Acquisition (Tables)

9 Months Ended

Sep. 30, 2021

The purchase price of Photon Control consisted of the following:

Cash paid for outstanding shares⁽¹⁾	$	302.7
Less: Cash and cash equivalents acquired		(34.3	)
Total purchase price, net of cash and cash equivalents acquired	$	268.4

⁽¹⁾

Represents cash paid of CAD 3.60 per share for approximately 105.2 shares of Photon Control common stock, without interest and subject to deduction for any required withholding tax.

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to assets acquired and liabilities assumed at the date of the Photon Control Acquisition:

Current assets	$	51.4
Intangible assets		121.0
Goodwill		168.2
Other non-current assets		8.6
Total assets acquired		349.2
Current liabilities		13.7
Non-current deferred taxes		32.1
Other long-term liabilities		0.7
Total liabilities assumed		46.5
Fair value of assets acquired and liabilities assumed		302.7
Less: Cash and cash equivalents acquired		(34.3	)
Total purchase price, net of cash and cash equivalents acquired	$	268.4

Allocation of Acquired Intangible Assets and Related Estimates of Useful Lives

The following table reflects the allocation of the acquired intangible assets and related estimate of useful lives:

Completed technology	$	110.0	9 years
Customer relationships	$	9.4	10 years
Trade names		0.2	0.5 years
Backlog		1.4	1.5 years
	$	121.0