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HELD FOR SALE, DIVESTITURES AND ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions The preliminary purchase price of the Rexnord PMC business consisted of the following (in millions):
As Reported as of January 1, 2022Measurement period adjustmentsAs Reported as of March 31, 2022
Fair value of Company common stock issued to Zurn (a)$3,896.3 $— $3,896.3 
Stock based compensation (b)47.1 — 47.1 
Adjustment amount (c)30.9 4.1 35.0 
Land Financing Fees paid by the Company (d)3.9 — 3.9 
Preexisting Relationships (e)(0.8)— (0.8)
Preliminary purchase price$3,977.4 $4.1 $3,981.5 

(a) Represents approximately 27 million new shares of Company common stock issued to Zurn stockholders in the exchange offer, based on the Company's October 4, 2021, closing share price of $151.00, less the Special Dividend amount of $6.99, which the Zurn stockholders were not entitled to receive.

(b) Represents fair value of replacement equity-based awards and Company common stock issued in settlement of other Zurn share based awards. The portion of the fair value attributable to pre-Merger service was recorded as part of the consideration transferred in the Merger - see Note 10.

(c) Represents working capital adjustment pursuant to the terms of the purchase agreement. The entire amount was settled and paid in cash by the Company as of March 31, 2022.

(d) Represents financing fees paid by the Company for the Bridge Facility and Land Term Facility (as defined in Note 7) that were determined to be costs of Zurn.

(e) Represents effective settlement of outstanding payables and receivables between the Company and the Rexnord PMC business. No gain or loss was recognized on this settlement.
Schedule of Assets Acquired and Liabilities Assumed
The preliminary fair value and subsequent measurement period adjustments of the assets acquired and liabilities and noncontrolling interests assumed were as follows (in millions):
As Reported as of January 1, 2022Measurement period adjustmentsAs Reported as of March 31, 2022
Cash and Cash Equivalents$192.8 $— $192.8 
Trade Receivables186.9 (3.5)183.4 
Inventories262.5 (1.0)261.5 
Prepaid Expenses and Other Current Assets21.0 — 21.0 
Assets Held for Sale1.4 — 1.4 
Deferred Income Tax Benefits8.8 (7.7)1.1 
Property, Plant and Equipment412.3 (38.4)373.9 
Operating Lease Assets46.4 — 46.4 
Intangible Assets1,831.0 23.0 1,854.0 
Other Noncurrent Assets12.3 3.7 16.0 
Accounts Payable(121.1)— (121.1)
Accrued Compensation and Benefits(44.0)2.6 (41.4)
Other Accrued Expenses(55.7)(4.0)(59.7)
Current Operating Lease Liabilities(8.1)— (8.1)
Current Maturities of Long-Term Debt(2.5)— (2.5)
Long-Term Debt(558.2)— (558.2)
Deferred Income Taxes(508.2)12.1 (496.1)
Pension and Other Post Retirement Benefits(75.1)— (75.1)
Noncurrent Operating Lease Liabilities(38.0)— (38.0)
Other Noncurrent Liabilities(17.0)— (17.0)
Total Identifiable Net Assets1,547.5 (13.2)1,534.3 
Goodwill2,433.2 17.3 2,450.5 
Noncontrolling Interests(3.3)— (3.3)
Preliminary purchase price$3,977.4 $4.1 $3,981.5 
The preliminary fair value of the assets acquired and liabilities assumed were as follows (in millions):

As Reported as of January 1, 2022
Cash and Cash Equivalents$1.1 
Trade Receivables19.1 
Inventories12.8 
Prepaid Expenses and Other Current Assets7.6 
Property, Plant and Equipment3.7 
Intangible Assets(1)
160.0 
Accounts Payable(4.7)
Accrued Compensation and Benefits(2.6)
Other Accrued Expenses(25.0)
Total Identifiable Net Assets172.0 
Goodwill143.6 
Preliminary purchase price$315.6 
(1) Includes $124.0 million related to Customer Relationships, $18.0 million related to Trademarks and $18.0 million related to Technology.