Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 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 Allocation as of December 31, 2021		Adjustments		Preliminary Allocation 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	160.2		8.1		152.1
Identifiable intangible assets	246.2		—		246.2
Other assets	23.3		(3.0)		26.3
Total assets	$	589.8	$	4.1	$	585.7

Current debt	$	15.0	$	—	$	15.0
Accounts payable and other current liabilities	85.8		(0.1)		85.9
Deferred income tax liabilities	45.7		(15.8)		61.5
Other liabilities	40.4		7.3		33.1
Net assets acquired	$	402.9	$	12.7	$	390.2
Goodwill	250.4		(12.7)		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

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	$	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 consolidated income statement from the acquisition date are as follows ($ in millions):


	April 15, 2021 - December 31, 2021
Net sales	$	305.6
Net income	$	0.6

The amounts of Net sales and Net income of Tekra included in the Company's consolidated income statement from the acquisition date are as follows ($ in millions):


	March 13, 2020 - December 31, 2020
Net sales	$	77.3
Net income	$	1.9

The unaudited 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.


	Year Ended
	December 31, 2021		December 31, 2020
Net sales	$	1,570.6	$	1,456.8
Net income (loss)(1)	$	101.2	$	(20.8)

(1) Unaudited supplemental pro forma financial information includes the impact of restructuring and the impairment of goodwill and intangible assets totaling $71.1 million on Scapa net income for the twelve months ended December 31, 2020.