Acquisitions Acquisitions (Notes)

12 Months Ended

Dec. 31, 2017

Acquisitions [Abstract]

Acquisitions Disclosure [Text Block]

ACQUISITIONS

Axtone Railway Components

On January 26, 2017, we acquired 100% of the privately held stock of Axtone Railway Components (Axtone) for a purchase price of $123.1, including cash acquired. The purchase price allocation is subject to change during the measurement period (up to one year from the acquisition date). Axtone, which had 2016 revenue of approximately $72, is a manufacturer of highly engineered and customized energy absorption solutions, including springs, buffers, and coupler components for the railway and industrial markets.

The purchase price for Axtone was allocated to net tangible assets acquired and liabilities assumed based on their preliminary fair values as of January 26, 2017, with the excess of the purchase price of $83.0 recorded as goodwill. The primary areas of purchase price allocation that are not yet finalized relate to the valuation of certain contingent liabilities, income tax, and residual goodwill. We expect to obtain the information necessary to finalize the fair value of the net assets and liabilities during the measurement period. Changes to the preliminary estimates of the fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period they occur. The goodwill arising from this acquisition, which is not expected to be deductible for income tax purposes, has been assigned to the Motion Technologies segment.

Preliminary Allocation of Purchase Price for Axtone

Cash	$	9.4
Receivables	11.5
Inventory	13.6
Plant, property and equipment	13.1
Goodwill	83.0
Other intangible assets	9.9
Other assets	6.0
Accounts payable and accrued liabilities	(14.9		)
Postretirement liabilities	(4.2		)
Other liabilities	(4.3		)
Net assets acquired	$	123.1

Wolverine Automotive Holdings

On October 5, 2015, we completed the acquisition of Wolverine Automotive Holdings Inc., the parent company of Wolverine Advanced Materials LLC (Wolverine). The purchase price of $307.0 net of cash acquired, was funded through a combination of cash and borrowings from our revolving credit facility. The excess of the purchase price over the estimated fair value of net assets acquired of $164.2 was recorded as goodwill. All of the goodwill has been assigned to the Motion Technologies segment. Other intangibles acquired include existing customer relationships, proprietary technology, and trade names.

Hartzell Aerospace

On March 31, 2015, we completed the acquisition of Environmental Control Systems (f/k/a Hartzell Aerospace) for a purchase price of $52.9 that was funded through additional commercial paper borrowings. The excess of the purchase price over the estimated fair value of net assets acquired of $13.7 was recorded as goodwill. All of the goodwill has been assigned to the Control Technologies segment.

Pro forma results of operations have not been presented because the acquisitions were not deemed material at the acquisition date.