Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Unaudited Combined Pro Forma Information

The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:


	Unaudited Pro Forma
	Year ended December 31,
(in millions)		2021		2020
Revenues		$	5,170.6	$	4,435.1
Income from continuing operations, net of tax		$	409.3	$	316.1

Summary of Consideration Transferred and the Allocation of the Consideration to Acquired Assets and Assumed Liabilities

The following table summarizes the consideration transferred to acquire Henry and the allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill.


	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 9/1/2021				As of 8/31/2022
Total cash consideration transferred	$	1,608.2	$	(2.6)	$	1,605.6
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	34.3		—		34.3
Receivables, net	79.0		—		79.0
Inventories	59.4		(9.4)		50.0
Prepaid expenses and other current assets	10.5		—		10.5
Property, plant and equipment	53.6		8.2		61.8
Other intangible assets	735.1		445.9		1,181.0
Other long-term assets	3.6		8.3		11.9
Accounts payable	(77.9)		2.3		(75.6)
Accrued and other current liabilities	(28.7)		(0.4)		(29.1)
Short-term debt	(1.0)		—		(1.0)
Contract liabilities	(2.6)		—		(2.6)
Other long-term debt	(0.8)		—		(0.8)
Other long-term liabilities	(5.9)		(9.8)		(15.7)
Deferred income taxes	(153.4)		(109.7)		(263.1)
Total identifiable net assets	705.2		335.4		1,040.6
Goodwill	$	903.0	$	(338.0)	$	565.0

Summary of Acquired Definite-lived Intangible Assets

The fair value and weighted average useful lives of the acquired intangible assets are as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Customer relationships	$	914.0	18
Technologies	46.5		11
Software	0.1		4
Indefinite-lived trade name	220.4		N/A
Total	$	1,181.0

Motion Tech Automation, LLC

Acquisitions

Summary of Acquired Definite-lived Intangible Assets

The fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:


(in millions)	Fair Value		Weighted Average Useful Life (in years)
Technologies	$	2.3	9
Customer relationships	1.0		9
Trade names	1.0		5
Total	$	4.3