Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2023

JBT Aerotech

Business Acquisition [Line Items]

Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):

Assets Acquired:
Cash and cash equivalents	$	9.3
Accounts receivable		79.1
Unbilled receivables		57.8
Inventory		150.1
Other current assets		4.4
Property, plant and equipment		30.6
Goodwill		363.4
Purchased intangible assets		241.4
Other long-term assets		10.5
Total assets, excluding cash and cash equivalents	$	937.3
Liabilities Assumed:
Accounts payable	$	66.2
Customer advances		24.8
Payroll-related obligations		13.5
Other current liabilities		22.6
Deferred income taxes		2.6
Long-term liabilities		4.3
Total liabilities	$	134.0
Net assets acquired	$	803.3

Summary of Unaudited Pro forma Financial Information

The following table presents the supplemental consolidated results of the Company for the three and nine months ended September 30, 2023 and 2022, on an unaudited pro-forma basis as if the acquisition of AeroTech had been completed on January 1, 2022 (in millions).

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales	$	2,548.8	$	2,223.3	$	7,535.6	$	6,496.5
Net income	$	186.3	$	63.7	$	436.8	$	75.6

Hinowa S.p.A.

Business Acquisition [Line Items]

Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):

Assets Acquired:
Cash and cash equivalents	$	13.7
Current assets, excluding cash and cash equivalents		54.7
Property, plant and equipment		15.5
Goodwill		106.4
Purchased intangible assets		84.7
Other long-term assets		4.8
Total assets, excluding cash and cash equivalents		266.1
Liabilities Assumed:
Current liabilities		48.3
Deferred income taxes		25.8
Long-term liabilities		5.2
Total liabilities		79.3
Net assets acquired	$	186.8