Business Combinations, Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Apr. 02, 2017

Business Combinations and Investments, Goodwill and Acquired Intangible Assets [Abstract]

Business Acquisition, Pro Forma Information

The following table presents proforma net sales, net income and earnings per share data assuming e2v was acquired at the beginning of each respective period:

	First Quarter (a)
(unaudited - in millions, except per share amounts)	2017		2016
Net sales	$	659.1	$	637.4
Net income	$	13.1	$	34.0
Basic earnings per common share	$	0.37	$	0.99
Diluted earnings per common share	$	0.36	$	0.97

a) The above unaudited proforma information is presented for the e2v acquisition as it is considered a material acquisition.

Fair values allocated to the assets acquired and liabilities assumed (in millions):(a)
Current assets, excluding cash acquired	$	149.8
Property, plant and equipment	104.9
Goodwill	472.9
Acquired intangible assets	175.8
Other long-term assets	11.2
Total assets acquired	914.6
Current liabilities	(78.5		)
Long-term liabilities	(95.5		)
Total liabilities assumed	(174.0		)
Cash paid, net of cash acquired	$	740.6

Schedule of Business Acquisitions, by Acquisition

Fair values allocated to the assets acquired and liabilities assumed (in millions):(a)
Current assets, excluding cash acquired	$	149.8
Property, plant and equipment	104.9
Goodwill	472.9
Acquired intangible assets	175.8
Other long-term assets	11.2
Total assets acquired	914.6
Current liabilities	(78.5		)
Long-term liabilities	(95.5		)
Total liabilities assumed	(174.0		)
Cash paid, net of cash acquired	$	740.6

(a) The amounts recorded as of April 2, 2017 are preliminary since there was insufficient time between the acquisition date of March 28, 2017 and the end of the period to finalize the analysis.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table is a summary at the acquisition date of the acquired intangible assets and weighted average useful life in years for the e2v acquisition made in 2017 (dollars in millions):

Intangibles subject to amortization:(a)	Intangible Assets		Weighted average useful life in years
Proprietary technology	$	104.8	10.0
Customer list/relationships	22.2		10.0
Backlog	2.8		0.8
Total intangibles subject to amortization	129.8		10.0
Intangibles not subject to amortization:(a)
Trademarks	46.0
Total acquired intangible assets	$	175.8

(a) The amounts recorded as of April 2, 2017 are preliminary since there was insufficient time between the acquisition date and the end of the period to finalize the analysis.