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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Consideration | The following table shows the purchase price in accordance with ASC 805:
Description |
Cash consideration to seller | $ | 2,788.3 |
Howden's debt settled at close | 1,529.0 |
Settlement of seller transaction costs | 67.2 |
Funds held in escrow | 20.4 |
Working capital adjustment | (17.5) |
Total ASC 805 purchase price | $ | 4,387.4 |
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed in the Howden Acquisition as of the acquisition date:
| Fair Value
Net assets acquired: |
Cash and cash equivalents | $ | 62.5 |
Restricted cash | 2.6 |
Accounts receivable | 422.7 |
Inventories | 256.8 |
Unbilled contract revenue | 167.8 |
Prepaid expenses | 51.9 |
Other current assets | 101.4 |
Assets held for sale | 225.7 |
Property, plant and equipment | 325.1 |
Identifiable intangible assets | 2,434.5 |
Equity method investments | 12.0 |
Other assets | 117.3 |
Accounts payable | (385.7) |
Customer advances and billings in excess of contract revenue | (233.2) |
Accrued salaries, wages and benefits | (103.3) |
Accrued income taxes | (34.0) |
Current portion of warranty reserve | (38.5) |
Current portion of long-term debt | (1.4) |
Other current liabilities | (158.8) |
Liabilities held for sale | (43.9) |
Long-term deferred tax liabilities | (663.6) |
Operating lease liabilities | (52.3) |
Finance lease liabilities | (8.1) |
Accrued pension liabilities | (6.0) |
Other long-term liabilities | (45.7) |
Total identifiable net assets assumed | 2,405.8 |
Noncontrolling interest (1) | (146.3) |
Goodwill (2) | 2,127.9 |
Net assets acquired | $ | 4,387.4 |
Assets acquired net of cash, cash equivalents and restricted cash | $ | 4,322.3 |
_______________ (1)As part of the Howden Acquisition, we acquired 82% of Howden Hua Engineering Co., Ltd, an entity based in China. The noncontrolling interest was valued at $146.0. (2)Includes $102.2 and $49.7 allocated to the Roots and American Fan divestitures, respectively.
Schedule of Identifiable Intangible Assets Acquired | The following table summarizes information regarding identifiable intangible assets acquired in the Howden Acquisition:
| Estimated Useful Lives |  | Fair Value
Finite-lived intangible assets acquired: |  |  |
Customer relationships | 18 years |  | $ | 1,533.0 |
Backlog | 3 years |  | 135.0 |
Technology | 5 to 14 years |  | 296.0 |
Total finite-lived intangible assets acquired |  |  | 1,964.0 |
Indefinite-lived intangible assets acquired: |  |  |
Trade names |  |  | 470.5 |
Total intangible assets acquired |  |  | $ | 2,434.5 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + 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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