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ACQUISITIONS AND INVESTMENTS - Restructuring and Related Activities (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the acquisition date value of identifiable net assets acquired and liabilities assumed adjusted for measurement period adjustments:
(Millions of Dollars) |
Cash and cash equivalents | $ | 111.5 |
Accounts receivable, net | 270.5 |
Inventories, net | 855.7 |
Prepaid expenses and other assets | 56.9 |
Property, plant and equipment | 256.9 |
Trade names | 390.0 |
Customer relationships | 460.0 |
Other assets | 38.5 |
Accounts payable | (394.6) |
Accrued expenses | (201.1) |
Deferred revenue | (0.9) |
Long-term debt | (110.9) |
Deferred taxes | (214.3) |
Other liabilities | (68.4) |
Total identifiable net assets | $ | 1,449.8 |
Goodwill | 486.9 |
Total consideration | $ | 1,936.7 |
The following table summarizes the acquisition date value of identifiable net assets acquired and liabilities assumed adjusted for measurement period adjustments:
(Millions of Dollars) |
Cash and cash equivalents | $ | 35.8 |
Accounts receivable, net | 48.3 |
Inventories, net | 124.3 |
Prepaid expenses and other assets | 2.6 |
Property, plant and equipment | 127.9 |
Trade names | 25.0 |
Customer relationships | 565.0 |
Accounts payable | (25.9) |
Accrued expenses | (26.9) |
Deferred taxes | (16.3) |
Other liabilities | (0.3) |
Total identifiable net assets | $ | 859.5 |
Goodwill | 632.3 |
Contingent consideration | (155.3) |
Total consideration paid | $ | 1,336.5 |
Business Acquisition, Pro Forma Information | The following table presents supplemental pro-forma information as if the 2021 acquisitions had occurred on December 29, 2019. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net sales and net earnings would have been had the Company completed the acquisitions on the aforementioned date. In addition, the pro-forma consolidated results do not purport to project the future results of the Company.
(Millions of Dollars, except per share amounts) | 2022 |  | 2021
Net sales | $ | 16,947.4 |  |  | $ | 17,890.8 |
Net earnings from continuing operations attributable to common shareowners - Diluted | 318.3 |  |  | 1,666.0 |
Diluted earnings per share of common stock - Continuing operations | $ | 2.03 |  |  | $ | 10.10 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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