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Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Combinations

For the three months ended March 31, 2024 (in millions):

																																				Three months ended March 31, 2024
2024 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income
Other						3/4/2024						Asset						$	4.1					$	0.6					$	4.7					$	0.4					$	0.0

For the three months ended March 31, 2023 (in millions):

																																				Three months ended March 31, 2023
2023 Acquisitions						Date						Acquisition Type						Cash Paid						Seller Obligations						Total Purchase Price						Revenue						Net Income
Anchor						3/12/2023						Share						$	35.9					$	2.7					$	38.6					$	2.2					$	0.1
Other						2/13/2023						Asset						2.1						0.1						2.2						0.4						0.0
																		$	38.0					$	2.8					$	40.8					$	2.6					$	0.1

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following (in millions):

			Three months ended March 31, 2024						Three months ended March 31, 2023
			Other						Anchor																		Other						Total
Estimated fair values:
Accounts receivable			$	—					$	5.0																	$	—					$	5.0
Inventories			0.4						1.6																		0.1						1.7
Other current assets			—						1.9																		—						1.9
Property and equipment			0.3						2.3																		0.4						2.7
Operating lease right-of-use asset			—						—																		—						—
Intangibles			2.5						16.4																		1.1						17.5
Goodwill			1.5						13.3																		0.7						14.0
Other non-current assets			—						0.2																		—						0.2
Accounts payable and other current liabilities			—						(2.1)																		(0.1)						(2.2)
Fair value of assets acquired and purchase price			4.7						38.6																		2.2						40.8
Less seller obligations			0.6						2.7																		0.1						2.8
Cash paid			$	4.1					$	35.9																	$	2.1					$	38.0

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):

			For the three months ended March 31,
			2024												2023
Acquired intangibles assets			Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)						Estimated Fair Value						Weighted Average Estimated Useful Life (yrs.)
Customer relationships			$	1.7					12						$	11.0					12
Trademarks and tradenames			0.6						15						5.4						15
Non-competition agreements			0.2						5						0.3						5
Backlog			—						0						0.8						1

Pro Forma Results of Operations

The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2023 and 2022, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in millions, except per share data):

			Unaudited pro forma for the three months ended March 31,
			2024						2023
Net revenue			$	693.6					$	677.3
Net income			55.9						50.0
Basic net income per share			1.98						1.78
Diluted net income per share			1.97						1.77

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
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-Topic 805
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-Name Accounting Standards Codification
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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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.

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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.

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