Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2024

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

Schedule of estimated purchase price allocation for the acquisition

The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):

	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers (1)	100.0
Total fair value of consideration	$	795.0
Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (2)	162.5
Identifiable intangible assets not subject to amortization (3)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (4)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (5)	388.0
Net assets acquired	$	795.0

(1)As of December 31, 2024, the amount due to sellers has been paid in full and no amount remains outstanding.

(2)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years.

(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

(5)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our land segment. All of the goodwill assigned to the land segment was deductible for tax purposes.