Acquisition (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Acquisition Fair Value

The following table details the preliminary fair values as of the acquisition date (in millions):

Purchase price:	$	72.6
Less:
Cash	0.3
Accounts receivable	16.8
Inventories	10.3
Prepaid expenses and other current assets	2.5
Property, plant and equipment	0.3
Operating lease right-of-use assets	0.8
Customer lists	24.1
Trademarks	6.2
Other assets	0.1
Total identifiable assets acquired	$	61.4
Accounts payable	(12.9)
Accrued expenses and other current liabilities	(4.7)
Deferred revenue	(5.5)
Operating lease liabilities	(0.8)
Total identifiable liabilities acquired	$	(23.9)
Net identifiable assets acquired	37.5
Goodwill	$	35.1
Total net assets acquired	$	72.6

Schedule of Pro Forma Acquisition Information

The Company’s unaudited pro forma revenue and net income for the three and six month

periods ended June 30, 2023 and 2022 below have been prepared as if the Indoff acquisition had occurred on January 1, 2022 (in millions).

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales	$	346.1	$	366.3	$	662.1	$	689.4
Net income from continuing operations	$	21.7	$	24.7	$	36.4	$	47.4

Schedule of Goodwill and Intangibles Acquired

The following table provides information related to the goodwill and intangible assets (indefinite-lived and definite-lived) updated for the Indoff acquisition (in millions):

	June 30,		December 31,
	2023		2022
Goodwill	$	40.6	$	5.5
Definite-lived intangibles	30.2		0.4
Indefinite-lived intangibles	0.7		0.7
Balance	$	71.5	$	6.6

Schedule of Finite-Lived Intangible Assets

The following table summarizes information related to the Company's definite-lived intangible assets as of June 30, 2023 (in millions):

	Amortization Period  (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted Average Useful Life
Client lists	10 yrs	$	26.1	$	2.0	$	24.1	9.8
Trademarks	10 yrs	6.2		0.1		6.1		9.9
Total		$	32.3	$	2.1	$	30.2	9.8

The following table summarizes information related to the Company's definite-lived intangible assets as of December 31, 2022 (in millions):

	Amortization Period  (Years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted Average Useful Life
Client lists	10 yrs	$	2.0	$	1.6	$	0.4	2.1
Total		$	2.0	$	1.6	$	0.4	2.1

Schedule of Future Amortization Expense of Intangible Assets

As of June 30, 2023, estimated amortization expense for intangible assets for future years is as follows (in millions):

2023 remainder	$	1.7
2024	3.2
2025	3.0
2026	3.0
2027	3.0
Thereafter	$	16.3
Total	$	30.2