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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |  | $ | 75.0 |
Unbilled receivables |  |  | 57.8 |
Inventory |  |  | 153.7 |
Other current assets |  |  | 7.6 |
Property, plant and equipment |  |  | 44.6 |
Goodwill |  |  | 260.3 |
Purchased intangible assets |  |  | 330.4 |
Other long-term assets |  |  | 7.6 |
Total assets, excluding cash and cash equivalents |  | $ | 937.0 |
Liabilities Assumed: |  |  |
Accounts payable |  | $ | 63.2 |
Customer advances |  |  | 24.8 |
Payroll-related obligations |  |  | 13.8 |
Other current liabilities |  |  | 20.7 |
Deferred income taxes |  |  | 2.6 |
Long-term liabilities |  |  | 8.3 |
Total liabilities |  | $ | 133.4 |
Net assets acquired |  | $ | 803.6 |
Summary of Preliminary Valuation of Intangible Assets Consists of Following Assets Subject to Amortization | The preliminary valuation of intangible assets consists of the following assets subject to amortization (in millions, except weighted average useful life):
|  | Fair Value |  |  | Weighted- Average Useful Life |  | Valuation Methodology |  | Key Assumptions
Customer relationships |  | $ | 217.0 |  |  | 9.0 years |  | Multi-period excess earnings |  | Discount rate, customer attrition rates
Trade names |  |  | 65.1 |  |  | 12.6 years |  | Relief-from-royalty |  | Royalty rate, discount rate
Technology-related |  |  | 28.3 |  |  | 5.0 years |  | Relief-from-royalty |  | Royalty rate, discount rate, obsolescence factor
Other |  |  | 20.0 |  |  | 2.1 years |  | Multi-period excess earnings |  | Discount rate
Summary of Unaudited Pro forma Financial Information | The following table presents the supplemental consolidated results of the Company for 2023 and 2022 on an unaudited pro forma basis as if the acquisition of AeroTech had been completed on January 1, 2022 (in millions).
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Net sales |  | $ | 10,002.4 |  |  | $ | 8,858.4 |
Net income |  | $ | 592.5 |  |  | $ | 143.5 |
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 |  |  | 107.0 |
Purchased intangible assets |  |  | 83.9 |
Other long-term assets |  |  | 4.8 |
Total assets, excluding cash and cash equivalents |  | $ | 265.9 |
Liabilities Assumed: |  |  |
Current liabilities |  | $ | 48.3 |
Deferred income taxes |  |  | 25.6 |
Long-term liabilities |  |  | 5.2 |
Total liabilities |  | $ | 79.1 |
Net assets acquired |  | $ | 186.8 |
Summary of Preliminary Valuation of Intangible Assets Consists of Following Assets Subject to Amortization | The valuation of intangible assets consists of the following assets subject to amortization (in millions, except weighted average useful life):
|  | Fair Value |  |  | Weighted- Average Useful Life |  | Valuation Methodology |  | Key Assumptions
Technology-related |  | $ | 32.1 |  |  | 8.0 years |  | Relief-from-royalty |  | Royalty rate, discount rate, obsolescence factor
Trade name |  |  | 26.4 |  |  | 15.0 years |  | Relief-from-royalty |  | Royalty rate, discount rate
Customer relationships |  |  | 25.4 |  |  | 8.0 years |  | Multi-period excess earnings |  | Discount rate, customer attrition rates

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