Acquisitions

3 Months Ended

Mar. 31, 2016

Business Acquisition [Line Items]

Business Combination Disclosure [Text Block]

On September 1, 2015, the Company completed the acquisition of the membership interests of Carlstar Belt LLC (Carlstar Belts) for $213.7 million, including cash acquired of approximately $0.1 million. The Company incurred approximately $1 million of legal and professional fees to acquire Carlstar Belts. Carlstar Belts is a leading North American manufacturer of belts used in industrial, commercial and consumer applications, and sold under multiple brand names, including Carlisle®, Ultimax® and Panther®, among others. The acquisition of Carlstar Belts further diversifies the Company's portfolio beyond engineered bearings, bringing customers an expanded offering of mechanical power transmission products and services. The product portfolio includes more than 20,000 parts that utilize wrap molded, raw edge, v-ribbed and synchronous belt designs. Based in Springfield, Missouri, Carlstar Belts had annual sales of approximately $140 million for the twelve months ending June 30, 2015, and employs approximately 750 employees. The results of the operations of Carlstar Belts are reported in both the Mobile Industries and Process Industries segments based on customers served.

Pro forma results of operations have not been presented because the effects of the acquisition were not significant to the Company's income from continuing operations before income taxes or total assets in 2015. The following table presents the preliminary purchase price allocations for the acquisition in 2015: 

	Initial Purchase Price Allocation
Assets:
Cash and cash equivalents	$	0.1
Accounts receivable, net	13.3
Inventories, net	48.5
Other current assets	1.1
Property, plant and equipment, net	37.9
Goodwill	70.8
Other intangible assets	63.9
Total assets acquired	$	235.6
Liabilities:
Accounts payable, trade	$	10.2
Salaries, wages and benefits	1.1
Other current liabilities	1.3
Non-Current Pension Liability	2.3
Non-Current Deferred Tax Liability	5.9
Total liabilities assumed	$	20.8
Net assets acquired	$	214.8

The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2015:

	Initial Purchase Price Allocation
			Weighted - Average Life
Trade name	$	1.7	11 years
Technology	17.1		20 years
All customer relationships	43.9		20 years
Capitalized Software	1.2		3 years
Total intangible assets	$	63.9	19 years