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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
PFB Holdco, Inc |
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 PFB and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  |  |  |
(in millions) |  | As of 12/18/2024 |  |  |
Total cash consideration transferred |  | $ | 268.9 |  |  |  |  |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 6.4 |  |  |  |  |
Receivables, net |  | 9.6 |  |  |  |  |
Inventories |  | 14.5 |  |  |  |  |
Prepaid expenses and other current assets |  | 6.6 |  |  |  |  |
Property, plant and equipment |  | 31.7 |  |  |  |  |
Definite-lived intangible assets |  | 112.8 |  |  |  |  |
Other long-term assets |  | 46.1 |  |  |  |  |
Accounts payable |  | (4.6) |  |  |  |  |
Accrued and other current liabilities |  | (27.8) |  |  |  |  |
Deferred income taxes |  | (27.9) |  |  |  |  |
Other long-term liabilities |  | (43.5) |  |  |  |  |
Total identifiable net assets |  | 123.9 |  |  |  |  |
Goodwill |  | $ | 145.0 |  |  |  |  |
Summary of Acquired Definite-lived Intangible Assets | The preliminary 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 |  | $ | 74.9 |  |  | 11
Trade names |  | 15.0 |  |  | 15
Technologies |  | 22.9 |  |  | 10
Total |  | $ | 112.8 |  |  |
MTL Holdings LLC |
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 MTL and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Preliminary Allocation
(in millions) |  | As of 5/1/2024 |  |  | As of 12/31/2024
Total cash consideration transferred |  | $ | 423.1 |  |  | $ | 1.5 |  |  | $ | 424.6 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 10.3 |  |  | — |  |  | 10.3 |
Receivables, net |  | 14.0 |  |  | — |  |  | 14.0 |
Inventories |  | 17.2 |  |  | — |  |  | 17.2 |
Prepaid expenses and other current assets |  | 0.9 |  |  | — |  |  | 0.9 |
Property, plant and equipment |  | 10.7 |  |  | (0.3) |  |  | 10.4 |
Definite-lived intangible assets |  | 248.3 |  |  | — |  |  | 248.3 |
Other long-term assets |  | 8.1 |  |  | — |  |  | 8.1 |
Accounts payable |  | (5.9) |  |  | — |  |  | (5.9) |
Accrued and other current liabilities |  | (6.1) |  |  | — |  |  | (6.1) |
Deferred income taxes |  | (6.9) |  |  | — |  |  | (6.9) |
Other long-term liabilities |  | (6.7) |  |  | — |  |  | (6.7) |
Total identifiable net assets |  | 283.9 |  |  | (0.3) |  |  | 283.6 |
Goodwill |  | $ | 139.2 |  |  | $ | 1.8 |  |  | $ | 141.0 |
Summary of Acquired Definite-lived Intangible Assets | The preliminary 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 |  | $ | 183.1 |  |  | 13
Trade names |  | 44.6 |  |  | 19
Technologies |  | 18.1 |  |  | 11
Software |  | 2.5 |  |  | 5
Total |  | $ | 248.3 |  |  |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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