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Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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
Accounts receivable$37.8 
Inventories43.0 
Property, plant and equipment16.6 
Goodwill (see Note G)
42.5 
Other intangible assets (see Note G)
  Customer relationships (8 to 15 year life)
22.0 
  Technology (10 year life)
11.3 
  Trademarks and trade names (8 to 15 year life)
7.1 
  Non-compete agreements (5 year life)
.2 
Other current and long-term assets9.1 
Current liabilities(54.7)
Deferred income taxes (17.7)
Other long-term liabilities(5.0)
Fair value of net identifiable assets112.2 
Less: additional consideration (receivable)(1.3)
Less: additional contingent consideration payable30.2 
Net cash consideration$83.3 
The following table summarizes acquisitions for the periods presented.
 
Year EndedNumber of
Acquisitions		SegmentProduct/Service
December 31, 2024None
December 31, 2023None
December 31, 20224Specialized 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
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. 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 $5.3 ($5.3 current) at December 31, 2024, $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. Additional consideration paid for acquisitions was $.5 and $4.5 in the years ended 2024 and 2023, respectively. No payments were made in 2022.
No businesses were acquired during 2024 or 2023. A brief description of our acquisition activity for 2022 is included below. Final purchase prices and goodwill values include measurement period adjustments recorded subsequent to the values shown in the above table.
We acquired four businesses in the last half of 2022:
•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 final purchase price was $2.0 and added no goodwill.
•A 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, and operates within the Specialized Products segment. The final purchase price was $87.8 and added $41.9 of goodwill. As discussed in Note F, the goodwill for this acquisition was fully impaired in 2024.
•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 acquisition with a final purchase price of $7.5 and added $3.5 goodwill.
◦An acquisition with a final purchase price of $12.9 and added $.7 goodwill.