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v3.25.4

Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Business Combinations | For the year ended December 31, 2025 (in millions):
2025 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income (Loss)
Carolina Precision Fibers |  | 9/8/2025 |  | Asset |  | $ | 21.0 |  |  | $ | 2.0 |  |  | $ | 23.0 |  |  | $ | 7.4 |  |  | $ | 0.6 |
Other |  | Various |  | Asset |  | 30.5 |  |  | 1.9 |  |  | 32.4 |  |  | 10.7 |  |  | (0.3) |
Total |  |  |  |  |  | $ | 51.5 |  |  | $ | 3.9 |  |  | $ | 55.4 |  |  | $ | 18.1 |  |  | $ | 0.3 |
For the year ended December 31, 2024 (in millions):
2024 Acquisitions |  | Date |  | Acquisition Type |  | Cash Paid |  | Seller Obligations |  | Total Purchase Price |  | Revenue |  | Net Income
Euroview |  | 7/29/2024 |  | Asset |  | $ | 19.2 |  |  | $ | 1.6 |  |  | $ | 20.8 |  |  | $ | 7.3 |  |  | $ | 0.6 |
Insulation Supplies |  | 10/7/2024 |  | Asset |  | 17.4 |  |  | 0.1 |  |  | 17.5 |  |  | 5.7 |  |  | 0.7 |
Tatum |  | 11/12/2024 |  | Share |  | 20.4 |  |  | 0.6 |  |  | 21.0 |  |  | 1.7 |  |  | — |
Other |  | Various |  | Asset |  | 31.6 |  |  | 2.8 |  |  | 34.4 |  |  | 21.3 |  |  | 0.7 |
Total |  |  |  |  |  | $ | 88.6 |  |  | $ | 5.1 |  |  | $ | 93.7 |  |  | $ | 36.0 |  |  | $ | 2.0 |
For the year ended December 31, 2023 (in millions):
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 |  |  | $ | 30.4 |  |  | $ | 1.6 |
Other |  | Various |  | Asset |  | 23.7 |  |  | 1.6 |  |  | 25.3 |  |  | 9.0 |  |  | 0.2 |
Total |  |  |  |  |  | $ | 59.6 |  |  | $ | 4.3 |  |  | $ | 63.9 |  |  | $ | 39.4 |  |  | $ | 1.8 |
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):
| 2025 |
| Carolina Precision Fibers |  |  |  |  |  | Other |  | Total |
Estimated fair values: |  |  |  |  |  |  |  |  |  |
Accounts receivable | $ | 1.8 |  |  |  |  |  |  | $ | 1.5 |  |  | $ | 3.3 |  |
Inventories | 1.0 |  |  |  |  |  |  | 1.4 |  |  | 2.4 |  |
Other current assets | — |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |
Property and equipment | 3.8 |  |  |  |  |  |  | 3.8 |  |  | 7.6 |  |
Operating lease right-of-use asset | 0.6 |  |  |  |  |  |  | 0.4 |  |  | 1.0 |  |
Intangibles | 10.1 |  |  |  |  |  |  | 17.9 |  |  | 28.0 |  |
Goodwill | 7.0 |  |  |  |  |  |  | 9.4 |  |  | 16.4 |  |
Other non-current assets | 0.4 |  |  |  |  |  |  | 0.1 |  |  | 0.5 |  |
Accounts payable and other current liabilities | (1.3) |  |  |  |  |  |  | (1.3) |  |  | (2.6) |  |
Other long-term liabilities | (0.4) |  |  |  |  |  |  | (0.9) |  |  | (1.3) |  |
Fair value of assets acquired and purchase price | 23.0 |  |  |  |  |  |  | 32.4 |  |  | 55.4 |  |
Less seller obligations | 2.0 |  |  |  |  |  |  | 1.9 |  |  | 3.9 |  |
Cash paid | $ | 21.0 |  |  |  |  |  |  | $ | 30.5 |  |  | $ | 51.5 |  |
| 2024 |
| Euroview |  | Insulation Supplies |  | Tatum |  | Other |  | Total |
Estimated fair values: |  |  |  |  |  |  |  |  |  |
Accounts receivable | $ | — |  |  | $ | 2.3 |  |  | $ | 1.6 |  |  | $ | 2.0 |  |  | $ | 5.9 |  |
Inventories | 1.7 |  |  | 1.4 |  |  | 0.8 |  |  | 1.6 |  |  | 5.5 |  |
Other current assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Property and equipment | 0.7 |  |  | 0.2 |  |  | 0.8 |  |  | 3.0 |  |  | 4.7 |  |
