Acquisition (Notes)

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Acquisition

On April 29, 2016, the Company acquired the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the United States. The cash purchase price was $115.5 million. Of the total purchase price, $108.3 million was paid in the six months ended June 30, 2016 and $7.2 million was paid in July. The preliminary allocation of the purchase price resulted in approximately $66.9 million of goodwill for the Global Packaging segment, the majority of which is not expected to be tax deductible. The goodwill identified by this acquisition reflects the benefits expected to be derived from product line expansion. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)	Fair Value		Weighted Average Useful Life
Customer relationships	$	21.8	8 years
Order backlog	1.7		2 months
Total	$	23.5

The fair value of assets and liabilities acquired was $131.6 million and $16.1 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.