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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
ASP Henry Holdings, Inc. |
Acquisitions |
Summary of Unaudited Combined Pro Forma Information | The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:
|  |  |  | Unaudited Pro Forma
|  |  |  | Year ended December 31,
(in millions) |  |  |  |  |  | 2021 |  | 2020
Revenues |  |  |  |  |  | $ | 5,170.6 |  |  | $ | 4,435.1 |
Income from continuing operations, net of tax |  |  |  |  |  | $ | 409.3 |  |  | $ | 316.1 |
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 Henry 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 in accordance with ASC 805, Business Combinations, 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 9/1/2021 |  |  | As of 8/31/2022
Total cash consideration transferred |  | $ | 1,608.2 |  | $ | (2.6) |  | $ | 1,605.6
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 34.3 |  | — |  | 34.3
Receivables, net |  | 79.0 |  | — |  | 79.0
Inventories |  | 59.4 |  | (9.4) |  | 50.0
Prepaid expenses and other current assets |  | 10.5 |  | — |  | 10.5
Property, plant and equipment |  | 53.6 |  | 8.2 |  | 61.8
Other intangible assets |  | 735.1 |  | 445.9 |  | 1,181.0
Other long-term assets |  | 3.6 |  | 8.3 |  | 11.9
Accounts payable |  | (77.9) |  | 2.3 |  | (75.6)
Accrued and other current liabilities |  | (28.7) |  | (0.4) |  | (29.1)
Short-term debt |  | (1.0) |  | — |  | (1.0)
Contract liabilities |  | (2.6) |  | — |  | (2.6)
Other long-term debt |  | (0.8) |  | — |  | (0.8)
Other long-term liabilities |  | (5.9) |  | (9.8) |  | (15.7)
Deferred income taxes |  | (153.4) |  | (109.7) |  | (263.1)
Total identifiable net assets |  | 705.2 |  | 335.4 |  | 1,040.6
Goodwill |  | $ | 903.0 |  | $ | (338.0) |  | $ | 565.0
Summary of Acquired Definite-lived Intangible Assets | The fair value and weighted average useful lives of the acquired intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 914.0 |  |  | 18
Technologies |  | 46.5 |  |  | 11
Software |  | 0.1 |  |  | 4
Indefinite-lived trade name |  | 220.4 |  |  | N/A
Total |  | $ | 1,181.0 |  |  |
Motion Tech Automation, LLC |
Acquisitions |
Summary of Acquired Definite-lived Intangible Assets | 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)
Technologies |  | $ | 2.3 |  |  | 9
Customer relationships |  | 1.0 |  |  | 9
Trade names |  | 1.0 |  |  | 5
Total |  | $ | 4.3 |  |  |

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