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Business Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The consideration paid for Tekra and the final fair values of the assets acquired, and liabilities assumed as of the March 13, 2020 acquisition date are as follows ($ in millions):
| Fair Value as of March 13, 2020
Cash and cash equivalents | $ | 1.6 |
Accounts receivable | 8.6 |
Inventory | 14.2 |
Other current assets | 0.2 |
Property, plant and equipment | 7.3 |
Identifiable intangible assets | 81.8 |
Other noncurrent assets | 3.7 |
Total assets | $ | 117.4 |
Accounts payable | $ | 3.0 |
Other current liabilities | 2.0 |
Other noncurrent liabilities | 2.7 |
Net assets acquired | $ | 109.7 |
Goodwill | 61.2 |
Total consideration | $ | 170.9 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table shows the final fair values assigned to identifiable intangible assets ($ in millions):
| Fair Value as of March 13, 2020 |  | Weighted-Average Amortization Period (Years)
Amortizable intangible assets: |  |  |
Customer relationships | $ | 63.0 |  |  | 15
Tradenames and other | 10.8 |  |  | 15
Developed technology | 8.0 |  |  | 10
Total amortizable intangible assets | $ | 81.8 |  |  |
Actual and Pro Forma Net Sales and Income from Continuing Operations | The amounts of Net sales and Net Income of Tekra included in the Company's condensed consolidated income statement from the acquisition date are as follows ($ in millions):
| March 13, 2020 - March 31, 2020
Net Sales | $ | 5.5 |
Net Income | $ | 0.4 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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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 http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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