Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.

	Preliminary Allocation		Measurement Period		Preliminary Allocation
(In millions)	As of February 1, 2023		Adjustments		June 30, 2023
Total consideration transferred	$	1,169.2	$	—	$	1,169.2
Assets acquired:
Cash and cash equivalents	21.2		—		21.2
Trade receivables	48.6		(0.5)		48.1
Inventories	61.6		(0.2)		61.4
Prepaid expenses and other current assets	15.8		(1.0)		14.8
Property and equipment	101.1		—		101.1
Identifiable intangible assets	342.1		(1.5)		340.6
Operating lease right-of-use-assets	15.1		—		15.1
Other non-current assets	9.5		—		9.5
Total assets acquired	$	615.0	$	(3.2)	$	611.8
Liabilities assumed:
Accounts payable	27.0		(1.4)		25.6
Current portion of long-term debt	0.1		—		0.1
Current portion of operating lease liabilities	3.7		—		3.7
Other current liabilities	28.4		2.4		30.8
Long-term debt, less current portion	5.1		—		5.1
Long-term operating lease liabilities, less current portion	11.4		—		11.4
Deferred taxes	92.2		—		92.2
Other non-current liabilities	6.6		(2.7)		3.9
Total liabilities assumed	$	174.5	$	(1.7)	$	172.8
Net assets acquired	440.5		(1.5)		439.0
Goodwill	$	728.7	$	1.5	$	730.2

Schedule of Identifiable Intangible Assets, net and Their Useful Life

The following table summarizes the identifiable intangible assets and their useful lives.

	Amount		Useful life
	(In millions)		(In years)
Customer relationships	$	180.7	11.0
Trademarks and tradenames	26.0		10.0
Software	3.7		2.0
Technology	130.2		12.0
Total intangible assets with definite lives	$	340.6

Schedule of Financial Information

The following table presents the amounts of net sales and net earnings (loss) attributed to Liquibox since the acquisition date that are included in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023:

(In millions)	Three Months Ended June 30, 2023		February 1, 2023 through June 30, 2023
Net sales	$	75.3	$	132.6
Net earnings (loss)	$	1.1	$	(4.3)

Unaudited Pro Forma Information

The unaudited pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2022 and is not intended to be a projection of future results and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Net sales	$	1,380.8	$	1,512.1	$	2,755.2	$	3,016.4
Net earnings	$	100.9	$	81.7	$	170.9	$	195.4