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Business Acquisitions (Tables)
 6 Months Ended
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 receivable67.7 
Inventory60.9 
Other current assets9.8 
Property, plant and equipment152.1 
Identifiable intangible assets246.2 
Other noncurrent assets26.3 
Total assets$585.7 
Current debt$15.0 
Accounts payable and other current liabilities85.9 
Deferred income tax liabilities61.5 
Other noncurrent liabilities33.1 
Net assets acquired$390.2 
Goodwill263.1 
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 receivable8.6 
Inventory14.2 
Other current assets0.2 
Property, plant and equipment7.3 
Identifiable intangible assets81.8 
Other noncurrent assets3.7 
Total assets$117.4 
Accounts payable$3.0 
Other current liabilities2.0 
Other noncurrent liabilities2.7 
Net assets acquired$109.7 
Goodwill61.2 
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 other7.7 10
Developed technology37.2 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, 2020Weighted-Average Amortization Period (Years)
Amortizable intangible assets:   
Customer relationships$63.0  15
Tradenames and other10.8 15
Developed technology8.0  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, 2020March 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, 2021June 30, 2020
Net sales$387.2 $319.1 
Net income from continuing operations$3.6 $9.2 

Six Months Ended
June 30, 2021June 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.