Acquisitions and Dispositions of Businesses (Tables)

6 Months Ended

Jun. 30, 2017

Acqusitions and Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of the 2017 and 2016 acquisitions was allocated as follows (2017 on a preliminary basis):

	Purchase Price Allocation
	As of
(in thousands)	June 30, 2017			December 31, 2016
Accounts receivable	$	13,074		$	8,538
Inventory	25,754			878
Other current assets	593			1,420
Property, plant and equipment	30,961			3,940
Goodwill	138,000			184,118
Indefinite-lived intangible assets	41,600			53,110
Amortized intangible assets	159,107			28,267
Pension and other postretirement benefits liabilities	(59,116		)	—
Other liabilities	(10,614		)	(21,892		)
Deferred income taxes	(30,923		)	(11,009		)
Redeemable noncontrolling interest	(3,666		)	—
Aggregate purchase price, net of cash acquired	$	304,770		$	247,370

Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information presents the Company’s results as if the 2017 acquisitions had occurred at the beginning of 2016. The unaudited pro forma information also includes the 2016 acquisitions as if they occurred at the beginning of 2015:

	Three Months Ended   June 30				Six Months Ended   June 30
(in thousands)	2017		2016		2017		2016
Operating revenues	$	680,759	$	695,357	$	1,322,559	$	1,361,804
Net income	46,718		62,638		71,330		101,717