ACQUISITIONS

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

ACQUISITIONS

The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented (using inputs as discussed in Note 12). Of the goodwill included in the table below, none is expected to be deductible for tax purposes.

	Three Months Ended March 31,
	2021
Accounts receivable	$	4.7
Inventory	8.8
Property, plant and equipment	1.8
Goodwill	6.3
Other intangible assets:
Customer relationships (1 to 15-year life)	11.8
Noncompete agreements (1-year life)	.2
Other current and long-term assets	1.8
Current liabilities	(4.2)
Deferred income taxes	(2.7)
Other long-term liabilities	(1.2)
Net cash consideration	$	27.3

The following table summarizes acquisitions for the periods presented.

Three Months Ended	Number of Acquisitions	Segment	Product/Service
March 31, 2022	None
March 31, 2021	1	Specialized Products	Manufacturer of high-pressure and high-temperature ducting, flexible joints and components

The results of operations of the above acquired company have been included in the consolidated financial statements since the date of acquisition. The unaudited pro forma consolidated net sales, net earnings and earnings per share as though this acquisition had occurred on January 1 of each year presented is not materially different from the amounts reflected in the accompanying financial statements.

A brief description of our acquisition activity during the periods presented is included below.

2022

No businesses were acquired during the first three months of 2022.

2021

We acquired one business:

•A UK manufacturer specializing in metallic ducting systems, flexible joints, and components for space, military, and commercial applications. This acquisition expands the capabilities of our aerospace products business to include flexible joint fabrication and operates within our Specialized Products segment. The acquisition date was January 30. Following the recording of measurement period adjustments subsequent to first quarter 2021 shown above, the final purchase price was $27.7, with total goodwill of $8.5.