Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

On November 28, 2012, we acquired all issued and outstanding stock of the privately held Joh. Heinr. Bornemann GmbH (Bornemann) for a final purchase price of $192.5, net of cash acquired. Bornemann, a supplier and servicer of multiphase pumping systems serving the global oil and gas, industrial, food and pharmaceutical markets, has more than 550 employees globally and is reported within the Industrial Process segment. The acquisition was funded with cash on hand. The final allocation of the purchase price, presented below, is based on the fair value of assets acquired, liabilities assumed and noncontrolling interests in Bornemann as of November 28, 2012.

Cash	$	11.9
Receivables	29.9
Inventory	44.7
Deferred tax assets	14.6
Plant, property and equipment	29.8
Goodwill	147.3
Other intangibles	58.7
Other assets	9.2
Accounts payable	(9.6		)
Accrued liabilities	(30.1		)
Deferred revenue	(10.2		)
Deferred tax liabilities	(23.1		)
Short and long-term debt and capital leases	(44.4		)
Postretirement obligations	(15.0		)
Other liabilities	(9.3		)
Net assets acquired	$	204.4

The goodwill arising from the acquisition is primarily related to the planned geographic expansion of Bornemann operations and is not expected to be deductible for income tax purposes. All of the goodwill has been assigned to the Industrial Process segment. Other intangibles acquired include customer relationships, proprietary technology and trademarks.

Our financial statements include the results of operations and cash flows from the Bornemann acquisition prospectively from the acquisition date. Pro forma results of operations have not been presented because the acquisition was not deemed material at the acquisition date.