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Acquisitions | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions The following table contains the estimated fair values of the assets acquired and liabilities assumed and the estimated intangible asset lives at the date of acquisition for all acquisitions during the periods presented (using inputs discussed in Note A). Of the goodwill included in the table below, none is expected to be deductible for tax purposes.
|  |  | 2022 |  | 2021
Accounts receivable |  |  | $ | 37.8 |  |  | $ | 18.3 |
Inventories |  |  | 43.0 |  |  | 17.0 |
Property, plant and equipment |  |  | 16.6 |  |  | 16.4 |
Goodwill (see Note D) |  |  | 42.5 |  |  | 70.9 |
Other intangible assets (see Note D) |  |  |  |  |
Customer relationships (15-year life) |  |  | 22.0 |  |  | 64.9 |
Technology (8 to 10-year life) |  |  | 11.3 |  |  | 5.5 |
Trademarks and trade names (15 to 20-year life) |  |  | 7.1 |  |  | 7.2 |
Non-compete agreements (1 to 5-year life) |  |  | .2 |  |  | 2.7 |
Other current and long-term assets |  |  | 9.1 |  |  | 5.5 |
Current liabilities |  |  | (54.7) |  |  | (39.2) |
Deferred income taxes |  |  | (17.7) |  |  | (11.9) |
Other long-term liabilities |  |  | (5.0) |  |  | (4.7) |
Fair value of net identifiable assets |  |  | 112.2 |  |  | 152.6 |
Less: additional consideration (receivable) |  |  | (1.3) |  |  | — |
Less: additional contingent consideration payable |  |  | 30.2 |  |  | — |
Net cash consideration |  |  | $ | 83.3 |  |  | $ | 152.6 |
The following table summarizes acquisitions for the periods presented.
Year Ended |  | Number of Acquisitions |  | Segment |  | Product/Service
December 31, 2023 |  | None |  |  |  |
December 31, 2022 |  | 4 |  | Specialized Products Furniture, Flooring & Textile Products |  | Manufacturer of hydraulic cylinders for heavy construction equipment; Converter and distributor of construction fabrics for the furniture and bedding industries; Distributor of products used for erosion control and geosynthetic products for civil construction applications; Distributor of products used for erosion control and stormwater management
December 31, 2021 |  | 3 |  | Bedding Products Furniture, Flooring & Textile Products Specialized Products |  | Manufacturer of specialty foam for the bedding and furniture industries; Manufacturer of bent metal tubing for furniture used in office, residential, and other settings; Manufacturer of high-pressure and high-temperature ducting, flexible joints, and components
The results of operations of the above acquired companies have been included in the consolidated financial statements since the dates of each acquisition. The unaudited pro forma consolidated net trade sales, net earnings, and earnings per share as though these acquisitions had occurred on January 1 of each year presented are 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 $6.0 and $12.9. 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 is recorded in "Other expense (income), net" in the Consolidated Statements of Operations (see Note N). Our liability for these future payments was $12.4 ($6.1 current and $6.3 long-term) at December 31, 2023 and $31.9 ($14.4 current and $17.5 long-term) at December 31, 2022. We had no material liability for future payments at December 31, 2021. Additional consideration, including interest, paid for acquisitions was $4.5 and $.2 in the years ended 2023 and 2021, respectively, and no payments were made in 2022. A brief description of our acquisition activity by year is included below. Final purchase prices and goodwill values include measurement period adjustments recorded subsequent to the values shown in the above table. 2023 No businesses were acquired during 2023. 2022 We acquired four 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. The final purchase price was $2.0 and added no goodwill. •A leading global manufacturer of hydraulic cylinders for 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. The final purchase price was $87.8 and added $41.9 of goodwill. •Two Canadian distributors of products used for erosion control, stormwater management, and various other applications that expanded the geographic scope of our Geo Components business unit. These acquisitions became a part of our Furniture, Flooring & Textile Products segment. ◦An October 3 acquisition with a final purchase price of $7.5 and added $3.5 goodwill. ◦A December 16 acquisition with a final purchase price of $12.9 and added $.7 goodwill. 2021 We acquired three businesses: •A United Kingdom (UK) manufacturer specializing in metallic ducting systems, flexible joints, and components for space, military, and commercial applications. This acquisition expanded the capabilities of our aerospace products business to include flexible joint fabrication and operates within our Specialized Products segment. The acquisition date was January 30. The final purchase price was $27.7 and added $8.5 of goodwill. •A Polish manufacturer of bent metal tubing for furniture used in office, residential, and other settings. This acquisition became a part of our Furniture, Flooring & Textile Products segment. The acquisition date was May 31. The final purchase price was $5.4 and added $4.4 of goodwill. •A specialty foam and finished mattress manufacturer serving the UK and Irish marketplace with two manufacturing facilities in the Dublin area. This acquisition became a part of our Bedding Products segment. The acquisition date was June 4. The final purchase price was $119.7 and added $58.3 of goodwill. Intangibles (customer relationships, trademarks, and trade names) associated with this acquisition of $48.0 were impaired in 2023 as discussed in Note C.

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