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Business Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed | The preliminary fair values of the assets acquired and liabilities assumed as of the Merger date were as follows (in millions):
| Preliminary Allocation as of June 30, 2023 |  | Adjustments |  | Preliminary Allocation as of July 6, 2022
Cash and cash equivalents | $ | 55.9 |  |  | $ | — |  |  | $ | 55.9 |
Accounts receivable, net | 198.1 |  |  | (8.5) |  |  | 206.6 |
Inventory, net | 194.5 |  |  | 2.7 |  |  | 191.8 |
Other current assets | 27.8 |  |  | 0.3 |  |  | 27.5 |
Property, plant and equipment, net | 463.6 |  |  | 10.0 |  |  | 453.6 |
Intangible assets, net | 236.9 |  |  | 17.9 |  |  | 219.0 |
Other assets | 41.7 |  |  | (0.1) |  |  | 41.8 |
Total assets | $ | 1,218.5 |  |  | $ | 22.3 |  |  | $ | 1,196.2 |
Current debt | $ | 1.9 |  |  | $ | — |  |  | $ | 1.9 |
Accounts payable and other current liabilities | 199.3 |  |  | (8.6) |  |  | 207.9 |
Long-term debt | 22.8 |  |  | — |  |  | 22.8 |
Deferred income tax liabilities | 86.3 |  |  | 18.6 |  |  | 67.7 |
Other liabilities | 82.7 |  |  | 0.7 |  |  | 82.0 |
Net assets acquired | $ | 825.5 |  |  | $ | 11.6 |  |  | $ | 813.9 |
Goodwill | 230.8 |  |  | (11.6) |  |  | 242.4 |
Total consideration | $ | 1,056.3 |  |  | $ | — |  |  | $ | 1,056.3 |
Schedule of Components of Identifiable Intangible Assets | The following table sets forth the components of identifiable intangible assets (in millions) and their estimated useful lives (in years):
| Fair Value |  | Weighted-Average Amortization Period (Years)
Amortizable intangible assets: |  |  |
Customer relationships | $ | 202.3 |  |  | 14.3
Trade names | 14.4 |  |  | 20
Developed technology | 20.2 |  |  | 7
Total amortizable intangible assets | $ | 236.9 |  |  |
Schedule of Actual and Pro Forma Net Sales and Income from Continuing Operations | The unaudited supplemental pro forma financial information presented below is not necessarily indicative of consolidated results of operations of the combined business had the Merger occurred as of January 1, 2021 (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022
Net sales | $ | 733.2 |  |  | $ | 1,424.8 |
Net income | 22.6 |  |  | 20.3 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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