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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
Preliminary Purchase Price Allocation
In millions | Weighted Average Amortization Period | Fair Value
Cash and cash equivalents |  | $ | 8.0 |
Accounts receivable |  | 28.7 |
Inventories (1) |  | 48.4 |
Prepaid and other current assets |  | 2.0 |
Property, plant and equipment |  | 43.1 |
Intangible assets (2) |  |
Brands | 10 years | 15.0 |
Customer relationships | 15 years | 88.6 |
Developed technology | 7 years | 23.5 |
Goodwill (3) |  | 109.8 |
Other assets, including operating leases |  | 0.1 |
Total fair value of assets acquired |  | $ | 367.2 |
Accounts payable |  | 13.9 |
Other liabilities |  | 2.6 |
Total fair value of liabilities assumed |  | $ | 16.5 |
Less: Cash acquired |  | (8.0) |
Plus: Amounts due from Seller |  | 1.8 |
Total cash paid, less cash and restricted cash acquired | $ | 344.5 |
_______________ (1) Fair value of finished goods inventories acquired included a step-up in the value of $1.8 million, of which $0.9 million was expensed in the year ended December 31, 2022. The expense is included within "Cost of sales" on the consolidated statement of operations. Inventories are accounted for on a LIFO basis of accounting. (2) The aggregate amortization expense was $2.7 million for the year ended December 31, 2022. Estimated amortization expense is as follows: 2023 - $10.9 million, 2024 - $10.9 million, 2025 - $10.7 million, 2026 - $10.0 million, and 2027 - $10.0 million. (3) Goodwill largely consists of expected cost synergies and economies of scale resulting from the business combination. We expect the full amount to be deductible for income tax purposes. This acquired goodwill has been included within our Performance Chemicals reporting unit. See Note 8 for further information regarding our allocation of goodwill among our reporting segments
Schedule of Acquisition Costs | The following table summarizes the costs incurred associated with these combined activities.
| Years Ended December 31,
In millions | 2022 |  | 2021 |  | 2020
Legal and professional service fees | $ | 5.0 |  |  | $ | 0.6 |  |  | $ | 1.8 |
Acquisition-related costs | 5.0 |  |  | 0.6 |  |  | 1.8 |
Inventory fair value step-up amortization (1) | 0.9 |  |  | — |  |  | — |
Acquisition and other-related costs | $ | 5.9 |  |  | $ | 0.6 |  |  | $ | 1.8 |
_______________ (1) Included within "Cost of sales" on the consolidated statement of operations.

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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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