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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition.
(In millions) |
Accounts receivable |  | $ | 42.3 |
Inventories |  |  | 51.7 |
Property, plant and equipment |  |  | 66.4 |
Goodwill |  |  | 300.9 |
Identifiable intangible assets |  |  | 313.0 |
Operating lease assets |  |  | 6.2 |
Other assets |  |  | 3.7 |
Total assets |  |  | 784.2 |
Accounts payable |  |  | 6.5 |
Other current liabilities and accruals |  |  | 31.1 |
Other non-current liabilities |  |  | 31.4 |
Net assets acquired(a) |  | $ | 715.2 |
(a) Net assets exclude $0.4 million of cash transferred to the Company as the result of the Larson acquisition.
Schedule of Unaudited Pro Forma Financial Information | The unaudited pro forma financial information does not necessarily represent the results that would have occurred had the acquisition occurred on January 1, 2019. In addition, the unaudited pro forma information should not be deemed to be indicative of future results.
(In millions) |  | 2020 |  |  | 2019 |
Net sales |  | $ | 6,493.2 |  |  | $ | 6,100.4 |
Net income |  | $ | 592.5 |  |  | $ | 410.8 |

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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 http://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 http://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 http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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