Business Acquisition (Tables)

3 Months Ended

Mar. 31, 2015

Acquired Finite-Lived Intangible Assets [Line Items]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The following table shows the preliminary fair values assigned to intangible assets ($ in millions):



	Preliminary Fair Value as of December 31, 2014		Weighted-Average Amortization Period (Years)
Amortizable intangible assets:
Customer relationships	$	6.1	15
Developed Technology	2.1		20
Patents	1.5		17
Customer contracts	1.9		6
Total	$	11.6	15

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The cash paid for these acquisitions and the preliminary fair values of the assets acquired and liabilities assumed as of the December 19, 2014 and December 31, 2014 acquisition dates for Pronamic assets and SNN assets, respectively, are as follows ($ in millions):



	Preliminary Fair Value as Acquisition Date
Accounts receivable	$	3.5
Inventory	3.2
Other current assets	0.2
Property, plant and equipment	9.3
Identifiable intangible assets	11.6
Total Assets	27.8

Accounts payable	1.4
Accrued expenses	1.4

Net assets acquired	25.0

Goodwill	5.0

Cash paid	$	30.0

Business Acquisition, Pro Forma Information

In December 2014, the Company acquired certain assets from Pronamic Industries, Inc., or Pronamic, and Smith & Nephew, or SNN. As a result of the acquisition, these assets were incorporated into SWM's Filtration segment. The acquisition of these assets provides further opportunities for growth into the filtration and healthcare industries. These acquisitions are being treated as business combinations and accounted for in accordance with the guidance provided by ASC 805, Business Combinations. The purchase price included initial cash payments of $30.7 million, net of $0.7 million in working capital adjustments. An additional variable payment of up to $3.5 million in connection with one of the acquisitions may be due based on the performance of the assets over a period from the acquisition date through December 31, 2015, of which $1.0 million was recorded as a payable based on management's estimate of the fair value of the variable consideration payable. Of the amount recorded $0.5 million was reversed through other income on the condensed consolidated statement of income in the first quarter of 2015 based on updated estimates of future performance.

The amounts of the unaudited pro forma Net Sales and Income from Continuing Operations of the combined entity had the acquisition date been January 1, 2014 are as follows ($ in millions):



	Net Sales		Income from Continuing Operations
2014 Supplemental Pro Forma from January 1, 2014 - March 31, 2014	$	212.0	$	23.9