Business Combinations, Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Oct. 01, 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 the 2016 fiscal year:

	Third Quarter (a)				Nine Months (a)
(unaudited - in millions, except per share amounts)	2017		2016		2017		2016
Net sales	$	662.2	$	614.6	$	1,992.4	$	1,853.0
Net income	$	69.0	$	55.5	$	142.2	$	126.3
Basic earnings per common share	$	1.95	$	1.60	$	4.04	$	3.66
Diluted earnings per common share	$	1.90	$	1.56	$	3.93	$	3.57

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 - e2v (in millions): (a)
Current assets, excluding cash acquired	$	152.3
Property, plant and equipment	104.7
Goodwill	471.1
Acquired intangible assets	173.4
Other long-term assets	8.9
Total assets acquired	910.4
Current liabilities	(78.7		)
Long-term liabilities	(89.3		)
Total liabilities assumed	(168.0		)
Consideration transferred, net of cash acquired (b)	$	742.4

Schedule of Business Acquisitions, by Acquisition

Fair values allocated to the assets acquired and liabilities assumed - e2v (in millions): (a)
Current assets, excluding cash acquired	$	152.3
Property, plant and equipment	104.7
Goodwill	471.1
Acquired intangible assets	173.4
Other long-term assets	8.9
Total assets acquired	910.4
Current liabilities	(78.7		)
Long-term liabilities	(89.3		)
Total liabilities assumed	(168.0		)
Consideration transferred, net of cash acquired (b)	$	742.4

(a) The amounts recorded as of October 1, 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.

(b) Consideration transferred includes a $2.0 million liability for the payment to former e2v share option holders paid prior to the end of fiscal year 2017.

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	$	97.5	11.8
Customer list/relationships	26.3		13.0
Backlog	2.8		0.8
Total intangibles subject to amortization	126.6		11.8
Intangibles not subject to amortization:(a)
Trademarks	46.8
Total acquired intangible assets	$	173.4

(a) The amounts recorded as of October 1, 2017 are preliminary since there was insufficient time between the acquisition date and the end of the period to finalize the analysis.