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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

As of March 31, 2024, 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			$	109.8

As of March 31, 2024, 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			$	16.9
Property, plant and equipment			12.5
Goodwill			104.5
Intangible assets			92.3
Other noncurrent assets			2.9
Total assets acquired			229.1
Current liabilities			(5.5)
Deferred income taxes			(20.5)
Other noncurrent liabilities			(2.7)
Net assets acquired(1)			$	200.4

(1) The Company finalized the purchase price of STC, resulting in a $1.6 million downward adjustment to the purchase price. Funds were received by the Company in April 2024.

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			63.0						15
Unpatented technology			20.0						11
Acquired intangible assets			$	92.3

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- References

No definition available.

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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

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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

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