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Business Combinations (Tables)

6 Months Ended

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

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
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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