ACQUISITIONS

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

The following table contains the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented, and any additional consideration paid for prior years’ acquisitions. We are finalizing all the information required to complete the purchase price allocations related to certain recent acquisitions and do not anticipate any material modifications.

	Six Months Ended June 30,
	2013			2012
Accounts receivable	$	1.5		$	8.8
Inventory	1.5			18.9
Property, plant and equipment	2.0			12.0
Goodwill (1)	5.2			54.3
Other intangible assets	4.0			102.4
Other current and long-term assets	.1			.6
Current and long-term liabilities	(4.3		)	(7.3		)
Additional consideration for prior years’ acquisitions	.1			.1
Net cash consideration	$	10.1		$	189.8

(1) Goodwill associated with the 2013 acquisition is not expected to provide an income tax benefit. Goodwill associated with the 2012 acquisitions is expected to provide an income tax benefit.

The following table summarizes acquisitions for the periods presented.

Six Months Ended	Number of Acquisitions	Segment	Product/Service
June 30, 2013	1	Industrial Materials	Tubing for the aerospace industry
June 30, 2012	2	Industrial Materials	Tubing for the aerospace industry; Tube fabrication

On January 12, 2012, we acquired Western Pneumatic Tube Holding, LLC (Western) for a cash purchase price of $188. Western is a leading provider of integral components for critical aircraft systems, and forms the new Aerospace Products business unit within the Tubing Group. Western specializes in fabricating thin-walled, large diameter, welded tubing and specialty formed products from titanium, nickel and other specialty materials for leading aerospace suppliers and OEMs. Factors that contributed to a purchase price resulting in the recognition of goodwill included Western’s competitive position, and its fit with our strategy to seek businesses with secure, leading positions in growing, profitable, attractive markets.

The results of operations of the above acquired companies have been included in the consolidated financial statements since the dates of acquisition. The unaudited pro forma consolidated net sales, net earnings and earnings per share are not materially different from the amounts reflected in the accompanying financial statements.

Certain of our acquisition agreements provide for additional consideration to be paid in cash at a later date and are recorded as a liability at the acquisition date. At June 30, 2013, there was no material remaining consideration payable.