Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of business combinations

A summary of the acquisitions made during 2022 is as follows:

Date	Type	Company/Product Line	Location
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.

Schedule of assets acquired and liabilities assumed

(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. During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $1.1 million due to finalization of the working capital adjustments, and refined estimates for financial liabilities by ($1.0) million, resulting in a corresponding net increase in residual goodwill of $0.1 million for Bevcorp.

(2)The purchase accounting for Alco was final as of June 30, 2023. During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition. During the quarter ended June 30, 2023, the Company recorded a decrease in cash consideration paid by $1.1 million due to the finalization of the working capital adjustments, resulting in a corresponding decrease in goodwill for Alco.

(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.