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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2023
JBT Aerotech |
Business Acquisition [Line Items] |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):
Assets Acquired: |  |  |
Cash and cash equivalents |  | $ | 9.3 |
Accounts receivable |  |  | 79.1 |
Unbilled receivables |  |  | 57.8 |
Inventory |  |  | 150.1 |
Other current assets |  |  | 4.4 |
Property, plant and equipment |  |  | 30.6 |
Goodwill |  |  | 363.4 |
Purchased intangible assets |  |  | 241.4 |
Other long-term assets |  |  | 10.5 |
Total assets, excluding cash and cash equivalents |  | $ | 937.3 |
Liabilities Assumed: |  |  |
Accounts payable |  | $ | 66.2 |
Customer advances |  |  | 24.8 |
Payroll-related obligations |  |  | 13.5 |
Other current liabilities |  |  | 22.6 |
Deferred income taxes |  |  | 2.6 |
Long-term liabilities |  |  | 4.3 |
Total liabilities |  | $ | 134.0 |
Net assets acquired |  | $ | 803.3 |
Summary of Unaudited Pro forma Financial Information | The following table presents the supplemental consolidated results of the Company for the three and nine months ended September 30, 2023 and 2022, on an unaudited pro-forma basis as if the acquisition of AeroTech had been completed on January 1, 2022 (in millions).
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 2,548.8 |  |  | $ | 2,223.3 |  |  | $ | 7,535.6 |  |  | $ | 6,496.5 |
Net income |  | $ | 186.3 |  |  | $ | 63.7 |  |  | $ | 436.8 |  |  | $ | 75.6 |
Hinowa S.p.A. |
Business Acquisition [Line Items] |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):
Assets Acquired: |  |  |
Cash and cash equivalents |  | $ | 13.7 |
Current assets, excluding cash and cash equivalents |  |  | 54.7 |
Property, plant and equipment |  |  | 15.5 |
Goodwill |  |  | 106.4 |
Purchased intangible assets |  |  | 84.7 |
Other long-term assets |  |  | 4.8 |
Total assets, excluding cash and cash equivalents |  |  | 266.1 |
Liabilities Assumed: |  |  |
Current liabilities |  |  | 48.3 |
Deferred income taxes |  |  | 25.8 |
Long-term liabilities |  |  | 5.2 |
Total liabilities |  |  | 79.3 |
Net assets acquired |  | $ | 186.8 |

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