Acquisitions

9 Months Ended

Sep. 30, 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 ("Timken Belts") for $213.7 million, including cash acquired of approximately $0.1 million. The Company incurred approximately $1.0 million of legal and professional fees to acquire Timken Belts. Timken 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 product portfolio includes more than 20,000 parts that utilize wrap molded, raw edge, v-ribbed and synchronous belt designs. Based in Springfield, Missouri, Timken Belts had annual sales of approximately $140 million for the twelve months ended June 30, 2015, and employs approximately 750 employees. The results of the operations for Timken Belts are reported in both the Mobile Industries and Process Industries segments based on customers served.

In June 2016, the Company paid a net purchase price adjustment of $0.7 million in connection with the Timken Belts acquisition, resulting in an adjustment to goodwill. The following table presents the final purchase price allocation for the Timken Belts acquisition: 

	Initial Purchase Price Allocation		Adjustment		Final Purchase Price Allocation
Assets:
Accounts receivable, net	$	13.3			$	13.3
Inventories, net	48.5				48.5
Other current assets	1.1				1.1
Property, plant and equipment, net	37.9				37.9
Goodwill	70.8		0.7		71.5
Other intangible assets	63.9				63.9
Total assets acquired	$	235.5	$	0.7	$	236.2
Liabilities:
Accounts payable, trade	$	10.2			$	10.2
Salaries, wages and benefits	1.1				1.1
Other current liabilities	1.3				1.3
Accrued pension cost	2.3				2.3
Accrued postretirement benefits cost	1.1				1.1
Other non-current liabilities	5.9				5.9
Total liabilities assumed	$	21.9	$	—	$	21.9
Net assets acquired	$	213.6	$	0.7	$	214.3