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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified 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:
| Total
Current assets, net of cash acquired | $ | 10.6 |
Property, plant and equipment | 19.9 |
Goodwill | 52.7
Intangible assets | 45.6
Other noncurrent assets | 5.4
Total assets acquired | 134.2
Current liabilities | (1.2) |
Deferred income taxes | (18.3) |
Other noncurrent liabilities | (4.9) |
Net assets acquired(1) | $ | 109.8 |
(1) During the fourth quarter of 2023, the Company finalized the net working capital of the assets and liabilities acquired, resulting in a $0.5 million adjustment to reduce the purchase price of the Iridian business. 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:
| Total
Current assets, net of cash acquired | $ | 16.7 |
Property, plant and equipment | 12.5 |
Goodwill | 104.0 |
Intangible assets | 95.3 |
Other noncurrent assets | 3.1 |
Total assets acquired | 231.6 |
Current liabilities | (5.4) |
Deferred income taxes | (21.7) |
Other noncurrent liabilities | (2.5) |
Net assets acquired | $ | 202.0 |
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:
| Total
Current assets, net of cash acquired | $ | 16.6 |
Property, plant and equipment | 2.0 |
Goodwill | 54.7
Intangible assets | 49.8
Other noncurrent assets | 4.3
Total assets acquired | 127.4
Current liabilities | (9.2) |
Deferred income taxes | (1.9) |
Other noncurrent liabilities | (3.8) |
Net assets acquired | $ | 112.5 |
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:
| Total
Current assets, net of cash acquired | 9.7 |
Property, plant and equipment | 1.8 |
Goodwill | 56.4 |
Intangible assets | 52.0 |
Deferred income taxes | 0.2 |
Other noncurrent assets | 1.0 |
Total assets acquired | 121.1 |
Current liabilities | (1.0) |
Net assets acquired | $ | 120.1 |
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:
| Total
Current assets, net of cash acquired | $ | 51.4 |
Property, plant and equipment | 57.6 |
Goodwill | 396.6 |
Intangible assets | 319.1 |
Other noncurrent assets | 9.6 |
Total assets acquired | 834.3 |
Current liabilities | (26.8) |
Deferred income taxes | (83.5) |
Other noncurrent liabilities | (11.0) |
Net assets acquired | $ | 713.0 |
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:
| Total
Current assets, net of cash acquired | $ | 18.1 |
Property, plant and equipment | 4.0 |
Goodwill | 42.7 |
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 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:
| Total
Current assets, net of cash acquired | $ | 45.3 |
Property, plant and equipment | 4.8 |
Goodwill | 268.5 |
Intangible assets | 202.3 |
Other noncurrent assets | 10.2 |
Total assets acquired | 531.1 |
Current liabilities | (11.8) |
Deferred income taxes | (39.9) |
Other noncurrent liabilities | (8.4) |
Net assets acquired | $ | 471.0 |
Schedule of Finite-Lived Intangible Assets Acquired | The acquired intangible assets and weighted average amortization periods are as follows:
| Total |  | Weighted Average Life
Trade names | $ | 5.2 |  |  | 15
Customer relationships | 29.3 |  |  | 12
Unpatented technology | 11.1 |  |  | 11
Acquired intangible assets | $ | 45.6 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
| Total |  | Weighted Average Life
Trade names | $ | 9.3 |  |  | 15
Customer relationships | 66.0 |  |  | 15
Unpatented technology | 20.0 |  |  | 11
Acquired intangible assets | $ | 95.3 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
| Total |  | Weighted Average Life
Trade names | $ | 13.5 |  |  | 15
Customer relationships | 31.5 |  |  | 10
Software | 4.8 |  |  | 5
Acquired intangible assets | $ | 49.8 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
| Total |  | Weighted Average Life
Trade names | $ | 7.5 |  |  | 15
Customer relationships | 36.0 |  |  | 13
Unpatented technology | 8.5 |  |  | 10
Acquired intangible assets | $ | 52.0 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
| Total |  | Weighted Average Life
Trade names | $ | 38.3 |  |  | 15
Customer relationships | 212.4 |  |  | 13
Unpatented technology | 68.4 |  |  | 11
Acquired intangible assets | $ | 319.1 |  |  |
The acquired intangible assets and weighted average amortization periods are as follows:
| 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:
| Total |  | Weighted Average Life
Trade names | $ | 15.4 |  |  | 15
Customer relationships | 162.9 |  |  | 13
Unpatented technology | 24.0 |  |  | 11
Acquired intangible assets | $ | 202.3 |  |  |
Schedule of Business Acquisitions-Related cost and the Fair value Inventory | A summary of the acquisition costs and the fair value inventory step-up charges recorded in the years ended December 31, 2023, 2022 and 2021 are presented in the following table:
|  | 2023 |  | 2022 |  | 2021
Acquisition costs |  | $ | 7.3 |  |  | $ | 6.8 |  |  | $ | 6.5 |
Fair value inventory step-up charges |  | $ | 1.6 |  |  | $ | 8.5 |  |  | $ | 11.6 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -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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