Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Inventories as of December 31 were as follows:

The carrying amount, accumulated depreciation and useful lives of property and equipment as of December 31 were as follows:

	Estimated Useful Lives		2016		2015
		(In millions)
Land and land improvements	1 - 30	$	28.5		26.8
Buildings and improvements	1 - 30		127.7		103.7
Machinery and equipment	1 - 20		1,084.8		930.1
Assets not yet placed in service			144.6		145.0
			1,385.6		1,205.6
Accumulated depreciation			(554.0	)	(419.6	)
Property and equipment, net		$	831.6		786.0

The carrying amount and accumulated amortization of intangible assets as of December 31 were as follows:

	2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In millions)
Customer relationships and platforms	$	745.2		(197.5	)		547.7
Other		126.9		(35.5	)		91.4
Total	$	872.1		(233.0	)		639.1

	2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In millions)
Customer relationships and platforms	$	745.2		(137.0	)		608.2
Other		126.7		(26.0	)		100.7
Total	$	871.9		(163.0	)		708.9

The following table presents the revenues and earnings of MPG on a pro forma basis as if the Grede Transaction had occurred on January 1, 2013:

The Grede Transaction was recorded, as revised for updated valuation information, in the accounts of the Company as follows:

	June 2, 2014
	(In millions)
Fair value of consideration	$	829.7
Assets acquired:
Receivables		120.2
Inventories		40.1
Prepaid expenses and other current assets		11.4
Property and equipment		208.5
Amortizable intangible assets		369.1
Other assets		9.1
Total assets acquired		758.4
Liabilities assumed:
Accounts payable		94.7
Accrued liabilities		25.7
Deferred tax liabilities		47.5
Short-term debt		1.7
Other long-term liabilities		20.7
Total liabilities assumed		190.3
Net identifiable assets acquired, net of cash and cash equivalents		568.1
Goodwill	$	261.6

Additional details of the assets recognized were as follows:

	June 2, 2014		Estimated Useful Lives
	(In millions)		(In years)
Property and equipment
Land	$	12.2		—
Buildings		31.8	5 – 29
Machinery and equipment		148.8	1 – 20
Assets not yet placed in service		15.7		—
Total property and equipment	$	208.5

	June 2, 2014		Amortization Period
	(In millions)		(In years)
Amortizable intangible assets
Customer relationships and platforms	$	338.7		10
Other: trade names		30.4		15
Total amortizable intangible assets	$	369.1

The funded status as of the Acquisition Date was as follows:

	June 2, 2014
	(In millions)
Projected benefit obligation	$	33.9
Fair value of plan assets		27.6
Funded Status	$	(6.3	)

The amount of Grede revenues and earnings included in the consolidated statements of operations subsequent to the Grede Transaction was as follows:

		2016	2015	2014
	(In millions)
Revenues: Net sales	$	787.3	906.8	572.1
Earnings: Income (loss) before tax		17.9	43.3	(19.2	)