v3.26.1
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Assets Acquired and Liabilities Assumed
The following table sets forth the components and the allocation of the purchase price and summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition.
    
Fair Value
(Dollars in millions)
Purchase consideration
$294.0 
Cash and cash equivalents
24.3 
Accounts receivable
44.1 
Inventories
10.9 
Other current assets
15.0 
Property, plants, and equipment
203.4 
Right-of-use assets
29.2 
Intangible assets
20.2 
Accounts payable
(21.5)
Accrued liabilities
(27.6)
Short-term financing lease liability
(11.0)
Short-term operating lease liability
(0.9)
Long-term financing lease liability
(5.8)
Long-term operating lease liability
(2.2)
Deferred income taxes
(16.1)
Other deferred credits and liabilities(19.9)
Net identifiable assets acquired$242.1 
Goodwill$51.9 
Schedule of Preliminary Fair Values and estimated Useful Life The preliminary fair values allocated to the identifiable intangible assets and their preliminary estimated useful lives are as follows:
Intangible assetsPreliminary fair valueWeighted average useful life in years
Customer Relationships14.4 12
Trade Name5.8 10
Total identifiable intangible assets20.2 
Schedule of Unaudited Pro Forma Combined Results of Operations
The unaudited pro forma financial information included in the table below represents a summary of the consolidated results of operations for the three and six months ended June 30, 2025, assuming the acquisition had been completed as of January 1, 2024. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of that date, or of future results, and includes certain nonrecurring pro forma adjustments.
For the three months ended June 30, 2025, there are adjustments related to the elimination of debt and associated interest expense of $3.3 million at Phoenix Global, interest expense of $3.2 million for borrowings under the Company’s Revolving Facility to finance the transaction, and reduced expenses from the remeasurement of assets and liabilities upon acquisition of $0.1 million. The income tax effects from the adjustments were offsetting at $0.7 million.
For the six months ended June 30, 2025, there are adjustments related to the elimination of debt and associated interest expense of $6.6 million at Phoenix Global, interest expense of $6.5 million for borrowings under the Company’s Revolving Facility to finance the transaction, and reduced expenses from the remeasurement of assets and liabilities upon acquisition of $0.1 million. The income tax effects from the adjustments were offsetting at $1.4 million.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
(Dollars in millions)
Total revenue
$507.0 $1,009.3 
Net income
$1.2 $9.0