17. BUSINESS COMBINATIONS On April 1, 2014, we acquired Nichols, a wholly owned subsidiary of Quanex Building Products Corporation, and a producer of aluminum sheet for the transportation, building and construction, machinery and equipment, consumer durables and electrical industries in North America for cash consideration of $107.4 . The acquisition includes casting and finishing operations at two facilities in Davenport, Iowa, as well as finishing operations in Decatur, Alabama and Lincolnshire, Illinois. We incurred transaction related expenses totaling approximately $2.9 , which were recorded in  Selling, general and administrative expenses  in the Consolidated Statements of Operations. The acquisition was accounted for as a business combination, with the purchase price allocated based on the fair values of the assets acquired and liabilities assumed. The following table presents the final allocation of the Nichols acquisition purchase price. Accounts receivable $ 40.1 Inventories 47.8 Property, plant and equipment 71.3 Intangible assets 2.9 Other assets 11.7 Total assets acquired 173.8 Accounts payable 47.3 Accrued expenses and other liabilities 22.0 Total liabilities assumed 69.3 Net assets acquired 104.5 Goodwill resulting from purchase 2.9 Total consideration transferred $ 107.4 Recognized goodwill of $2.9 is attributable to anticipated synergies with Nichols, and is deductible for tax purposes. Intangible assets include estimated amounts recognized for the fair value of customer relationships. These intangible assets have a weighted average useful life of approximately 15 years. The valuation of the intangible assets acquired was based on management s estimates, available information, and reasonable and supportable assumptions. The fair value of these assets was estimated using the income approach. The liabilities assumed include $12.0 of estimated costs to perform environmental remediation at the Decatur, Alabama facility, which has been recognized based on the guidance in ASC 450,  Contingencies  and A