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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of Acquisition Costs To Assets Acquired and Liabilities Assumed | The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:
(In millions) | Total
Current assets, net of cash acquired | $ | 18.4 |
Property, plant and equipment | 4.0 |
Goodwill | 42.4 |
Intangible assets | 46.0 |
Deferred income taxes | 2.6 |
Other noncurrent assets | 0.1 |
Total assets acquired | 113.5 |
Current liabilities | (7.1) |
Other noncurrent liabilities | (0.1) |
Net assets acquired | $ | 106.3 |
The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:
(In millions) | Total
Current assets, net of cash acquired | $ | 45.3 |
Property, plant and equipment | 4.8 |
Goodwill | 267.6 |
Intangible assets | 202.3 |
Other noncurrent assets | 10.1 |
Total assets acquired | 530.1 |
Current liabilities | (10.1) |
Deferred income taxes | (40.6) |
Other noncurrent liabilities | (8.4) |
Net assets acquired | $ | 471.0 |
he final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:
(In millions) | Total
Current assets, net of cash acquired | $ | 32.9 |
Property, plant and equipment | 4.2 |
Goodwill | 60.0 |
Intangible assets | 53.0 |
Other noncurrent assets | 1.3 |
Total assets acquired | 151.4 |
Current liabilities | (32.3) |
Deferred income taxes | 2.5 |
Other noncurrent liabilities | (0.4) |
Net assets acquired | $ | 121.2 |
The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:
(In millions) | Total
Current assets, net of cash acquired | $ | 20.2 |
Property, plant and equipment | 1.7 |
Goodwill | 86.6 |
Intangible assets | 48.2 |
Other noncurrent assets | 0.8 |
Total assets acquired | 157.5 |
Current liabilities | (7.6) |
Long-term borrowings | (51.1) |
Deferred income taxes | (11.1) |
Other noncurrent liabilities | (0.5) |
Net assets acquired | $ | 87.2 |
Acquired Intangible Assets and Weighted Average Amortization Periods | The acquired intangible assets and weighted average amortization periods are as follows:
(In millions, except weighted average life) | Total |  | Weighted Average Life
Trade names | $ | 9.0 |  |  | 15
Customer relationships | 30.0 |  |  | 13
Unpatented technology | 7.0 |  |  | 11
Acquired intangible assets | $ | 46.0 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
(In millions, except weighted average life) | Total |  | Weighted Average Life
Trade names | $ | 15.4 |  |  | 15
Customer relationships | 162.9 |  |  | 13
Unpatented technology | 24.0 |  |  | 11
Acquired intangible assets | $ | 202.3 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
(In millions, except weighted average life) | Total |  | Weighted Average Life
Trade names | $ | 6.0 |  |  | 15
Customer relationships | 31.5 |  |  | 10
Unpatented technology | 15.5 |  |  | 20
Acquired intangible assets | $ | 53.0 |  |  |
Qualtek On November 23, 2020, the Company acquired Qualtek Manufacturing, Inc. (“Qualtek”), a manufacturer of high quality specialty metal components and parts by providing vertically integrated tool and die, metal stamping and metal finishing services. Headquartered in Colorado Springs, Colorado, Qualtek operates in the BAND-IT reporting unit within the FSDP segment. Qualtek was acquired for cash consideration of $1.9 million. The entire purchase price was funded with cash on hand. Goodwill recognized as part of this transaction was $1.1 million. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is deductible for tax purposes. The Company finalized its allocation of the purchase price for the Qualtek acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. The acquired intangible assets and weighted average amortization periods are as follows:
(In millions, except weighted average life) | Total |  | Weighted Average Life
Trade names | $ | 7.1 |  |  | 15
Customer relationships | 34.7 |  |  | 12
Unpatented technology | 6.4 |  |  | 9
Acquired intangible assets | $ | 48.2 |  |  |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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