Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.19.1
Acquisitions (Tables)
3 Months Ended
Mar. 30, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid for the Power Products acquisition during 2018:

(in millions)
Fair Value
 
Useful Life
Accounts and notes receivable
$
38.3

 
 
Inventory
64.3

 
 
Goodwill (A) (B)
348.6

 
 
Trade names
111.0

 
Indefinite
Customer relationships
430.0

 
15 years
Property and equipment
10.6

 
 
Other assets
5.6

 
 
Total assets acquired
1,008.4

 
 
 
 
 
 
Accounts payable (B)
24.3

 
 
Accrued expenses (B)
19.8

 
 
Deferred tax liabilities
54.7

 
 
Total liabilities assumed
98.8

 
 
 
 
 
 
Net cash consideration paid
$
909.6

 
 

(A) The goodwill recorded for the acquisition of Power Products is partially deductible for tax purposes.
(B) Includes $4.4 million of purchase accounting adjustments in the first quarter of 2019 related to contingency reserves.
Business Acquisition, Pro Forma Information [Table Text Block]
The pro forma results include adjustments primarily related to interest expense on the Term Loans and amortization of intangible assets.

 
Three Months Ended
(in millions)
March 30, 2019
 
March 31, 2018
Pro forma Net sales
$
1,275.9

 
$
1,272.7

Pro forma Operating earnings (loss)
(28.6
)
 
93.8

Pro forma Net earnings (loss)
(34.9
)
 
59.2