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ACQUISITIONS
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONS
The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented (using inputs as discussed in Note 13). A portion of the goodwill included in the table below is expected to provide an income tax benefit.
 Nine Months Ended September 30,
 2022
Accounts receivable$30.4 
Inventory36.5 
Property, plant and equipment5.8 
Goodwill35.9 
Other intangible assets:
Customer relationships (15-year life)
39.5 
Technology (10-year life)
5.0 
Trademarks and trade names (15-year life)
1.2 
Non-compete agreements and other (1 to 10-year life)
1.2 
Other current and long-term assets5.8 
Current liabilities(51.9)
Deferred income taxes(16.7)
Other long-term liabilities(2.6)
Fair value of net identifiable assets90.1 
Less: Additional contingent consideration payable27.6 
Net cash consideration $62.5 
The following table summarizes acquisitions for the periods presented.
Nine Months EndedNumber of AcquisitionsSegmentProduct/Service
September 30, 2023None
September 30, 20222Specialized ProductsManufacturer of hydraulic cylinders for heavy construction equipment;
Furniture, Flooring & Textile ProductsConverter and distributor of construction fabrics for the furniture and bedding industries
The results of operations of the above acquired companies have been included in the consolidated financial statements since the date of acquisition. The unaudited pro forma consolidated net sales, net earnings and earnings per share as though these acquisitions had occurred on January 1 of each year presented is not materially different from the amounts reflected in the accompanying financial statements.
Certain of our acquisition agreements provide for additional contingent consideration to be paid based upon analysis of the closing balance sheet and if the acquired company's performance exceeds certain targeted levels through December 31, 2025. Such additional consideration will be paid in cash and the liability is recorded at discounted fair value at the acquisition date. The range of the undiscounted amounts we could be required to pay is currently estimated to be between $6.2 and $15.9. Components of the liability are based on estimates and contingent upon future events, therefore the amounts may fluctuate materially until the payment dates. Subsequent measurement of the estimate will be recorded in "Other (income) expense, net" in the Consolidated Condensed Statements of Operations. Our liability for these future payments was $14.4 ($6.7 current and $7.7 long-term) at September 30, 2023 and $31.9 ($14.4 current and $17.5 long-term) at December 31, 2022. Additional consideration, including interest, paid on prior year acquisitions was $4.2 and $0 for the nine months ended September 30, 2023 and 2022, respectively.
A brief description of our acquisition activity during the periods presented is included below.
2023
No businesses have been acquired during 2023.
2022
We acquired two businesses:
•A small U.S. textiles business that converts and distributes construction fabrics for the furniture and bedding industries. This acquisition became a part of our Furniture, Flooring & Textile Products segment. The acquisition date was August 22. Following the recording of measurement period adjustments subsequent to the 2022 values shown above, the final purchase price was $2.0 and added no goodwill.
•A leading global manufacturer of hydraulic cylinders for material-handling and heavy construction equipment. This business has manufacturing locations in Germany and China and a distribution facility in the United States. This acquisition builds scale in our hydraulic cylinders growth platform and brings us into an attractive segment of the market that aligns well with trends in automation and autonomous equipment. This business operates within our Specialized Products segment. The acquisition date was August 26. Following the recording of measurement period adjustments subsequent to the 2022 values shown above, the final purchase price was $87.8, with total goodwill of $41.9.