During 2023, Timken completed six acquisitions, which enhanced the Company's capabilities and product portfolio. On December 20, 2023, the Company completed the acquisition of 100% of the capital stock of Lagersmit Holding B.V. ("Lagersmit"), a Netherlands-based manufacturer of highly engineered sealing solutions for marine, dredging, water, tidal energy and other industrial applications. On November 1, 2023, the Company acquired Engineered Solutions Group ("iMECH"). The Company acquired 100% of the capital stock in the United States and substantially all of the assets in Canada. iMECH manufactures thrust bearings, radial bearings, specialty coatings and other components primarily used in the energy industry. iMECH has facilities in Houston, Texas and Alberta, Canada. On September 29, 2023, the Company acquired 100% of the capital stock of Rosa Sistemi S.p.A. ("Rosa"), a European designer and manufacturer of roller guideways, linear bearings, customized linear systems and actuators, commercialized ball guideways and precision ball screws. Rosa has its headquarters, R&D and high-precision manufacturing facility in Milan, Italy. On September 1, 2023, the Company acquired 100% of the capital stock of D-C Filtration Holdings Corp. ("Des-Case"), a Tennessee-based manufacturer of specialty filtration products for industrial lubricants. Des-Case has manufacturing facilities in Tennessee and the Netherlands. On April 4, 2023, the Company acquired 100% of the capital stock of Leonardo Top S.a.r.l. ("Nadella"), a leading European manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions. Based in Italy, Nadella operates manufacturing facilities in Europe and China. On January 31, 2023, the Company acquired substantially all of the assets of American Roller Bearing Company ("ARB"), a North Carolina-based manufacturer of industrial bearings. ARB, which boasts a large U.S. installed base and strong aftermarket business, operates manufacturing facilities in Hiddenite and Morganton, North Carolina. The total purchase price for these six acquisitions was $641.2 million (including working capital adjustments paid in 2024), net of cash acquired of $30.6 million. Results for Lagersmit, Rosa, Des-Case and Nadella are reported in the Industrial Motion segment, and results for iMECH and ARB are reported in the Engineered Bearings segment. The Company incurred acquisition-related costs of $6.5 million in total to complete these six acquisitions in 2023.


	Purchase Price Allocation at December 31, 2023		2024 Adjustments		Updated Purchase Price Allocation at March 31, 2024
Assets:

Accounts receivable	$	44.7	$	(0.2)	$	44.5
Inventories	111.8		2.2		114.0
Other current assets	5.0		—		5.0
Property, plant and equipment	47.7		0.2		47.9
Operating lease assets	7.3		(0.1)		7.2
Goodwill	285.6		2.3		287.9
Other intangible assets	306.7		(6.3)		300.4
Other assets	6.7		—		6.7
Total assets acquired	$	815.5	$	(1.9)	$	813.6
Liabilities:
Accounts payable, trade	$	24.0	$	—	$	24.0
Salaries, wages and benefits	16.9		(2.0)		14.9
Income taxes payable	5.5		—		5.5
Other current liabilities	10.7		(0.1)		10.6
Short-term debt	4.7		—		4.7
Long-term debt	6.0		—		6.0
Accrued pension benefits	3.6		—		3.6
Long-term operating lease liabilities	7.0		—		7.0
Deferred income taxes	83.3		—		83.3
Other non-current liabilities	7.6		—		7.6
Total liabilities assumed	$	169.3	$	(2.1)	$	167.2
Noncontrolling interest acquired	5.2		—		5.2
Net assets acquired	$	641.0	$	0.2	$	641.2

In determining the fair value of the amounts above, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being valued. The estimation of fair value required judgment related to future net cash flows, discount rates, competitive trends, market comparisons and other factors. As a result, the Company utilized third-party valuation specialists to assist in determining the fair value of certain assets. Inputs were generally determined by taking into account independent appraisals and historical data, supplemented by current and anticipated market conditions.

The amounts in the table above represent the purchase price allocation for the 2023 acquisitions as of the dates noted above. This purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information in most cases and is subject to change as additional information concerning final asset and liability valuations are obtained and management completes its reassessment of the measurement period procedures based on the results of the preliminary valuation. The purchase price allocations for Lagersmit, iMECH, Rosa and Des-Case are preliminary. The purchase price allocation for Nadella is substantially complete. The purchase price allocation for ARB is complete. During the applicable measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments has been completed on the acquisition date.