Acquisitions (Tables) - MTL Holdings LLC

9 Months Ended

Sep. 30, 2024

Acquisitions

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

The following table summarizes the consideration transferred to acquire MTL and the preliminary 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. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.

	Preliminary Allocation		Measurement Period Adjustments		Preliminary Allocation
(in millions)	As of 5/1/2024				As of 9/30/2024
Total cash consideration transferred	$	423.1	$	1.5	$	424.6
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	10.3		—		10.3
Receivables, net	14.0		—		14.0
Inventories	17.2		—		17.2
Prepaid expenses and other current assets	0.9		—		0.9
Property, plant and equipment	10.7		—		10.7
Definite-lived intangible assets	248.3		—		248.3
Other long-term assets	8.1		—		8.1
Accounts payable	(5.9)		—		(5.9)
Accrued and other current liabilities	(6.1)		—		(6.1)
Deferred income taxes	(6.9)		—		(6.9)
Other long-term liabilities	(6.7)		—		(6.7)
Total identifiable net assets	283.9		—		283.9
Goodwill	$	139.2	$	1.5	$	140.7

Summary of Acquired Definite-lived Intangible Assets

The preliminary 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)
Customer relationships	$	183.1	13
Trade names	44.6		19
Technologies	18.1		11
Software	2.5		5
Total	$	248.3