Acquisition

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisition

6. Acquisitions

On January 2, 2015, the Company acquired the assets of Varied Industries Corporation (“VI-COR Acquisition”), a manufacturer and seller of feed ingredients for cows, beef cattle, poultry and other livestock for cash consideration of $74.9, and a $5.0 payment to be made after one year if a certain operating performance is achieved.  The Company financed the acquisition with available cash.  Based on 2015 operating results, the Company anticipates making a $4.9 payment in 2016.  These brands are managed within the SPD segment.

The fair values of the net assets acquired are set forth as follows:

	2015
	VI-COR
Inventory and other working capital	$	1.1
Property, plant and equipment and other long-term assets		6.4
Trade names and other intangibles		42.1
Goodwill		29.9
Purchase Price		79.5
Fair value of contingent payment due in one year		(4.6	)
Cash purchase price as of December 31, 2015	$	74.9

The life of the amortizable intangible assets recognized from the VI-COR Acquisition ranges from 5 - 15 years.  The goodwill is a result of expected synergies from combined operations of the acquired assets and the Company.  Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results.  

On September 19, 2014, the Company acquired certain feminine care brands, including REPHRESH and REPLENS, from Lil’ Drug Store Products, Inc., (“Lil’ Drug Store Brands Acquisition”) for cash consideration of $215.7.  The Company paid for the acquisition with additional debt.  The annual sales of the acquired brands are approximately $46.0.  These feminine care brands are managed within the Consumer Domestic and Consumer International segments.  

The fair values of the net assets acquired are set forth as follows:

	2014
	Lil’ Drug Store
Inventory and other working capital	$	3.2
Property, plant and equipment		0.7
Trade names and other intangibles		109.0
Goodwill		102.8
Purchase Price	$	215.7

 The life of the amortizable intangible assets recognized from the Lil’ Drug Store Brands Acquisition ranges from 5 - 20 years.  The goodwill is a result of expected synergies from combined operations of the acquisition and the Company.  Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results.