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Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisitions
10.
Acquisitions

On July 16, 2025, the Company completed the acquisition of Touchland Holding Corp ("Touchland"), the developer of TOUCHLAND® hand sanitizer products (the "Touchland Acquisition"). The Company paid $656.4, net of cash acquired, and granted rights to Touchland’s founder to receive shares of our common stock valued at $50.0, with 50% of such shares vesting at each of the first and second year anniversaries of the closing. The value of common stock received by Touchland's founder will be recognized as compensation expense ratably over the two-year vesting period if the individual continues to be employed by the Company. Payment of a $5.0 portion of the purchase price was deferred related to certain indemnification obligations provided by Touchland’s equity holders, which amount, to the extent not used in satisfaction of such indemnity obligations, is payable three years from the closing. Contingent upon the achievement of certain 2025 net sales thresholds, the Touchland Acquisition may require payment of additional consideration up to a maximum of $180.0 in cash in the second quarter of 2026. Touchland’s annual net sales for the year ended December 31, 2024 were approximately $115.0. The Touchland Acquisition was financed with cash on hand and is managed in the Consumer Domestic and Consumer International segments.

The preliminary fair values of the net assets at acquisition are set forth as follows:

 

Accounts receivable

$

9.3

 

Inventory

 

25.8

 

Other current assets

 

1.3

 

Property, plant and equipment

 

5.5

 

Other long-term assets

 

2.1

 

Trade name

 

730.0

 

Customer relationship intangible asset

 

32.8

 

Goodwill

 

207.4

 

Accounts payable, accrued expenses and other liabilities

 

(23.3

)

Business acquisition liabilities - short-term

 

(140.0

)

Deferred income taxes

 

(184.3

)

Deferred and other long-term liabilities

 

(10.2

)

Cash purchase price (net of cash acquired)

$

656.4

 

The trade name and customer relationship intangible assets were valued using a discounted cash flow model and have a useful life of 20 years. The goodwill is a result of expected synergies from combined operations of the acquired business and the Company.

Pro forma results are not presented because the impact of the acquisition is not material to the Company’s consolidated financial results. The goodwill and other intangible assets associated with the Touchland Acquisition are not deductible for U.S. tax purposes.

On June 3, 2024, the Company acquired substantially all of the issued and outstanding shares of capital stock of Graphico, Inc. ("Graphico"), a Japan-based distributor focused on consumer goods primarily in the Japanese market (the “Graphico Acquisition”). The Company paid $19.9, net of cash acquired, at closing. The Company acquired the remaining minority shares for approximately $2.0 in July 2024. Graphico’s annual net sales for the year ended December 31, 2023 were approximately $38.0. The Graphico Acquisition was financed with cash on hand, is expected to contribute to greater expansion of our business in the Asia-Pacific (APAC) region, and is managed in the Consumer International segment.

The fair values of the net assets at acquisition are set forth as follows:

 

Accounts receivable

$

3.5

 

Inventory

 

11.3

 

Other current assets

 

1.5

 

Other long-term assets

 

5.8

 

Customer relationship intangible asset

 

8.4

 

Goodwill

 

2.8

 

Accounts payable, accrued expenses and other liabilities

 

(6.9

)

Long-term debt

 

(4.4

)

Deferred income taxes

 

(2.1

)

Cash purchase price (net of cash acquired)

$

19.9

 

The customer relationship intangible asset was valued using a discounted cash flow model and has a useful life of 15 years. The goodwill is a result of expected synergies from combined operations of the acquired business and the Company. Pro forma results are not presented because the impact of the acquisition is not material to the Company’s consolidated financial results. The goodwill and other intangible assets associated with the Graphico Acquisition are not deductible for U.S. tax purposes.