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Acquisition and Divestiture Activity (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Consideration Transferred and Purchase Price Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Automated Packaging Systems and the allocation of the purchase price among the assets acquired and liabilities assumed, including measurement period adjustments recorded through the finalized purchase price allocation on August 1, 2020.
|  | Revised Preliminary Allocation |  | Measurement Period |  | Final Allocation
(In millions) |  | As of August 1, 2019 |  | Adjustments |  | As of September 30, 2020
Total consideration transferred |  | $ | 445.7 |  |  | $ | (4.3) |  |  | $ | 441.4 |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | 16.0 |  |  | (0.2) |  |  | 15.8 |
Trade receivables, net |  | 37.3 |  |  | — |  |  | 37.3 |
Other receivables |  | 0.3 |  |  | — |  |  | 0.3 |
Inventories, net |  | 40.7 |  |  | (0.7) |  |  | 40.0 |
Prepaid expenses and other current assets |  | 2.3 |  |  | — |  |  | 2.3 |
Property and equipment, net |  | 76.9 |  |  | 8.7 |  |  | 85.6 |
Identifiable intangible assets, net |  | 81.1 |  |  | (0.6) |  |  | 80.5 |
Goodwill |  | 261.3 |  |  | (14.6) |  |  | 246.7 |
Operating lease right-of-use-assets |  | — |  |  | 4.3 |  |  | 4.3 |
Other non-current assets |  | 24.7 |  |  | 1.1 |  |  | 25.8 |
Total assets |  | $ | 540.6 |  |  | $ | (2.0) |  |  | $ | 538.6 |
Liabilities: |  |  |  |  |  |
Accounts payable |  | 12.0 |  |  | — |  |  | 12.0 |
Current portion of long-term debt |  | 2.6 |  |  | (0.5) |  |  | 2.1 |
Current portion of operating lease liabilities |  | — |  |  | 1.5 |  |  | 1.5 |
Other current liabilities |  | 56.2 |  |  | (3.3) |  |  | 52.9 |
Long-term debt, less current portion |  | 4.3 |  |  | (0.3) |  |  | 4.0 |
Long-term operating lease liabilities, less current portion |  | — |  |  | 2.8 |  |  | 2.8 |
Deferred taxes |  | — |  |  | 0.5 |  |  | 0.5 |
Other non-current liabilities |  | 19.8 |  |  | 1.6 |  |  | 21.4 |
Total liabilities |  | $ | 94.9 |  |  | $ | 2.3 |  |  | $ | 97.2 |
Summary of Identifiable intangible Assets, Net and Their Useful Life | The following table summarizes the identifiable intangible assets, net and their useful lives.
|  | Amount |  | Useful life
| (In millions) |  | (In years)
Customer relationships |  | $ | 28.9 |  |  | 13.0
Trademarks and tradenames |  | 15.6 |  |  | 9.1
Capitalized software |  | 2.4 |  |  | 3.0
Technology |  | 29.6 |  |  | 6.4
Backlog |  | 4.0 |  |  | 0.4
Total intangible assets with definite lives |  | $ | 80.5 |  |  |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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