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Acquisitions and Divestitures (Tables)

12 Months Ended

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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- References

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- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

+ References

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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

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