Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the preliminary purchase price allocation at fair value for the 2023 acquisitions as of June 30, 2023.

	Initial Purchase Price Allocation
Assets:
Accounts receivable	$	25.0
Inventories	72.6
Other current assets	5.3
Property, plant and equipment	34.1
Goodwill	121.3
Other intangible assets	136.7
Other non-current assets	4.9
Total assets acquired	$	399.9
Liabilities:
Accounts payable, trade	$	15.3
Salaries, wages and benefits	4.7
Income taxes payable	4.1
Other current liabilities	6.4
Short-term debt	5.0
Long-term debt	6.0
Deferred income taxes	27.7
Other non-current liabilities	3.8
Total liabilities assumed	$	73.0
Net assets acquired	$	326.9

The following table presents the updated purchase price allocation at fair value, net of cash acquired, for the 2022 acquisitions, as of June 30, 2023:

	Initial Purchase Price Allocation		Adjustments		Updated Purchase Price Allocation
Assets:
Accounts receivable	$	30.6	$	0.1	$	30.7
Inventories	52.3		(0.3)		52.0
Other current assets	7.6		—		7.6
Property, plant and equipment	153.6		(4.7)		148.9
Goodwill	106.9		(1.4)		105.5
Other intangible assets	182.6		(0.8)		181.8
Other assets	12.1		3.9		16.0
Total assets acquired	$	545.7	$	(3.2)	$	542.5
Liabilities:
Accounts payable, trade	$	16.8	$	(0.5)	$	16.3
Salaries, wages and benefits	11.8		—		11.8
Income taxes payable	3.2		—		3.2
Other current liabilities	7.0		(1.0)		6.0
Accrued pension benefits	3.2		0.3		3.5
Deferred income taxes	30.0		—		30.0
Other non-current liabilities	20.0		0.3		20.3
Total liabilities assumed	$	92.0	$	(0.9)	$	91.1
Net assets acquired	$	453.7	$	(2.3)	$	451.4

Summary of Purchase Price Allocation at Fair Value for Identifiable Intangible Assets Acquired

The following table summarizes the preliminary purchase price allocation at fair value for identifiable intangible assets acquired in 2023.

	2023
			Weighted- Average Life
Trade names	$	18.8	15 years
Technology and know-how	29.4		15 years
Customer relationships	88.4		9 years
Capitalized software	0.1		2 years
Total intangible assets	$	136.7