Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of business combinations

A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location (Near)	Segment
September 1, 2022	Stock	Bevcorp, LLC ("Bevcorp")	Eastlake, Ohio	FoodTech
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications.
July 1, 2022	Stock	Alco-food-machines GmbH & Co. KG ("Alco")	Bad Iburg, Germany	FoodTech
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.

Schedule of assets acquired and liabilities assumed

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.

(In millions)	Bevcorp(1)		Alco(2)		Total
Financial assets	$	20.8	$	9.1	$	29.9
Inventories	33.1		11.7		44.8
Property, plant and equipment	5.5		0.9		6.4
Customer relationship(3)	127.0		9.2		136.2
Patents and acquired technology(3)	3.8		4.7		8.5
Trademarks(3)	10.0		3.2		13.2
Financial liabilities	(18.7)		(19.9)		(38.6)
Total identifiable net assets	$	181.5	$	18.9	$	200.4
Cash consideration paid	$	294.9	$	45.1	$	340.0
Cash acquired	5.7		3.9		9.6
Net consideration	$	289.2	$	41.2	$	330.4
Goodwill(4)	$	113.4	$	26.2	$	139.6

(1)During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by $(1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million. The purchase accounting for Bevcorp is final as of March 31, 2023.

(2)The purchase accounting for Alco is provisional as of March 31, 2023. The valuation of intangibles, income tax balances, and residual goodwill is not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition.

(3)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six to twenty-four years. The intangible assets acquired in 2022 have weighted average useful lives of 23 years for trademarks, 20 years for customer relationship, and 7 years for patents and acquired technology.

(4)The Company expects goodwill of $136.4 million from these acquisitions to be deductible for income tax purposes.