Annual report pursuant to Section 13 and 15(d)

Acquisitions Schedule of assets acquired, liabilities assumed and cash consideration paid (Tables)

v3.20.4
Acquisitions Schedule of assets acquired, liabilities assumed and cash consideration paid (Tables)
 12 Months Ended
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.