Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.19.3
Acquisitions (Tables)
9 Months Ended
Sep. 28, 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) (C)
355.5

 
 
Trade names
111.0

 
Indefinite
Customer relationships
430.0

 
15 years
Property and equipment
10.6

 
 
Other assets
5.6

 
 
Total assets acquired
1,015.3

 
 
 
 
 
 
Accounts payable (B)
27.3

 
 
Accrued expenses (B) (C)
22.0

 
 
Deferred tax liabilities (C)
56.4

 
 
Total liabilities assumed
105.7

 
 
 
 
 
 
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 and $3.0 million of purchase accounting adjustments in the first and second quarters of 2019, respectively, primarily related to contingency reserves.
(C) Includes $3.9 million of purchase accounting adjustments in the third quarter of 2019 primarily related to
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
 
Nine Months Ended
(in millions)
Sep 28,
2019
 
Sep 29,
2018
 
Sep 28,
2019
 
Sep 29,
2018
Pro forma Net sales
$
976.6

 
$
1,069.6

 
$
3,190.8

 
$
3,310.0

Pro forma Operating earnings
119.7

 
108.8

 
396.5

 
292.5

Pro forma Net earnings from continuing operations
(232.8
)
 
74.7

 
(43.1
)
 
192.6