1 85.9 Total liabilities assumed 651.1 (6.2 ) 644.9 Total purchase price 2,397.3  2,397.3 Less: Cash acquired (71.8 )  (71.8 ) Total purchase price, net of cash acquired $ 2,325.5 $  $ 2,325.5 (1) Included a step-up adjustment of $67.5 million , which was amortized over 4 months . (2) The majority of the goodwill balance is not deductible for tax purposes. (3) The Company assigned $324.0 million of goodwill associated with the Kate Spade acquisition to Coach brand reporting units based upon the analysis of expected synergies, including the allocation of corporate synergies to the brands. (4) The brand intangible asset, of which the majority is not deductible for tax purposes, was valued based on the multi-period excess earnings method. (5) The components of other intangible assets included favorable lease rights of $72.2 million (amortized over the remainder of the underlying lease terms), customer relationships of $45.0 million (amortized over 15 years) and order backlog of $2.0 million (amortized over 6 months). Favorable lease rights were valued based on a comparison of market participant information and Company-specific lease terms. The customer relationship intangible asset was valued using the excess earnings method, which discounts the estimated after-tax cash flows associated with the existing base of customers as of the acquisition date, factoring in expected attrition of the existing base. The order backlog intangible asset was valued using the excess earnings method, which discounts the estimated after-tax cash flows associated with open customer orders as of the acquisition date. (6) The Company acquired $200.1 million of net deferred tax assets related to Kate Spade historical federal and state net operating losses, net of a $39.3 million valuation allowance, which the Company expects to be able to utilize. The deferred tax adjustments resulting from the step-up in basis of acquired assets, most notably the brand intangible asset, resulted in an overall deferred tax liability. (7) Included an adjustment for unfavorable lease rights of $49.5 million (amortized over the remainder of the underlying lease terms). Distributor Acquisitions and Kate Spade Joint Ventures Operational Control During the third quarter of fiscal 2018, the Company acquired designated assets of its Stuart Weitzman distributor in Northern China, entered into an agreement to take operational control of the Kate Spade Joint Ventures that operate in mainland China, Hong Kong, Macau and Taiwan in which the Company has 50% interest, and acquired designated assets of its Coach distributor in Australia and New Zealand. The aggregate purchase consideration for the three acquisitions was $153.7 million , of which $106.9 million is cash consideration and the remaining is related to non-cash consideration. Of the cash consideration, $61.5 million (or $55.6 million net of cash acquired) was paid during fiscal 2018 and the remaining will be paid in the future. Of the total purchase consideration of $153.7 million , $50.0 million of net assets were recorded at their fair values, and the excess of the purchase consideration over the fair value of the net assets acquired was recorded as non-tax deductible goodwill in the amount of $103.7 million . Of this amount, $52.8 million , $49.3 million and $1.6 million were assigned to the Company's Kate Spade, Stuart Weitzman and Coach segments, respectively. During the fourth quarter of fiscal 2018, there were measurement period adjustments of $2.3 million and $0.5 million , related to the Kate Spade and Stuart Weitzman segments, respectively, which decreased Goodwill. The purchase price allocation for these assets acquired and liabilities assumed is substantially complete, however may be subject to change as additional information is obtained during the acquisition measurement period. The pro forma results are not presented for these acquisitions as they are immaterial.