Acquisition (Tables)

3 Months Ended

Jul. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Preliminary fair values of the assets acquired and liabilities assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.


Assets acquired:
Cash and cash equivalents	$	135.0
Trade receivables – net	181.1
Inventories	66.0
Other current assets	6.0
Property, plant, and equipment – net	534.5
Operating lease right-of-use assets	17.2
Goodwill	2,447.1
Other intangible assets – net	3,038.6
Other noncurrent assets	43.2
Total assets acquired	$	6,468.7
Liabilities assumed:
Accounts payable	$	67.3

Other current liabilities	249.3
Deferred income taxes	639.4
Noncurrent operating lease liabilities	14.5
Other noncurrent liabilities	1.4
Total liabilities assumed	971.9
Net assets acquired	$	5,496.8

Finite-lived and indefinite-lived intangible assets acquired

The following table summarizes the purchase price allocated to the identifiable intangible assets acquired.


Intangible assets with finite lives:
Customer and contractual relationships (25-year useful life)	$	1,238.5
Non-competition agreements (varying useful lives)	38.0
Trademarks (5-year useful life)	9.9
Intangible assets with indefinite lives:
Trademarks	$	1,752.2
Total intangible assets	$	3,038.6

Business acquisition pro forma information

If the transaction had occurred on May 1, 2022, unaudited pro forma consolidated results for the three months ended July 31, 2023, would have been as follows:


	Three Months Ended July 31, 2023
Net sales		$	2,159.8
Net income		162.5
Net income per common share – assuming dilution		$	1.52