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ACQUISITIONS Acquisitions (Notes) | 3 Months Ended
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Apr. 01, 2023
Acquisitions [Abstract] |
Business Combination Disclosure [Text Block] | ACQUISITIONS Acquisition of Habonim Industrial Valves and Actuators Ltd (Habonim) On April 4, 2022, we completed the acquisition of 100% of the privately held stock of Habonim for a purchase price of $139.9. Habonim is a designer and manufacturer of valves, valve automation and actuation for the gas distribution (including liquified natural gas), biotech and harsh application service sectors. Habonim sells directly to original equipment manufacturers and integrators for customized solutions. Habonim has operations in Israel, the U.S., and the Netherlands, and has a workforce of approximately 200 employees. Beginning in the second quarter of 2022, Habonim’s results are reported within our IP segment. The assets acquired and liabilities assumed were recorded at fair value. As of April 1, 2023, allocation of the purchase price was complete and is presented in the table below.
Final Allocation of Purchase Price |
Receivables | $ | 10.2 |
Inventory | 17.8 |
Plant, property and equipment | 16.1 |
Goodwill | 62.9 |
Other intangible assets | 47.2 |
Other assets | 4.2 |
Accounts payable and accrued liabilities | (8.7) |
Other liabilities | (7.1) |
Noncontrolling interest | (2.7) |
Net assets acquired | $ | 139.9 |
Pro forma results of operations have not been presented because the acquisition was not deemed significant as of the acquisition date. Subsequent Event On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of approximately $80. Micro-Mode is a specialty designer and manufacturer of high-bandwidth Radio Frequency (RF) connectors for harsh environment defense and space applications. Micro-Mode has a single manufacturing site near San Diego, California and generated approximately $26 in sales in 2022. Micro-Mode’s results will be reported within our CCT segment beginning in the second quarter of 2023.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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