Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

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	$	75.0
Unbilled receivables		57.8
Inventory		153.7
Other current assets		7.6
Property, plant and equipment		44.6
Goodwill		260.3
Purchased intangible assets		330.4
Other long-term assets		7.6
Total assets, excluding cash and cash equivalents	$	937.0
Liabilities Assumed:
Accounts payable	$	63.2
Customer advances		24.8
Payroll-related obligations		13.8
Other current liabilities		20.7
Deferred income taxes		2.6
Long-term liabilities		8.3
Total liabilities	$	133.4
Net assets acquired	$	803.6

Summary of Preliminary Valuation of Intangible Assets Consists of Following Assets Subject to Amortization

The preliminary valuation of intangible assets consists of the following assets subject to amortization (in millions, except weighted average useful life):

	Fair Value		Weighted- Average Useful Life	Valuation Methodology	Key Assumptions
Customer relationships	$	217.0	9.0 years	Multi-period excess earnings	Discount rate, customer attrition rates
Trade names		65.1	12.6 years	Relief-from-royalty	Royalty rate, discount rate
Technology-related		28.3	5.0 years	Relief-from-royalty	Royalty rate, discount rate, obsolescence factor
Other		20.0	2.1 years	Multi-period excess earnings	Discount rate

Summary of Unaudited Pro forma Financial Information

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

	Year Ended December 31,
	2023		2022
Net sales	$	10,002.4	$	8,858.4
Net income	$	592.5	$	143.5

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		107.0
Purchased intangible assets		83.9
Other long-term assets		4.8
Total assets, excluding cash and cash equivalents	$	265.9
Liabilities Assumed:
Current liabilities	$	48.3
Deferred income taxes		25.6
Long-term liabilities		5.2
Total liabilities	$	79.1
Net assets acquired	$	186.8

Summary of Preliminary Valuation of Intangible Assets Consists of Following Assets Subject to Amortization

The valuation of intangible assets consists of the following assets subject to amortization (in millions, except weighted average useful life):

	Fair Value		Weighted- Average Useful Life	Valuation Methodology	Key Assumptions
Technology-related	$	32.1	8.0 years	Relief-from-royalty	Royalty rate, discount rate, obsolescence factor
Trade name		26.4	15.0 years	Relief-from-royalty	Royalty rate, discount rate
Customer relationships		25.4	8.0 years	Multi-period excess earnings	Discount rate, customer attrition rates