Business Combinations (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Below is a summary of each significant acquisition by year, including revenue and net income since date of acquisition shown for the year of acquisition. Net income includes amortization and taxes when appropriate.

For the three and nine months ended September 30, 2024 (in millions):


									Three months ended September 30, 2024				Nine months ended September 30, 2024
2024 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income		Revenue		Net Income
Euroview	7/29/2024	Asset	$	19.2	$	1.6	$	20.8	$	3.1	$	0.4	$	3.1	$	0.4
Other	Various	Asset	22.7		2.2		24.9		8.3		0.5		13.5		0.8
			$	41.9	$	3.8	$	45.7	$	11.4	$	0.9	$	16.6	$	1.2

For the three and nine months ended September 30, 2023 (in millions):


									Three months ended September 30, 2023				Nine months ended September 30, 2023
2023 Acquisitions	Date	Acquisition Type	Cash Paid		Seller Obligations		Total Purchase Price		Revenue		Net Income		Revenue		Net Income
Anchor	3/12/2023	Share	$	35.9	$	2.8	$	38.7	$	9.3	$	0.3	$	20.8	$	0.8
Other	Various	Asset	8.9		0.6		9.5		2.7		0.2		4.6		0.2
			$	44.8	$	3.4	$	48.2	$	12.0	$	0.5	$	25.4	$	1.0

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):


	Nine months ended September 30, 2024						Nine months ended September 30, 2023
	Euroview		Other		Total		Anchor		Other		Total
Estimated fair values:

Accounts receivable	$	—	$	1.0	$	1.0	$	5.0	$	0.4	$	5.4
Inventories	1.7		1.4		3.1		1.6		0.5		2.1
Other current assets	—		—		—		1.9		—		1.9
Property and equipment	0.7		2.3		3.0		2.3		1.2		3.5
Operating lease right-of-use asset	0.7		0.2		0.9		—		0.2		0.2
Intangibles	9.8		13.7		23.5		16.4		5.1		21.5
Goodwill	9.0		7.2		16.2		13.4		2.5		15.9
Other non-current assets	—		0.2		0.2		0.2		0.1		0.3
Accounts payable and other current liabilities	(0.7)		(1.0)		(1.7)		(2.1)		(0.4)		(2.5)



Other long-term liabilities	(0.4)		(0.1)		(0.5)		—		(0.1)		(0.1)
Fair value of assets acquired and purchase price	20.8		24.9		45.7		38.7		9.5		48.2
Less seller obligations	1.6		2.2		3.8		2.8		0.6		3.4
Cash paid	$	19.2	$	22.7	$	41.9	$	35.9	$	8.9	$	44.8

Estimates of Acquired Intangible Assets

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


	For the nine months ended September 30,
	2024			2023
Acquired intangibles assets	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)	Estimated Fair Value		Weighted Average Estimated Useful Life (yrs.)
Customer relationships	$	16.0	12	$	13.8	12
Trademarks and tradenames	6.4		15	6.4		15
Non-competition agreements	1.1		5	0.5		5
Backlog	—		0	0.8		1

Pro Forma Results of Operations

The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transactions actually taken place on January 1, 2023 and 2022, respectively, and the unaudited pro forma information does not purport to be indicative of future financial operating results (in millions, except per share data):


	Unaudited pro forma for the three months ended September 30,				Unaudited pro forma for the nine months ended September 30,
	2024		2023		2024		2023
Net revenue	$	761.9	$	724.4	$	2,212.2	$	2,125.9
Net income	68.9		69.4		192.1		183.8
Basic net income per share	2.46		2.46		6.83		6.53
Diluted net income per share	2.45		2.45		6.79		6.50