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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Motion Tech Automation, LLC |
Acquisitions |
Schedule of Finite-Lived Intangible Assets Acquired | The preliminary fair value and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Technologies |  | $ | 2.3 |  |  | 9
Customer relationships |  | 1.0 |  |  | 9
Trade names |  | 1.0 |  |  | 5
Total |  | $ | 4.3 |  |  |
Providien |
Acquisitions |
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities | The following table summarizes the consideration transferred to acquire Providien and the allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Final Allocation
(in millions) |  | As of 11/20/2019 |  |  | As of 11/20/2020
Total cash consideration transferred |  | $ | 332.1 |  |  | $ | (0.8) |  |  | $ | 331.3 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 3.4 |  |  | — |  |  | 3.4 |
Receivables, net |  | 9.8 |  |  | — |  |  | 9.8 |
Inventories, net |  | 2.7 |  |  | (0.3) |  |  | 2.4 |
Contract assets |  | 29.1 |  |  | (4.5) |  |  | 24.6 |
Prepaid expenses and other current assets |  | 2.3 |  |  | (0.9) |  |  | 1.4 |
Property, plant and equipment |  | 12.9 |  |  | — |  |  | 12.9 |
Definite-lived intangible assets |  | 135.4 |  |  | (2.7) |  |  | 132.7 |
Other long-term assets |  | 7.1 |  |  | (0.3) |  |  | 6.8 |
Accounts payable |  | (6.0) |  |  | 0.2 |  |  | (5.8) |
Income tax payable |  | (0.7) |  |  | 0.8 |  |  | 0.1 |
Accrued and other current liabilities |  | (7.0) |  |  | — |  |  | (7.0) |
Other long-term liabilities |  | (8.1) |  |  | 1.1 |  |  | (7.0) |
Deferred income taxes |  | (27.1) |  |  | 8.1 |  |  | (19.0) |
Total identifiable net assets |  | 153.8 |  |  | 1.5 |  |  | 155.3 |
Goodwill |  | $ | 178.3 |  |  | $ | (2.3) |  |  | $ | 176.0 |
Schedule of Finite-Lived Intangible Assets Acquired | The fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 108.7 |  |  | 14
Technologies |  | 19.5 |  |  | 7
Trade names |  | 4.4 |  |  | 2
Total |  | $ | 132.6 |  |  |
Petersen Aluminum |
Acquisitions |
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities |
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Final Allocation
(in millions) |  | As of 1/11/2019 |  |  | As of 1/11/2020
Total cash consideration transferred |  | $ | 207.2 |  |  | $ | — |  |  | $ | 207.2 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 5.2 |  |  | — |  |  | 5.2 |
Receivables, net |  | 11.5 |  |  | — |  |  | 11.5 |
Inventories, net |  | 39.5 |  |  | (0.3) |  |  | 39.2 |
Prepaid expenses and other current assets |  | 2.1 |  |  | — |  |  | 2.1 |
Property, plant and equipment |  | 17.8 |  |  | — |  |  | 17.8 |
Definite-lived intangible assets |  | 109.3 |  |  | 0.8 |  |  | 110.1 |
Other long-term assets |  | 9.5 |  |  | — |  |  | 9.5 |
Accounts payable |  | (5.9) |  |  | — |  |  | (5.9) |
Income tax payable |  | 1.7 |  |  | — |  |  | 1.7 |
Accrued and other current liabilities |  | (8.7) |  |  | — |  |  | (8.7) |
Other long-term liabilities |  | (12.4) |  |  | (0.1) |  |  | (12.5) |
Deferred income taxes |  | (25.4) |  |  | (0.2) |  |  | (25.6) |
Total identifiable net assets |  | 144.2 |  |  | 0.2 |  |  | 144.4 |
Goodwill |  | $ | 63.0 |  |  | $ | (0.2) |  |  | $ | 62.8 |

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