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Acquisitions (Tables)
 9 Months Ended
Sep. 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 2016. Pro forma adjustments have been made to exclude Valspar's divested North American industrial wood coatings business results. Interest expense has been adjusted as though total debt related to the Acquisition had been outstanding at January 1, 2016. Amortization of acquired intangibles and fixed asset and inventory step-ups has been adjusted as though the amortization period started January 1, 2016. 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, 2016, 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
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2017
Net sales
$
4,507,020

 
$
12,655,349

Net income from continuing operations
370,915

 
907,069

Net income per common share from
continuing operations:
 
 
 
Basic
$
3.99

 
$
9.78

Diluted
$
3.90

 
$
9.57