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Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Preliminary Allocation of the Fair Value of the Acquisition
The preliminary and final allocation of the fair value of the Acquisition is summarized in the following table. The allocation of the fair value is based on the acquisition method of accounting and third-party valuation appraisals.
(Millions of dollars)
 
 
 
 
 
 
 
 
Preliminary Allocation
 (as reported at March 31, 2018)
 
Measurement Period Adjustments
 
Final Allocation
(as reported at June 30, 2018)
 
 
 
 
 
 
 
Cash
 
$
129.1

 
$
—

 
$
129.1

Accounts receivable
 
817.5

 
—

 
817.5

Inventories
 
684.4

 
—

 
684.4

Indefinite-lived trademarks
 
775.9

 
(161.6
)
 
614.3

Finite-lived intangible assets
 
5,071.8

 
(148.9
)
 
4,922.9

Goodwill
 
5,654.4

 
234.4

 
5,888.8

Property, plant and equipment
 
841.0

 
(0.3
)
 
840.7

All other assets
 
231.3

 
3.8

 
235.1

Accounts payable
 
(553.2
)
 
—

 
(553.2
)
Long-term debt
 
(1,603.5
)
 
—

 
(1,603.5
)
Deferred taxes
 
(2,015.3
)
 
99.4

 
(1,915.9
)
All other liabilities
 
(1,094.0
)
 
(26.8
)
 
(1,120.8
)
Total
 
$
8,939.4

 
$
—

 
$
8,939.4

Total, net of cash
 
$
8,810.3

 
$
—

 
$
8,810.3
Pro Forma Consolidated Financial Information
The following pro forma information presents consolidated financial information as if Valspar had been acquired at the beginning of 2017. Pro forma adjustments have been made to exclude Valspar's divested North American industrial wood coatings business results and certain transaction and integration costs from all periods presented. Interest expense has been adjusted as though total debt related to the Acquisition had been outstanding at January 1, 2017. Amortization of acquired intangibles and fixed asset step-ups has been adjusted as though the amortization period started January 1, 2017. The $54.9 million amortization of inventory cost increases resulting from the purchase accounting has been included in 2017 to reflect the pro forma transaction date of January 1, 2017. The unaudited pro forma consolidated financial information does not necessarily reflect the actual results that would have occurred had the Acquisition taken place on January 1, 2017, nor is it meant to be indicative of future results of operations of the combined companies under the ownership and operation of the Company.
(Thousands of dollars except per share data)
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Net sales
$
4,773,796

 
$
4,439,801

 
$
8,738,802

 
$
8,148,329

Net income from continuing operations
426,077

 
399,817

 
708,982

 
550,527

Net income per common share from continuing operations:
 
 
 
 
 
 
 
Basic
$
4.59

 
$
4.31

 
$
7.61

 
$
5.94

Diluted
$
4.49

 
$
4.21

 
$
7.44

 
$
5.81