Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

Acquired Indefinite-lived Intangible Assets [Line Items]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes the initial purchase price allocation for identifiable intangible assets acquired in 2016:

	Initial Purchase Price Allocation
			Weighted - Average Life
Trade name	$	3.7	Indefinite
Technology	8.9		19 years
All customer relationships	11.1		20 years
Non-competition agreements	0.2		5 years
Favorable leases	0.1		2 years
Capitalized software	0.1		4 years
Total intangible assets	$	24.1

Fair values of the assets acquired and liabilities assumed

The following table presents the final purchase price allocation for the Lovejoy acquisition: 

	Initial Purchase Price Allocation
Assets:
Accounts receivable, net	$	7.5
Inventories, net	13.2
Other current assets	5.2
Property, plant and equipment, net	15.5
Goodwill	30.1
Other intangible assets	24.1
Other non-current assets	0.1
Total assets acquired	$	95.7
Liabilities:
Accounts payable, trade	$	8.1
Salaries, wages and benefits	1.2
Other current liabilities	5.3
Long term debt	2.2
Deferred income taxes	9.2
Other non-current liabilities	7.6
Total liabilities assumed	$	33.6
Net assets acquired	$	62.1

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