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Acquisitions | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions OpSec Acquisition On May 3, 2024, we acquired OpSec Security (“OpSec”) for a base purchase price of $270 million on a cash-free and debt-free basis, subject to customary purchase price adjustments. The amount paid, net of cash acquired and working capital adjustments, was $268.4 million. We utilized $210.0 million from our Revolving Facility (as defined in Note 13, “Financing”) and cash on hand to fund the acquisition. OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions. Allocation of Consideration Transferred to Net Assets Acquired The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from our acquisition of OpSec, pending the finalization of certain tangible assets and liabilities to be completed within the measurement period as required by ASC 805. Potential adjustments are not expected to be material in relation to the preliminary values presented below:
Net assets acquired (in millions) |  |
Total current assets |  | $ | 33.6 |
Property, plant and equipment |  | 17.3 |
Other assets |  | 6.9 |
Intangible assets |  | 155.5 |
Goodwill |  | 133.7 |
Total assets acquired |  | $ | 347.0 |
Total current liabilities |  | $ | 37.4 |
Other liabilities |  | 41.2 |
Total assumed liabilities |  | $ | 78.6 |
Net assets acquired |  | $ | 268.4 |
The amount allocated to other assumed liabilities includes a contingent liability of $1.5 million related to a prior OpSec acquisition. The amount payable is contingent upon achievement of specific revenue targets and is capped at $2.2 million. The contingency conditions expire at the end of 2026, at which point if the contingency conditions have not been met, no payment will occur. The contingent liability is measured at fair value. See Note 14, “Fair Value Measurements” for further details. The amount allocated to goodwill reflects expected sales synergies, manufacturing efficiency and research and development. Goodwill from this acquisition is not deductible for tax purposes. Th e 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 (in millions) | Intangible Fair Value |  | Weighted Average Life (in years)
Intellectual property rights | $ | 1.5 |  |  | 5.0
Customer relationships | 115.5 |  |  | 19.3
Developed technology | 36.5 |  |  | 5.7
Backlog | 2.0 |  |  | 0.7
Total acquired intangible assets | $ | 155.5 |  |  |
Supplemental Pro Forma Data OpSec’s results of operations have been included in our financial statements for the period subsequent to the completion of the acquisition on May 3, 2024. The following unaudited pro forma Condensed Consolidated information assumes that the acquisition was completed on January 1, 2023. The unaudited pro forma Condensed Consolidated information is provided for illustrative purposes only and is not indicative of our actual Condensed Consolidated results of operations or Condensed Consolidated financial position.
|  |  |  |  | Three Months Ended
|  |  |  |  | March 31,
(in millions) |  |  |  |  |  |  | 2024
Net sales |  |  |  |  |  |  | $ | 347.4 |
Net income attributable to common shareholders |  |  |  |  |  |  | $ | 41.0 |

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