Acquisition

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisition

10. Acquisition

On January 4, 2016, the Company acquired Spencer Forrest, Inc., the maker of TOPPIK, (the “Toppik Acquisition”), the leading brand of hair building fibers for people with thinning hair.  The total purchase price was approximately $175.5, which is subject to adjustment based on the closing working capital. The Company financed the acquisition with commercial paper.  Toppik’s annual sales are approximately $30.0.  This brand will be managed within the Consumer Domestic and Consumer International segments.  

The preliminary fair values of net assets acquired are set forth below:

	Acquisition Date
	Preliminary
Toppik Acquisition	Fair Value
Inventory and other working capital assets	$	9.5
Property, plant and equipment and other long-term assets		0.2
Trade names and other intangibles		115.8
Goodwill		52.2
Current liabilities		(2.2	)
Cash purchase price as of June 30, 2016 (net of cash acquired)	$	175.5

The life of the amortizable intangible assets recognized from the Toppik Acquisition ranges from 10 - 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.