Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

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