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Acquisitions | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS On November 28, 2012, we acquired all issued and outstanding stock of the privately held Joh. Heinr. Bornemann GmbH (Bornemann) for a final purchase price of $192.5, net of cash acquired. Bornemann, a supplier and servicer of multiphase pumping systems serving the global oil & gas, industrial, food and pharmaceutical markets, has more than 550 employees globally and is reported within the Industrial Process segment. The acquisition was funded with cash on hand. The final allocation of the purchase price, presented below, is based on the fair value of assets acquired, liabilities assumed and noncontrolling interests in Bornemann as of November 28, 2012.
Cash | $ | 11.9 |
Receivables | 29.9 |
Inventory | 44.7 |
Deferred tax assets | 14.6 |
Plant, property and equipment | 29.8 |
Goodwill | 147.3 |
Other intangibles | 58.7 |
Other assets | 9.2 |
Accounts payable | (9.6 | )
Accrued liabilities | (30.1 | )
Deferred revenue | (10.2 | )
Deferred tax liabilities | (23.1 | )
Short and long-term debt and capital leases | (44.4 | )
Postretirement obligations | (15.0 | )
Other liabilities | (9.3 | )
Net assets acquired | $ | 204.4 |
The goodwill arising from the acquisition is primarily related to the planned geographic expansion of Bornemann operations and is not expected to be deductible for income tax purposes. All of the goodwill has been assigned to the Industrial Process segment. Other intangibles acquired include customer relationships, proprietary technology and trademarks. During 2011, we spent $15.6, net of cash acquired, on acquisitions that were not material individually or in the aggregate to our results of operations or financial position. The most significant of these acquisitions was Blakers Pump Engineers Unit Trust (Blakers) on October 27, 2011. Blakers, reported within the Industrial Process segment, is a supplier of process and industrial pumping equipment serving customers in the oil & gas, mining, power, and general markets. Our financial statements include the results of operations and cash flows from each of our acquisitions prospectively from their respective acquisition date. Pro forma results of operations have not been presented because neither acquisition was deemed material at the acquisition date.

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