XML 57 R44.htm IDEA: XBRL DOCUMENT
v3.25.2

Business Combinations (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Business Combinations | Below is a summary of acquisitions in aggregate 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, 2025 (in millions):
|  |  |  |  |  |  |  |  |  |  |  | Three months ended June 30, 2025 |  | Six months ended June 30, 2025
2025 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income |  | Revenue |  | Net Income
Other |  | Various |  | Asset |  | $ | 11.3 |  |  | $ | 0.6 |  |  | $ | 11.9 |  |  | $ | 1.7 |  |  | $ | 0.1 |  |  | $ | 1.9 |  |  | $ | 0.1 |
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
Other |  | Various |  | Asset |  | $ | 22.7 |  |  | $ | 2.2 |  |  | $ | 24.9 |  |  | $ | 4.8 |  |  | $ | 0.3 |  |  | $ | 5.2 |  |  | $ | 0.3 |
Schedule 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, 2025 |  |  |  |  |  |  |  |  |  | Six months ended June 30, 2024 |  |
|  |  | Other |  |  |  |  |  |  |  |  |  | Other |  |
Estimated fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | 1.0 |  |  |
Inventories |  |  | 0.3 |  |  |  |  |  |  |  |  |  |  | 1.5 |  |  |
Other current assets |  |  | 0.0 |  |  |  |  |  |  |  |  |  |  | — |  |  |
Property and equipment |  |  | 0.9 |  |  |  |  |  |  |  |  |  |  | 2.3 |  |  |
Operating lease right-of-use asset |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  | 0.2 |  |  |
Intangibles |  |  | 7.1 |  |  |  |  |  |  |  |  |  |  | 13.6 |  |  |
Goodwill |  |  | 3.6 |  |  |  |  |  |  |  |  |  |  | 7.2 |  |  |
Other non-current assets |  |  | 0.0 |  |  |  |  |  |  |  |  |  |  | 0.2 |  |  |
Accounts payable and other current liabilities |  |  | — |  |  |  |  |  |  |  |  |  |  | (1.0) |  |  |
Other long-term liabilities |  |  | (0.2) |  |  |  |  |  |  |  |  |  |  | (0.1) |  |  |
Fair value of assets acquired and purchase price |  |  | 11.9 |  |  |  |  |  |  |  |  |  |  | 24.9 |  |  |
Less seller obligations |  |  | 0.6 |  |  |  |  |  |  |  |  |  |  | 2.2 |  |  |
Cash paid |  |  | $ | 11.3 |  |  |  |  |  |  |  |  |  |  | $ | 22.7 |  |  |
Schedule of 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,
| 2025 |  | 2024
Acquired intangibles assets | Estimated Fair Value |  | Weighted Average Estimated Useful Life (yrs.) |  | Estimated Fair Value |  | Weighted Average Estimated Useful Life (yrs.)
Customer relationships | $ | 4.8 |  |  | 12 |  | $ | 9.4 |  |  | 12
Trademarks and tradenames | 1.7 |  |  | 15 |  | 3.3 |  |  | 15
Non-competition agreements | 0.3 |  |  | 5 |  | 0.9 |  |  | 5
Backlog | 0.3 |  |  | 1 |  | — |  |  | 0
Schedule of 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, 2024 and 2023, 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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue | $ | 760.5 |  |  | $ | 762.6 |  |  | $ | 1,447.1 |  |  | $ | 1,481.9 |
Net income | 69.0 |  |  | 67.2 |  |  | 114.4 |  |  | 125.0 |
Basic net income per share | 2.52 |  |  | 2.39 |  |  | 4.17 |  |  | 4.44 |
Diluted net income per share | 2.52 |  |  | 2.37 |  |  | 4.15 |  |  | 4.41 |

X
- Definition Tabular disclosure of pro forma revenue and earnings for business combination or aggregate of series of individually immaterial business combinations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-8 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 49 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479303/805-10-55-49 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 4: 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 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired in business combination. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-8 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479303/805-10-55-41 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479581/805-30-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration