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Acquisitions Schedule of assets acquired, liabilities assumed and cash consideration paid (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid for the Power Products acquisition during 2018:
(in millions) | Fair Value |  | Useful Life
Accounts and notes receivable | $ | 38.3 |  |  |
Inventory | 64.3 |  |  |
Goodwill (A) (B) (C) | 355.5 |  |  |
Trade names | 111.0 |  |  | Indefinite
Customer relationships | 430.0 |  |  | 15 years
Property and equipment | 10.6 |  |  |
Other assets | 5.6 |  |  |
Total assets acquired | 1,015.3 |  |  |
Accounts payable (B) | 27.3 |  |  |
Accrued expenses (B) (C) | 22.0 |  |  |
Deferred tax liabilities (C) | 56.4 |  |  |
Total liabilities assumed | 105.7 |  |  |
Net cash consideration paid (B) (C) | $ | 909.6 |  |  |
(A) The goodwill recorded for the acquisition of Power Products is partially deductible for tax purposes. (B) Includes $4.4 million and $3.0 million of purchase accounting adjustments in the first and second quarters of 2019, respectively, primarily related to contingency reserves. (C) Includes $3.9 million of purchase accounting adjustments in the third quarter of 2019 primarily related to deferred taxes.
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma results include adjustments primarily related to interest expense on the Term Loans and amortization of intangible assets.
(in millions) | Year Ended December 31, 2018
Pro forma Net sales | $ | 4,271.1 |
Pro forma Operating earnings | 362.8 |
Pro forma Net earnings from continuing operations | 239.8 |
The pro forma results reflect an effective income tax rate of 17.2 percent for the year ended December 31, 2018.

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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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