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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Consideration Transferred and Purchase Price Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Liquibox 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 December 31, 2023.
|  | Preliminary Allocation |  | Measurement Period |  | Final Allocation
(In millions) |  | As of February 1, 2023 |  | Adjustments |  | December 31, 2023
Total consideration transferred |  | $ | 1,169.2 |  |  | $ | (2.1) |  |  | $ | 1,167.1 |
Assets acquired: |  |  |  |  |  |
Cash and cash equivalents |  | 21.2 |  |  | — |  |  | 21.2 |
Trade receivables |  | 48.6 |  |  | (0.8) |  |  | 47.8 |
Inventories |  | 61.6 |  |  | (2.8) |  |  | 58.8 |
Prepaid expenses and other current assets |  | 15.8 |  |  | (1.7) |  |  | 14.1 |
Property and equipment |  | 101.1 |  |  | (8.2) |  |  | 92.9 |
Identifiable intangible assets |  | 342.1 |  |  | 4.2 |  |  | 346.3 |
Operating lease right-of-use-assets |  | 15.1 |  |  | — |  |  | 15.1 |
Other non-current assets |  | 9.5 |  |  | (1.5) |  |  | 8.0 |
Total assets acquired |  | $ | 615.0 |  |  | $ | (10.8) |  |  | $ | 604.2 |
Liabilities assumed: |  |  |  |  |  |
Accounts payable |  | 27.0 |  |  | (1.4) |  |  | 25.6 |
Current portion of long-term debt |  | 0.1 |  |  | — |  |  | 0.1 |
Current portion of operating lease liabilities |  | 3.7 |  |  | — |  |  | 3.7 |
Other current liabilities |  | 28.4 |  |  | 2.8 |  |  | 31.2 |
Long-term debt, less current portion |  | 5.1 |  |  | — |  |  | 5.1 |
Long-term operating lease liabilities, less current portion |  | 11.4 |  |  | — |  |  | 11.4 |
Deferred taxes |  | 92.2 |  |  | (35.1) |  |  | 57.1 |
Other non-current liabilities |  | 6.6 |  |  | (4.2) |  |  | 2.4 |
Total liabilities assumed |  | $ | 174.5 |  |  | $ | (37.9) |  |  | $ | 136.6 |
Net assets acquired |  | 440.5 |  |  | 27.1 |  |  | 467.6 |
Goodwill |  | $ | 728.7 |  |  | $ | (29.2) |  |  | $ | 699.5 |
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 |  | $ | 186.4 |  |  | 11.0
Trademarks and tradenames |  | 26.0 |  |  | 10.0
Software |  | 3.7 |  |  | 2.0
Technology |  | 130.2 |  |  | 12.0
Total intangible assets with definite lives |  | $ | 346.3 |  |  |
Schedule of Business Acquisitions, by Acquisition | The following table presents the amounts of net sales and net earnings attributed to Liquibox since the acquisition date that are included in our Consolidated Statements of Operations for the year ended December 31, 2023:
(In millions) |  |  |  | February 1, 2023 through December 31, 2023
Net sales |  |  |  | $ | 284.3 |
Net earnings |  |  |  | $ | 2.6 |
Schedule of Business Acquisition, 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.
|  |  |  | Year Ended December 31,
(In millions) |  |  |  |  |  | 2023 |  | 2022
Net sales |  |  |  |  |  | $ | 5,514.5 |  |  | $ | 6,003.4 |
Net earnings |  |  |  |  |  | $ | 351.2 |  |  | $ | 380.2 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + 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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + 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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