Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Acquisition [Line Items]

Schedule of Business Acquisitions

The following table summarizes aggregate unaudited as reported and pro forma information assuming the acquisition of 3form had occurred on January 1, 2023. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets. The unaudited pro forma results do not include any expected benefits from the 3form acquisition. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2023.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net sales, pro forma	$	409.7	$	373.3	$	1,147.4	$	1,057.2
Net sales, as reported		386.6		347.3		1,078.0		982.9
Earnings before income taxes, pro forma		104.2		94.7		274.6		238.6
Earnings before income taxes, as reported		103.8		93.7		271.1		237.6

BOK

In July 2023, we acquired all of the issued and outstanding stock of BOK for a purchase price of $13.8 million and additional contingent consideration payable upon the achievement of certain future performance obligations in 2024 and 2025 not to exceed $3.3 million. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation to determine the estimated fair value of the contingent consideration of $0.8 million at the acquisition date, resulting in a purchase price of $14.6 million. The total fair value of tangible assets acquired less liabilities assumed was $1.4 million. The total fair value of identifiable intangible assets acquired was $5.4 million, resulting in $7.8 million of goodwill. Acquired intangible assets were comprised of amortizable patents of $1.9 million, amortizable trademarks of $1.8 million, amortizable customer relationships of $1.4 million, and non-compete agreements of $0.3 million, that are being amortized on a straight-line basis over a weighted-average life of 18, 15, 2, and 3 years, respectively. All of the acquired goodwill is deductible for tax purposes.

For the three and nine months ended September 30, 2024, net sales of $26.6 million and $50.1 million, respectively, from BOK and 3form were included in our Condensed Consolidated Statements of Earnings and Comprehensive Income since the acquisition dates. The impact of the acquisitions of BOK and 3form were immaterial to earnings (loss) before income taxes for all periods presented.

3form [Member]

Business Acquisition [Line Items]

Schedule of Fair Values of Identifiable Intangible Assets Acquired and Estimated Useful Lives

The following table summarizes the fair values of identifiable intangible assets acquired, and their estimated useful lives:

	Fair Value at Acquisition Date		Estimated Useful Life
Customer relationships	$	11.7	5 years
Trademarks and brand names		11.6	15 years
Developed technology		7.3	16 years
Non-compete agreements		5.1	5 years
Software		4.1	5 years
Backlog		0.4	1 year
Total identifiable intangible assets	$	40.2