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Business Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The consideration paid for Scapa and the preliminary estimated fair values of the assets acquired, and liabilities assumed as of the April 15, 2021 acquisition date were as follows ($ in millions):
| Preliminary Fair Value as of April 15, 2021
Cash and cash equivalents | $ | 22.7 |
Accounts receivable | 67.7 |
Inventory | 60.9 |
Other current assets | 9.8 |
Property, plant and equipment | 152.1 |
Identifiable intangible assets | 246.2 |
Other noncurrent assets | 26.3 |
Total assets | $ | 585.7 |
Current debt | $ | 15.0 |
Accounts payable and other current liabilities | 85.9 |
Deferred income tax liabilities | 61.5 |
Other noncurrent liabilities | 33.1 |
Net assets acquired | $ | 390.2 |
Goodwill | 263.1 |
Total consideration | $ | 653.3 |
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 preliminary fair values assigned to identifiable intangible assets ($ in millions):
| Fair Value |  | Weighted-Average Amortization Period (Years)
Amortizable intangible assets: |  |  |
Customer relationships | $ | 201.3 |  |  | 15
Tradenames and other | 7.7 |  |  | 10
Developed technology | 37.2 |  |  | 7
Total amortizable intangible assets | $ | 246.2 |  |  |
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 Income from continuing operations of Scapa included in the Company's condensed consolidated income statement from the acquisition date are as follows ($ in millions):
| April 15, 2021 - June 30, 2021
Net sales | $ | 95.0 |
Net loss from continuing operations | $ | (6.0) |
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):
| Three Months Ended June 30, 2020 | March 13, 2020 - June 30, 2020
Net sales | $ | 25.0 |  | $ | 30.5 |
Net income from continuing operations | $ | (0.7) |  | $ | (0.3) |
The supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of operations of the combined business had the Scapa and Tekra acquisitions occurred as of January 1, 2020 and January 1, 2019, respectively, nor is it necessarily indicative of the of the future results of the combined company.
| Three Months Ended
| June 30, 2021 |  | June 30, 2020
Net sales | $ | 387.2 |  |  | $ | 319.1 |
Net income from continuing operations | $ | 3.6 |  |  | $ | 9.2 |
| Six Months Ended
| June 30, 2021 |  | June 30, 2020
Net sales | $ | 797.0 |  |  | $ | 728.5 |
Net income (loss) from continuing operations(1) | $ | 35.5 |  |  | $ | (43.0) |
(1) Supplemental pro forma financial information includes the impact of restructuring and the impairment of goodwill and intangible assets totaling $67.5 million on Scapa net income for the six months ended June 30, 2020.

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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 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=123413009&loc=d3e4845-128472 + Details
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