ACQUISITIONS

The following table contains the estimated fair values (using inputs as discussed in Note 13) of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions during the periods presented. The majority of the goodwill included in the table below is expected to provide an income tax benefit.



	Six Months Ended June 30,
	2017			2016
Accounts receivable	$	7.8		$	1.1
Inventory	5.3			4.0
Property, plant and equipment	4.5			2.5
Goodwill	13.1			3.8
Other intangible assets, primarily customer-related intangibles	17.9			7.5
Other current and long-term assets	.1			—
Current liabilities	(3.8		)	(2.0		)
Long-term liabilities	(3.5		)	—
Non-controlling interest	(.5		)	—
Fair value of net identifiable assets	40.9			16.9
Additional consideration payable	(2.1		)	(.4		)
Additional consideration for prior years’ acquisitions	—			.4
Net cash consideration	$	38.8		$	16.9

The following table summarizes acquisitions for the periods presented.

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.

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 as though the 2017 and 2016 acquisitions had occurred on January 1 of the comparable prior annual reporting period 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, 2017 and December 31, 2016, our liability for these future payments was $16.6 ($9.2 current and $7.4 long-term) and $14.5 ($2.4 current and $12.1 long-term), respectively. Components of the liability are based on estimates and future events and the amounts may fluctuate significantly until the payment dates.

A brief description of our acquisition activity by year for the periods presented is included below.

2017

We acquired two businesses in the first quarter of 2017 for $40.9. The first, a distributor and installer of geosynthetic products, expands the geographic scope and capabilities of our Geo Components business. The second manufactures surface-critical bent tube components in support of the private-label finished seating strategy in our Work Furniture business. These businesses broaden our geographic scope, capabilities, and product offerings, and added $13.1 ($8.1 to Residential Products and $5.0 to Furniture Products) of goodwill. We also acquired the remaining 20% ownership in an Asian joint venture in our Work Furniture business for $2.6.

2016

We expanded our Aerospace Products business unit with the acquisition of a U.S. fabricated tubing business. This operation expands our tube forming and fabrication capabilities, and adds precision machining to our aerospace platform.

Six Months Ended

Number of Acquisitions

Product/Service

June 30, 2017

Residential Products; Furniture Products

Distributor and installer of geosynthetic products; Surface-critical bent tube components

June 30, 2016

Specialized Products

Fabricated tubing and pipe assemblies