Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the updated purchase price allocation at fair value, net of cash acquired, for the 2023 acquisitions, as of December 31, 2023 and June 30, 2024:

	Purchase Price Allocation at December 31, 2023		2024 Adjustments		Updated Purchase Price Allocation at June 30, 2024
Assets:
Accounts receivable	$	44.7	$	(0.9)	$	43.8
Inventories	111.8		1.7		113.5
Other current assets	5.0		—		5.0
Property, plant and equipment	47.7		0.2		47.9
Operating lease assets	7.3		—		7.3
Goodwill	285.6		5.0		290.6
Other intangible assets	306.7		(6.2)		300.5
Other assets	6.7		(1.6)		5.1
Total assets acquired	$	815.5	$	(1.8)	$	813.7
Liabilities:
Accounts payable, trade	$	24.0	$	0.2	$	24.2
Salaries, wages and benefits	16.9		(2.0)		14.9
Income taxes payable	5.5		—		5.5
Other current liabilities	10.7		0.5		11.2
Short-term debt	4.7		—		4.7
Long-term debt	6.0		—		6.0
Accrued pension benefits	3.6		—		3.6
Long-term operating lease liabilities	7.0		(0.8)		6.2
Deferred income taxes	83.3		(1.1)		82.2
Other non-current liabilities	7.6		—		7.6
Total liabilities assumed	$	169.3	$	(3.2)	$	166.1
Noncontrolling interest acquired	5.2		1.0		6.2
Net assets acquired	$	641.0	$	0.4	$	641.4

Schedule 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	$	25.6	17 years
Technology and know-how	70.5		15 years
Customer relationships	202.8		14 years
Non-compete agreements	1.0		3 years
Capitalized software	0.6		2 years
Total intangible assets	$	300.5