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Business Combinations and Asset Acquisitions | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | Acquisitions On January 2, 2025, the Company completed the acquisition of BrainBox AI Inc., financed through cash on hand. BrainBox AI Inc. is a building management platform for HVAC optimization, using advanced artificial intelligence technologies. The results of operations of BrainBox AI Inc. are reported within the Americas segment from the date of acquisition. In the first half of 2025, the Company also acquired multiple distributors with sales and service businesses in Europe that are reported in the EMEA segment from the dates of acquisition. The intangible assets associated with these acquisitions totaled $73.9 million and primarily relate to developed technology. The excess of the consideration transferred over the fair value of net identifiable assets acquired was recognized as goodwill and the combined total was $188.9 million. The preliminary valuation of intangible assets was determined using an income approach methodology. The fair value of the developed technology intangible assets was determined using the multi-period excess earnings method based on discounted projected net cash flows associated with the net earnings attributable to the acquired identifiable assets. Key assumptions used in estimating future cash flows included revenue growth rates and margins, royalty rates, and discount rates attributable to the intangible asset.

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