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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 Business Combinations | Below is a summary of each significant acquisition by year, including revenue and net income since date of acquisition shown for the year of acquisition. Net income includes amortization and taxes when appropriate. For the three and six months ended June 30, 2024 (in millions):
|  |  |  |  |  |  |  |  |  |  |  | Three months ended June 30, 2024 |  | Six months ended June 30, 2024
2024 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income |  | Revenue |  | Net Income
Various |  | Various |  | Asset |  | $ | 22.7 |  |  | $ | 2.2 |  |  | $ | 24.9 |  |  | $ | 4.8 |  |  | $ | 0.3 |  |  | $ | 5.2 |  |  | $ | 0.3 |
For the three and six months ended June 30, 2023 (in millions):
|  |  |  |  |  |  |  |  |  |  |  | Three months ended June 30, 2023 |  | Six months ended June 30, 2023
2023 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income (Loss) |  | Revenue |  | Net Income (Loss)
Anchor |  | 3/12/2023 |  | Share |  | $ | 35.9 |  |  | $ | 2.7 |  |  | $ | 38.6 |  |  | $ | 9.3 |  |  | $ | 0.4 |  |  | $ | 11.5 |  |  | $ | 0.5 |
Other |  | Various |  | Asset |  | 4.3 |  |  | 0.4 |  |  | 4.7 |  |  | 1.4 |  |  | — |  |  | 1.9 |  |  | — |
|  |  |  |  |  | $ | 40.2 |  |  | $ | 3.1 |  |  | $ | 43.3 |  |  | $ | 10.7 |  |  | $ | 0.4 |  |  | $ | 13.4 |  |  | $ | 0.5 |
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):
| Six months ended June 30, 2024 |  | Six months ended June 30, 2023
| Various |  | Anchor |  |  |  |  |  | Other |  | Total
Estimated fair values: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable | $ | 1.0 |  |  | $ | 5.0 |  |  |  |  |  |  | $ | — |  |  | $ | 5.0 |
Inventories | 1.5 |  |  | 1.6 |  |  |  |  |  |  | 0.2 |  |  | 1.8 |
Other current assets | — |  |  | 1.9 |  |  |  |  |  |  | — |  |  | 1.9 |
Property and equipment | 2.3 |  |  | 2.3 |  |  |  |  |  |  | 1.0 |  |  | 3.3 |
Operating lease right-of-use asset | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Intangibles | 13.6 |  |  | 16.4 |  |  |  |  |  |  | 2.2 |  |  | 18.6 |
Goodwill | 7.2 |  |  | 13.3 |  |  |  |  |  |  | 1.3 |  |  | 14.6 |
Other non-current assets | 0.2 |  |  | 0.2 |  |  |  |  |  |  | — |  |  | 0.2 |
Accounts payable and other current liabilities | (0.9) |  |  | (2.1) |  |  |  |  |  |  | — |  |  | (2.1) |
Fair value of assets acquired and purchase price | 24.9 |  |  | 38.6 |  |  |  |  |  |  | 4.7 |  |  | 43.3 |
Less seller obligations | 2.2 |  |  | 2.7 |  |  |  |  |  |  | 0.4 |  |  | 3.1 |
Cash paid | $ | 22.7 |  |  | $ | 35.9 |  |  |  |  |  |  | $ | 4.3 |  |  | $ | 40.2 |
Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):
| For the six months ended June 30,
| 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 | $ | 9.4 |  |  | 12 |  | $ | 11.7 |  |  | 12
Trademarks and tradenames | 3.3 |  |  | 15 |  | 5.7 |  |  | 15
Non-competition agreements | 0.9 |  |  | 5 |  | 0.4 |  |  | 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 June 30, |  | Unaudited pro forma for the six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net revenue | $ | 741.3 |  |  | $ | 707.8 |  |  | $ | 1,440.4 |  |  | $ | 1,391.0 |
Net income | 65.3 |  |  | 62.6 |  |  | 121.4 |  |  | 113.2 |
Basic net income per share | 2.32 |  |  | 2.22 |  |  | 4.31 |  |  | 4.02 |
Diluted net income per share | 2.31 |  |  | 2.21 |  |  | 4.28 |  |  | 4.00 |

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