Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation of Acquisition Costs To Assets Acquired and Liabilities Assumed

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

(In millions)	Total
Current assets, net of cash acquired	$	18.4
Property, plant and equipment	4.0
Goodwill	42.4
Intangible assets	46.0
Deferred income taxes	2.6
Other noncurrent assets	0.1
Total assets acquired	113.5
Current liabilities	(7.1)
Other noncurrent liabilities	(0.1)
Net assets acquired	$	106.3

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

(In millions)	Total
Current assets, net of cash acquired	$	45.3
Property, plant and equipment	4.8
Goodwill	267.6
Intangible assets	202.3
Other noncurrent assets	10.1
Total assets acquired	530.1
Current liabilities	(10.1)
Deferred income taxes	(40.6)
Other noncurrent liabilities	(8.4)
Net assets acquired	$	471.0

he final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

(In millions)	Total
Current assets, net of cash acquired	$	32.9
Property, plant and equipment	4.2
Goodwill	60.0
Intangible assets	53.0
Other noncurrent assets	1.3
Total assets acquired	151.4
Current liabilities	(32.3)
Deferred income taxes	2.5
Other noncurrent liabilities	(0.4)
Net assets acquired	$	121.2

The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

(In millions)	Total
Current assets, net of cash acquired	$	20.2
Property, plant and equipment	1.7
Goodwill	86.6
Intangible assets	48.2
Other noncurrent assets	0.8
Total assets acquired	157.5
Current liabilities	(7.6)
Long-term borrowings	(51.1)
Deferred income taxes	(11.1)
Other noncurrent liabilities	(0.5)
Net assets acquired	$	87.2

Acquired Intangible Assets and Weighted Average Amortization Periods

The acquired intangible assets and weighted average amortization periods are as follows:

(In millions, except weighted average life)	Total		Weighted Average Life
Trade names	$	9.0	15
Customer relationships	30.0		13
Unpatented technology	7.0		11
Acquired intangible assets	$	46.0

The acquired intangible assets and weighted average amortization periods are as follows:

(In millions, except weighted average life)	Total		Weighted Average Life
Trade names	$	15.4	15
Customer relationships	162.9		13
Unpatented technology	24.0		11
Acquired intangible assets	$	202.3

The acquired intangible assets and weighted average amortization periods are as follows:

(In millions, except weighted average life)	Total		Weighted Average Life
Trade names	$	6.0	15
Customer relationships	31.5		10
Unpatented technology	15.5		20
Acquired intangible assets	$	53.0

Qualtek

On November 23, 2020, the Company acquired Qualtek Manufacturing, Inc. (“Qualtek”), a manufacturer of high quality specialty metal components and parts by providing vertically integrated tool and die, metal stamping and metal finishing services. Headquartered in Colorado Springs, Colorado, Qualtek operates in the BAND-IT reporting unit within the FSDP segment. Qualtek was acquired for cash consideration of $1.9 million. The entire purchase price was funded with cash on hand. Goodwill recognized as part of this transaction was $1.1 million. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is deductible for tax purposes.

The Company finalized its allocation of the purchase price for the Qualtek acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.

The acquired intangible assets and weighted average amortization periods are as follows:

(In millions, except weighted average life)	Total		Weighted Average Life
Trade names	$	7.1	15
Customer relationships	34.7		12
Unpatented technology	6.4		9
Acquired intangible assets	$	48.2