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Acquisitions
3 Months Ended
Mar. 31, 2023
Acquisitions  
Acquisitions

Note 11—Acquisitions

2023 Acquisitions

During the three months ended March 31, 2023, the Company completed one acquisition for approximately $113.2, net of cash acquired, which was included in the Harsh Environment Solutions segment. The acquisition was funded through a combination of borrowings under the Euro Commercial Paper Program and cash on hand. The Company has begun the process of analyzing the allocation of the fair value of the assets acquired and liabilities assumed. Since the current purchase price allocation is based on a preliminary assessment made by management as of March 31, 2023, the acquisition accounting is subject to final adjustment, and it is possible that the final assessment of values may differ from our initial preliminary assessment. The operating results of the acquisition have been included in the Condensed Consolidated Statements of Income since the date of acquisition. Pro forma financial information, as well as further details regarding the purchase price allocation related to this acquisition, have not been presented, since the acquisition is not material to the Company’s financial results.

2022 Acquisitions

During the year ended December 31, 2022, the Company completed two acquisitions for approximately $288.2, net of cash acquired. The acquisitions were funded through a combination of borrowings under the U.S. Commercial Paper Program and cash on hand. One acquisition was included in the Harsh Environment Solutions segment, and the other was included in the Interconnect and Sensor Systems segment. The Company is in the process of completing its analyses of the allocation of the fair value of the assets acquired and liabilities assumed. While the purchase price allocation and acquisition accounting for each of these acquisitions is subject to final adjustment, the Company anticipates that the final assessments of values for these acquisitions will not differ materially from the preliminary assessments. The operating results of the 2022 acquisitions have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Pro forma financial information, as well as further details regarding the purchase price allocation related to these acquisitions, were not presented, since these acquisitions were not material, either individually or in the aggregate, to the Company’s financial results.

Acquisition-related Expenses

During the three months ended March 31, 2023, the Company incurred $5.4 ($4.0 after-tax) of acquisition-related expenses, comprised of the amortization related to the value associated with acquired backlog resulting from the acquisition that closed in the first quarter of 2023. Such acquisition-related expenses are presented separately in the Condensed Consolidated Statements of Income.