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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the preliminary purchase price allocation for intangible assets acquired in 2019:
| Purchase Price Allocation
|  | Weighted - Average Life
Trade names (indefinite life) | $ | 12.3 |  | Indefinite
Technology and know-how | 5.2 |  | 14 years
Customer relationships | 10.6 |  | 17 years
Total intangible assets | $ | 28.1 |  |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | On April 1, 2019, the Company completed the acquisition of The Diamond Chain Company ("Diamond Chain"), a leading supplier of high-performance roller chains for industrial markets. Diamond Chain serves a diverse range of market sectors, including industrial distribution, material handling, food and beverage, agriculture, construction and other process industries. Diamond Chain, located in Indianapolis, Indiana, operates primarily in the United States and China and had sales of approximately $60 million for the twelve months ended March 31, 2019. The purchase price for this acquisition was $84.6 million, excluding $1.9 million for cash acquired. During the nine months ended September 30, 2019, the Company incurred acquisition-related costs of $1.4 million to complete this acquisition. Based on markets and customers served, the results for Diamond Chain are reported in the Process Industries segment. The following table presents the preliminary purchase price allocation at fair value, net of cash acquired, for the Diamond Chain acquisition:
| Purchase Price Allocation
Assets: |
Accounts receivable, net | $ | 6.7 |
Inventories, net | 23.6 |
Other current assets | 2.4 |
Property, plant and equipment, net | 17.2 |
Operating lease assets | 2.8 |
Goodwill | 18.6 |
Other intangible assets | 28.1 |
Other non-current assets | 0.5 |
Total assets acquired | $ | 99.9 |
Liabilities: |
Accounts payable, trade | $ | 5.7 |
Other current liabilities | 4.8 |
Long-term operating lease liabilities | 2.1 |
Other non-current liabilities | 0.9 |
Total liabilities assumed | $ | 13.5 |
Noncontrolling interest acquired | 1.8 |
Net assets and noncontrolling interest acquired | $ | 84.6 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the purchase price allocation at fair value, net of cash acquired, for the 2018 Acquisitions:
| Initial Purchase Price Allocation | Adjustments | Purchase Price Allocation
Assets: |  |  |
Accounts receivable, net | $ | 42.5 |  |  |  | $ | 42.5 |
Inventories, net | 61.6 |  | (0.1 | ) | 61.5 |
Other current assets | 8.5 |  | 1.0 |  | 9.5 |
Property, plant and equipment, net | 71.7 |  | (6.3 | ) | 65.4 |
Goodwill | 468.2 |  | 1.8 |  | 470.0 |
Other intangible assets | 372.6 |  | 2.8 |  | 375.4 |
Other non-current assets | 20.2 |  | (4.1 | ) | 16.1 |
Total assets acquired | $ | 1,045.3 |  | $ | (4.9 | ) | $ | 1,040.4 |
Liabilities: |  |  |
Accounts payable, trade | $ | 35.2 |  |  |  | $ | 35.2 |
Salaries, wages and benefits | 9.1 |  |  |  | 9.1 |
Income taxes payable | 2.5 |  | 0.4 |  | 2.9 |
Other current liabilities | 8.2 |  | 0.2 |  | 8.4 |
Short-term debt | 2.5 |  | (0.6 | ) | 1.9 |
Long-term debt | 3.0 |  | (2.9 | ) | 0.1 |
Accrued pension benefits | 5.7 |  |  |  | 5.7 |
Accrued postretirement benefits | 11.7 |  |  |  | 11.7 |
Deferred income taxes | 116.2 |  | (0.6 | ) | 115.6 |
Other non-current liabilities | 16.9 |  | 3.4 |  | 20.3 |
Total liabilities assumed | $ | 211.0 |  | $ | (0.1 | ) | $ | 210.9 |
Net assets acquired | $ | 834.3 |  | $ | (4.8 | ) | $ | 829.5 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -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=116869197&loc=d3e4845-128472 + Details
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