Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Bonded Logic

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 Bonded Logic and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed 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 6/30/2025				As of 9/30/2025
Total cash consideration transferred	$	60.7	$	—	$	60.7
Recognized amounts of identifiable assets acquired and liabilities assumed:
Receivables, net	3.2		—		3.2
Inventories	5.0		(0.3)		4.7
Other current assets	0.1		—		0.1
Property, plant and equipment	13.5		—		13.5
Other intangible assets	9.0		—		9.0
Other long-term assets	10.2		—		10.2
Accounts payable	(3.3)		—		(3.3)
Other current liabilities	(5.2)		2.4		(2.8)
Other long-term liabilities	(7.7)		—		(7.7)
Total identifiable net assets	24.8		2.1		26.9
Goodwill	$	35.9	$	(2.1)	$	33.8

Therma Foam

Acquisitions

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

The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire ThermaFoam and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed 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 2/3/2025				As of 9/30/2025
Total cash consideration transferred	$	52.9	$	—	$	52.9
Recognized amounts of identifiable assets acquired and liabilities assumed:
Receivables, net	2.7		0.2		2.9
Inventories	1.4		—		1.4
Other current assets	0.1		—		0.1
Property, plant and equipment	8.8		—		8.8
Other intangible assets	6.7		—		6.7
Accounts payable	(0.9)		0.1		(0.8)
Other current liabilities	(0.6)		0.3		(0.3)
Total identifiable net assets	18.2		0.6		18.8
Goodwill	$	34.7	$	(0.6)	$	34.1

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	$	6.5	9
Other intangibles	0.2		5
Total	$	6.7

PFB Holdco, Inc

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 PFB and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed 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 12/18/2024				As of 9/30/2025
Total cash consideration transferred	$	268.9	$	(2.4)	$	266.5
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	6.4		—		6.4
Receivables, net	9.6		—		9.6
Inventories	14.5		—		14.5
Other current assets	6.6		(0.7)		5.9
Property, plant and equipment	31.7		—		31.7
Other intangible assets	112.8		11.5		124.3
Other long-term assets	46.1		0.1		46.2
Accounts payable	(4.6)		0.7		(3.9)
Other current liabilities	(27.8)		13.8		(14.0)
Deferred taxes	(27.9)		(2.2)		(30.1)
Other long-term liabilities	(43.5)		(0.1)		(43.6)
Total identifiable net assets	123.9		23.1		147.0
Goodwill	$	145.0	$	(25.5)	$	119.5

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	$	81.5	11
Trade names	15.0		15
Technologies	27.8		11
Total	$	124.3

MTL Holdings LLC

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 allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.

	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 5/1/2024				As of 4/30/2025
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		(0.4)		16.8
Other current assets	0.9		—		0.9
Property, plant and equipment	10.7		(0.3)		10.4
Other intangible assets	248.3		—		248.3
Other long-term assets	8.1		0.3		8.4
Accounts payable	(5.9)		—		(5.9)
Other current liabilities	(6.1)		—		(6.1)
Deferred taxes	(6.9)		0.4		(6.5)
Other long-term liabilities	(6.7)		(0.9)		(7.6)
Total identifiable net assets	283.9		(0.9)		283.0
Goodwill	$	139.2	$	2.4	$	141.6

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