Operating lease right-of-use asset | 0.7 |  |  | 1.2 |  |  | — |  |  | 0.2 |  |  | 2.1 |  |
Intangibles | 9.8 |  |  | 8.7 |  |  | 11.5 |  |  | 19.0 |  |  | 49.0 |  |
Goodwill | 9.0 |  |  | 6.5 |  |  | 7.0 |  |  | 10.5 |  |  | 33.0 |  |
Other non-current assets | — |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  | 0.3 |  |
Accounts payable and other current liabilities | (0.7) |  |  | (1.8) |  |  | (0.7) |  |  | (2.0) |  |  | (5.2) |  |
Other long-term liabilities | (0.4) |  |  | (1.1) |  |  | — |  |  | (0.1) |  |  | (1.6) |  |
Fair value of assets acquired and purchase price | 20.8 |  |  | 17.5 |  |  | 21.0 |  |  | 34.4 |  |  | 93.7 |  |
Less seller obligations | 1.6 |  |  | 0.1 |  |  | 0.6 |  |  | 2.8 |  |  | 5.1 |  |
Cash paid | $ | 19.2 |  |  | $ | 17.4 |  |  | $ | 20.4 |  |  | $ | 31.6 |  |  | $ | 88.6 |  |
| 2023
| Anchor |  |  |  | Other |  |  |  | Total
Estimated fair values: |  |  |  |  |  |  |  |  |
Accounts receivable | $ | 5.0 |  |  |  |  | $ | 2.1 |  |  |  |  | $ | 7.1 |
Inventories | 1.6 |  |  |  |  | 1.4 |  |  |  |  | 3.0 |
Other current assets | 1.9 |  |  |  |  | — |  |  |  |  | 1.9 |
Property and equipment | 2.3 |  |  |  |  | 1.9 |  |  |  |  | 4.2 |
Operating lease right of-use-asset | — |  |  |  |  | 0.2 |  |  |  |  | 0.2 |
Intangibles | 16.4 |  |  |  |  | 13.3 |  |  |  |  | 29.7 |
Goodwill | 13.3 |  |  |  |  | 7.5 |  |  |  |  | 20.8 |
Other non-current assets | 0.2 |  |  |  |  | 0.1 |  |  |  |  | 0.3 |
Accounts payable and other current liabilities | (2.1) |  |  |  |  | (1.1) |  |  |  |  | (3.2) |
Other long-term liabilities | — |  |  |  |  | (0.1) |  |  |  |  | (0.1) |
Fair value of assets acquired and purchase price | 38.6 |  |  |  |  | 25.3 |  |  |  |  | 63.9 |
Less seller obligations | 2.7 |  |  |  |  | 1.6 |  |  |  |  | 4.3 |
Cash paid | $ | 35.9 |  |  |  |  | $ | 23.7 |  |  |  |  | $ | 59.6 |
Schedule of Estimates of Acquired Intangible Assets | Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):
| 2025 |  | 2024 |  | 2023
Acquired intangibles assets: | Estimated Fair Value |  | Weighted Average Estimated Useful Life (yrs) |  | Estimated Fair Value |  | Weighted Average Estimated Useful Life (yrs) |  | Estimated Fair Value |  | Weighted Average Estimated Useful Life (yrs)
Customer relationships | $ | 19.7 |  |  | 12 |  | $ | 33.1 |  |  | 12 |  | $ | 19.4 |  |  | 12
Trademarks, tradenames and other | 6.7 |  |  | 15 |  | 13.4 |  |  | 15 |  | 8.4 |  |  | 15
Non-competition agreements | 1.2 |  |  | 5 |  | 2.5 |  |  | 5 |  | 1.1 |  |  | 5
Backlog | 0.4 |  |  | 1 |  | — |  |  | 0 |  | 0.8 |  |  | 1
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, 2023 and 2022 and the unaudited pro forma information does not purport to be indicative of future financial operating results (in millions, except per share data):
| December 31,
| 2025 |  | 2024 |  | 2023
Net revenue | $ | 3,006.0 |  |  | $ | 3,061.5 |  |  | $ | 2,912.8 |
Net income | 268.3 |  |  | 265.9 |  |  | 253.0 |
Basic net income per share | 9.86 |  |  | 9.49 |  |  | 8.98 |
Diluted net income per share | 9.82 |  |  | 9.43 |  |  | 8.94 |

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