Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

During fiscal year 2022, the Company acquired 100% of the voting equity of two businesses. The Company did not make any acquisitions during the nine months ended September 30, 2023. A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location (Near)
September 1, 2022	Stock	Bevcorp, LLC ("Bevcorp")	Eastlake, Ohio
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company's presence in the ready-to-drink carbonated beverage production market and provides significant cross-selling opportunity in filling and seaming food and beverage applications.
July 1, 2022	Stock	Alco-food-machines GmbH & Co. KG ("Alco")	Bad Iburg, Germany
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company's capabilities in further processing offerings and strengthens existing full line offerings.

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.

(In millions)	Bevcorp(1)		Alco(2)		Total
Financial assets	$	20.8	$	9.1	$	29.9
Inventories	33.1		11.7		44.8
Property, plant and equipment	5.5		0.9		6.4
Customer relationship(3)	127.0		9.2		136.2
Patents and acquired technology(3)	3.8		4.7		8.5
Trademarks(3)	10.0		3.2		13.2
Financial liabilities	(18.7)		(19.9)		(38.6)
Total identifiable net assets	$	181.5	$	18.9	$	200.4
Cash consideration paid	$	294.9	$	44.0	$	338.9
Cash acquired	5.7		3.9		9.6
Net consideration	$	289.2	$	40.1	$	329.3
Goodwill(4)	$	113.4	$	25.1	$	138.5

(1)The purchase accounting for Bevcorp was final as of March 31, 2023.

(2)The purchase accounting for Alco was final as of June 30, 2023.

(3)The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from six to twenty-four years. The intangible assets acquired in 2022 have weighted average useful lives of twenty-three years for trademarks, twenty years for customer relationship, and seven years for patents and acquired technology.

(4)The Company expects goodwill of $135.4 million from these acquisitions to be deductible for income tax purposes.