Acquisition (Tables)

9 Months Ended

Sep. 30, 2018

Passport Food Safety Solutions, Inc.

Fair Values of Assets Acquired

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

	Passport
	Acquisition Date
	Fair Value
Inventory and other working capital	$	3.3
Long-term assets		1.0
Trade names and other intangibles		28.5
Goodwill		32.5
Current liabilities		(1.1	)
Long-term liabilities		(7.1	)
Contingent consideration		(7.3	)
Cash purchase price (net of cash acquired)	$	49.8

Water Pik Inc

Fair Values of Assets Acquired

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

	Waterpik
	Acquisition Date
	Fair Value
Current assets	$	95.4
Property, plant and equipment		28.4
Trade name (indefinite lived)		644.7
Other intangible assets		146.1
Goodwill		425.8
Current liabilities		(31.8	)
Long-term liabilities		(284.0	)
Cash purchase price (net of cash acquired)	$	1,024.6

Schedule of Unaudited Pro Forma Results

The following unaudited pro forma information is based on the Company’s historical data and assumptions for condensed consolidated results of operations, and gives effect to the Waterpik Acquisition as if the acquisition occurred on January 1, 2017. These unaudited pro forma results include adjustments having a continuing impact on the Company’s condensed consolidated statements of income. These adjustments primarily consist of adjustments to depreciation for the fair value and depreciable lives of property and equipment, amortization of intangible assets, stock compensation expense, interest expense and adjustments to tax expense based on condensed consolidated pro forma results. These results have been prepared using assumptions the Company’s management believes are reasonable, are not necessarily indicative of the actual results that would have occurred if the acquisition had occurred on January 1, 2017, and are not necessarily indicative of the results that may be achieved in the future, including, but not limited to, the realization of operating synergies that the Company may realize as a result of the acquisition.

Unaudited consolidated pro forma results	Three Months Ended				Nine Months Ended
	September 30, 2017				September 30, 2017
	Reported		Pro forma		Reported		Pro forma
Net Sales	$	967.9	$	988.8	$	2,743.1	$	2,903.1
Net Income	$	133.4	$	133.1	$	337.8	$	347.8
Net income per share - Basic	$	0.53	$	0.53	$	1.34	$	1.38
Net income per share - Diluted	$	0.52	$	0.52	$	1.32	$	1.35