Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

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 September 30, 2021		Adjustments		Preliminary Fair Value as of April 15, 2021
Cash and cash equivalents	$	22.7	$	—	$	22.7
Accounts receivable	67.7		—		67.7
Inventory	60.0		0.9		60.9
Other current assets	9.7		0.1		9.8
Property, plant and equipment	156.9		(4.8)		152.1
Identifiable intangible assets	246.2		—		246.2
Other noncurrent assets	25.4		0.9		26.3
Total assets	$	588.6	$	(2.9)	$	585.7

Current debt	$	15.0	$	—	$	15.0
Accounts payable and other current liabilities	$	84.2	$	1.7	85.9
Deferred income tax liabilities	64.6		$	(3.1)	61.5
Other noncurrent liabilities	33.2		(0.1)		33.1
Net assets acquired	$	391.6	$	(1.4)	$	390.2
Goodwill	261.7		1.4		263.1
Total consideration	$	653.3	$	—	$	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

Acquired Identifiable Intangible Assets

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	$	205.4	15
Tradenames and other	7.7		10
Developed technology	33.1		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 Scapa included in the Company's condensed consolidated income statement from the acquisition date are as follows ($ in millions):


	Three months ended September 30, 2021		April 15, 2021 - September 30, 2021
Net sales	$	107.1	$	202.2
Net income (loss)	$	1.8	$	(4.2)

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 September 30, 2020		March 13, 2020 - September 30, 2020
Net sales	$	23.2	$	53.7
Net income	$	0.4	$	0.1

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
	September 30, 2020
Net sales	$	363.5
Net income	$	15.0


	Nine Months Ended
	September 30, 2021		September 30, 2020
Net sales	$	1,180.2	$	1,092.0
Net income (loss)(1)	$	47.9	$	(28.0)

(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 nine months ended September 30, 2020.