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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocations at Fair Value, Net of Cash Acquired | The purchase price allocations at fair value, net of cash acquired, for 2024 and 2023 acquisitions as of December 31, 2024 and 2023 are presented below:
| 2024 | 2023
Assets: |  |
Accounts receivable | $ | 4.2 |  | $ | 43.9 |
Inventories | 13.7 |  | 111.8 |
Other current assets | 0.3 |  | 5.0 |
Property, plant and equipment | 20.6 |  | 47.9 |
Operating lease assets | 2.6 |  | 7.2 |
Goodwill | 61.4 |  | 292.0 |
Other intangible assets | 100.4 |  | 299.5 |
Other non-current assets | 3.0 |  | 5.1 |
Total assets acquired | $ | 206.2 |  | $ | 812.4 |
Liabilities: |  |
Accounts payable, trade | $ | 0.6 |  | $ | 24.2 |
Salaries, wages and benefits | 1.5 |  | 14.9 |
Income taxes payable | 0.2 |  | 4.5 |
Other current liabilities | 1.3 |  | 11.0 |
Short-term debt | — |  | 4.7 |
Long-term debt | — |  | 6.0 |
Accrued pension cost | — |  | 3.6 |
Long-term operating lease liabilities | 1.9 |  | 6.4 |
Deferred income taxes | 28.4 |  | 81.9 |
Other non-current liabilities | 5.2 |  | 7.6 |
Total liabilities assumed | $ | 39.1 |  | $ | 164.8 |
Noncontrolling interest acquired | — |  | 6.3 |
Net assets acquired | $ | 167.1 |  | $ | 641.3 |
Cash flow reconciling items: |  |
Working capital adjustment related to 2023 acquisitions paid in 2024 | 0.3 |  | (0.3) |
Working capital adjustment related to 2022 acquisition received in 2023 | — |  | (2.2) |
Cash paid for acquisitions, net of cash acquired | $ | 167.4 |  | $ | 638.8 |
Schedule of Preliminary Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired | The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2024 and 2023:
| 2024 | 2023 |
|  | Weighted- Average Life |  | Weighted- Average Life |  |
Trade names (finite life) | 6.1 |  | 18 years | 25.6 |  | 17 years |  |
Technology and know-how | 35.3 |  | 16 years | 70.5 |  | 15 years |  |
Customer relationships | 59.0 |  | 17 years | 201.8 |  | 14 years |  |
Non-competes | — |  |  | 1.0 |  | 3 years |  |
Capitalized software | — |  |  | 0.6 |  | 2 years |  |
Total intangible assets | $ | 100.4 |  |  | $ | 299.5 |  |  |  |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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