Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

For the year ended December 31, 2023 (in millions):


2023 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income
Anchor	3/12/2023	Share	$	35.9	$	2.7	$	38.6	$	30.4	$	1.6



Other	Various	Asset	23.7		1.6		25.3		9.0		0.2
Total			$	59.6	$	4.3	$	63.9	$	39.4	$	1.8

For the year ended December 31, 2022 (in millions):


2022 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)
CAS	4/11/2022	Share	$	55.1	$	27.3	$	82.4	$	37.8	$	(1.0)


ABS	12/19/2022	Share	23.1		0.5		23.6		0.7		(0.1)
Other	Various	Asset/Share	35.8		3.7		39.5		22.6		0.8
Total			$	114.0	$	31.5	$	145.5	$	61.1	$	(0.3)

For the year ended December 31, 2021 (in millions):


2021 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income (Loss)
IWI	03/01/2021	Share	$	42.1	$	6.0	$	48.1	$	36.2	$	3.3
Five Star	9/13/2021	Share	26.3		5.5		31.8		6.9		(0.1)
AMD	12/13/2021	Asset	119.5		6.6		126.1		3.7		(0.2)
Other	Various	Asset/Share	55.1		9.8		64.9		35.6		(0.4)
Total			$	243.0	$	27.9	$	270.9	$	82.4	$	2.6

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed for the acquisitions, as well as total purchase prices and cash paid, approximated the following (in millions):


	2023
	Anchor		Other		Total
Estimated fair values:

Accounts receivable	$	5.0	$	2.1	$	7.1
Inventories	1.6		1.4		3.0
Other current assets	1.9		—		1.9
Property and equipment	2.3		1.9		4.2
Operating lease right-of-use asset	—		0.2		0.2
Intangibles	16.4		13.3		29.7
Goodwill	13.3		7.5		20.8
Other non-current assets	0.2		0.1		0.3
Accounts payable and other current liabilities	(2.1)		(1.1)		(3.2)



Other long-term liabilities	—		(0.1)		(0.1)
Fair value of assets acquired and purchase price	38.6		25.3		63.9
Less seller obligations	2.7		1.6		4.3
Cash paid	$	35.9	$	23.7	$	59.6


	2022
	CAS		ABS		Other		Total
Estimated fair values:
Cash	$	0.2	$	0.2	$	0.1	$	0.5
Accounts receivable	3.5		2.8		5.8		12.1
Inventories	13.4		0.9		2.5		16.8
Other current assets	0.1		0.3		0.1		0.5
Property and equipment	2.6		1.4		4.5		8.5
Operating lease right-of-use asset	0.8		—		—		0.8
Intangibles	34.9		12.8		17.4		65.1
Goodwill	32.9		9.7		11.1		53.7
Other non-current assets	—		—		0.1		0.1
Accounts payable and other current liabilities	(5.4)		(3.4)		(2.1)		(10.9)
Deferred income tax liabilities	—		(1.1)		—		(1.1)


Other long-term liabilities	(0.6)		—		—		(0.6)
Fair value of assets acquired and purchase price	82.4		23.6		39.5		145.5
Less seller obligations	27.3		0.5		3.7		31.5
Cash paid	$	55.1	$	23.1	$	35.8	$	114.0


	2021
	IWI		Five Star		AMD		Other		Total
Estimated fair values:
Cash	$	0.2	$	1.5	$	—	$	—	$	1.7
Accounts receivable	5.1		4.6		8.4		13.6		31.7
Inventories	1.1		1.4		7.5		1.8		11.8
Other current assets	3.0		0.3		—		2.0		5.3
Property and equipment	0.8		1.1		1.1		4.1		7.1
Operating lease right of-use-asset	—		—		0.2		—		0.2
Intangibles	25.2		17.4		52.8		31.6		127.0
Goodwill	23.3		6.6		56.3		21.1		107.3
Other non-current assets	0.3		—		—		0.4		0.7
Accounts payable and other current liabilities	(8.4)		(1.1)		(0.2)		(6.8)		(16.5)
Deferred income tax liabilities	—		—		—		(2.1)		(2.1)
Other long-term liabilities	(2.5)		—		—		(0.8)		(3.3)
Fair value of assets acquired and purchase price	48.1		31.8		126.1		64.9		270.9
Less seller obligations	6.0		5.5		6.6		9.8		27.9
Cash paid	$	42.1	$	26.3	$	119.5	$	55.1	$	243.0

Estimates of Acquired Intangible Assets

Estimates of acquired intangible assets related to the acquisitions are as follows (in millions):


	2023			2022			2021
Acquired intangibles assets:	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs)
Customer relationships	$	19.4	12	$	45.3	12	$	95.2	12
Trademarks and trade names	8.4		15	16.8		15	23.1		15
Non-competition agreements	1.1		5	2.6		5	7.1		5
Backlog	0.8		1	0.4		1	1.6		1.5

Pro Forma Results of Operations


	December 31,
	2023		2022		2021
Net revenue	$	2,812.0	$	2,807.2	$	2,217.6
Net income	245.0		231.0		135.9
Basic net income per share	8.70		8.05		4.63
Diluted net income per share	8.66		8.00		4.59