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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.
|  |  |  |  |  | Preliminary Allocation
(In millions) |  |  |  |  |  | As of February 1, 2023
Total consideration transferred |  |  |  |  |  | $ | 1,169.2 |
Assets acquired: |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | 21.2 |
Trade receivables |  |  |  |  |  | 48.6 |
Inventories |  |  |  |  |  | 61.6 |
Prepaid expenses and other current assets |  |  |  |  |  | 15.8 |
Property and equipment |  |  |  |  |  | 101.1 |
Identifiable intangible assets |  |  |  |  |  | 342.1 |
Operating lease right-of-use-assets |  |  |  |  |  | 15.1 |
Other non-current assets |  |  |  |  |  | 9.5 |
Total assets acquired |  |  |  |  |  | $ | 615.0 |
Liabilities assumed: |  |  |  |  |  |
Accounts payable |  |  |  |  |  | 27.0 |
Current portion of long-term debt |  |  |  |  |  | 0.1 |
Current portion of operating lease liabilities |  |  |  |  |  | 3.7 |
Other current liabilities |  |  |  |  |  | 28.4 |
Long-term debt, less current portion |  |  |  |  |  | 5.1 |
Long-term operating lease liabilities, less current portion |  |  |  |  |  | 11.4 |
Deferred taxes |  |  |  |  |  | 92.2 |
Other non-current liabilities |  |  |  |  |  | 6.6 |
Total liabilities assumed |  |  |  |  |  | $ | 174.5 |
Net assets acquired |  |  |  |  |  | 440.5 |
Goodwill |  |  |  |  |  | $ | 728.7 |
Schedule of Identifiable Intangible Assets, net and Their Useful Life | The following table summarizes the identifiable intangible assets and their useful lives.
|  | Amount |  | Useful life
| (In millions) |  | (In years)
Customer relationships |  | $ | 180.7 |  |  | 11.0
Trademarks and tradenames |  | 26.0 |  |  | 10.0
Software |  | 5.2 |  |  | 2.0
Technology |  | 130.2 |  |  | 12.0
Total intangible assets with definite lives |  | $ | 342.1 |  |  |
Schedule of Financial Information | The following table presents the amounts of net sales and loss attributed to Liquibox since the acquisition date that are included in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2023:
(In millions) | February 1, 2023 through March 31, 2023
Net sales | $ | 57.3 |
Net loss | $ | (5.4) |
Unaudited Pro Forma Information | The unaudited pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2022 and is not intended to be a projection of future results and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company.
|  | Three Months Ended March 31,
(In millions) |  | 2023 |  | 2022
Net sales |  | $ | 1,374.4 |  |  | $ | 1,504.3 |
Net earnings |  | $ | 70.0 |  |  | $ | 113.7 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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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