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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of I&S. The fair value of certain assets and liabilities has been completed as required by ASC 805.
Net assets acquired (in millions) |  |
Total current assets |  | $ | 21.0 |
Property, plant and equipment |  | 11.0 |
Other assets |  | 6.0 |
Intangible assets |  | 52.5 |
Goodwill |  | 106.0 |
Total assets acquired |  | $ | 196.5 |
Total current liabilities |  | $ | 8.1 |
Other liabilities |  | 19.2 |
Total assumed liabilities |  | $ | 27.3 |
Net assets acquired |  | $ | 169.2 |
The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of Cummins-Allison. The fair value of certain assets and liabilities has been completed as required by ASC 805.
Net assets acquired (in millions) |  |
Total current assets |  | $ | 91.6 |
Property, plant and equipment |  | 26.3 |
Other assets |  | 9.1 |
Intangible assets |  | 66.0 |
Goodwill |  | 60.3 |
Total assets acquired |  | $ | 253.3 |
Total current liabilities |  | $ | 71.6 |
Other liabilities |  | 25.3 |
Total assumed liabilities |  | $ | 96.9 |
Net assets acquired |  | $ | 156.4 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions) | Intangible Fair Value |  | Weighted Average Life
Trademarks/trade names | $ | 2.6 |  |  | 13
Customer relationships | 49.0 |  |  | 14
Backlog | 0.9 |  |  | 1
Total acquired intangible assets | $ | 52.5 |  |  |
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions) | Intangible Fair Value |  | Weighted Average Life
Trademarks/trade names | $ | 3.0 |  |  | 7
Customer relationships | 54.5 |  |  | 18
Product technology | 8.5 |  |  | 10
Total acquired intangible assets | $ | 66.0 |  |  |

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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 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 http://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 http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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