Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Summary of allocation of the purchase price to the estimated fair value of the assets acquired and liabilities

The following table summarizes the allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of December 31, 2017.

	December 31, 2017
Assets Acquired
Cash and cash equivalents	$	4.9
Accounts receivable	4.7
Inventories	12.7
Deferred income taxes	0.4
Prepaid and other current assets	0.2
Property, plant and equipment	31.2
Non-amortizable intangible assets	1.2
Amortizable intangible assets	4.7
Acquired goodwill	10.0
Other assets	0.1
Total assets acquired	70.1
Liabilities Assumed
Accounts payable	4.1
Accrued expenses	5.4
Contingent liability (1)	2.3
Deferred income taxes	3.5
Noncurrent employee benefits	4.9
Long-term debt	1.8
Other noncurrent obligations	0.1
Total liabilities assumed	22.1
Net assets acquired	$	48.0

(1) In conjunction with the acquisition, the Company assumed a contingent liability of $2.3 million related to the acquisition of direct customer relationships by Coldenhove, which amount is contingent on the growth of sales from these customer relationships. As of December 31, 2017, the liability amount is unchanged.

Summary of pro forma consolidated statements of operations

Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the periods presented or the results that the Company will experience going forward.

	Year Ended December 31,
	2017		2016
Net sales	$	1,019.8	$	986.9
Operating income	108.9		116.7
Income from continuing operations	83.0		74.8
Income (loss) from discontinued operations	—		(0.4		)
Net income	83.0		74.4
Earnings (Loss) Per Common Share
Basic
Continuing operations	$	4.90	$	4.42
Discontinued Operations	—		(0.02		)
	$	4.90	$	4.40
Diluted
Continuing operations	$	4.84	$	4.34
Discontinued Operations	—		(0.02		)
	$	4.84	$	4.32

Therefore, the information is not necessarily indicative of results that would have been achieved had the businesses been combined during the periods presented or the results that the Company will experience going forward.

	Year Ended December 31,
	2015
Net sales	$	984.0
Operating income	103.7
Income from continuing operations	61.7
Income (loss) from discontinued operations	(9.4		)
Net income	52.3
Earnings (Loss) Per Common Share
Basic
Continuing operations	$	3.65
Discontinued Operations	(0.56		)
	$	3.09
Diluted
Continuing operations	$	3.60
Discontinued Operations	(0.55		)
	$	3.05