Acquisitions

Material acquisition

On September 18, 2015, we acquired, as part of Electrical, all of the outstanding shares of capital stock of ERICO Global Company ("ERICO") for approximately $1.8 billion of cash (the "ERICO Acquisition"). ERICO is a leading global manufacturer and marketer of engineered electrical and fastening products for electrical, mechanical and civil applications. ERICO has employees in 30 countries across the world with recognized brands including CADDY fixing, fastening and support products and ERICO electrical grounding, bonding and connectivity products.

The purchase price has been allocated based on the fair value of assets acquired and liabilities assumed at the date of the ERICO Acquisition. The purchase price allocation was completed in the third quarter of 2016.

The following table summarizes our estimates of the fair values of the assets acquired and liabilities assumed in the ERICO Acquisition as previously reported at December 31, 2015 and as revised for adjustments made during 2016:



In millions	As Originally Reported			As Revised
Cash	$	11.8		$	11.8
Accounts receivable	75.9			75.9
Inventories	102.4			101.8
Other current assets	2.9			2.8
Property, plant and equipment	53.4			53.1
Identifiable intangible assets	1,033.8			1,033.8
Goodwill	1,061.9			1,031.0
Current liabilities	(97.2		)	(94.7		)
Deferred income taxes, including current	(418.8		)	(382.3		)
Other liabilities	(8.0		)	(15.1		)
Purchase price	$	1,818.1		$	1,818.1

The excess of purchase price over tangible net assets and identified intangible assets acquired was allocated to goodwill in the amount of $1,031.0 million, none of which is deductible for income tax purposes. Identifiable intangible assets acquired as part of the ERICO Acquisition included $228.4 million of indefinite-lived trade name intangible assets and $805.4 million of definite-lived customer relationships with an estimated useful life of 21 years.

The following unaudited pro forma consolidated condensed financial results of operations for the year ended December 31, 2015 is presented as if the ERICO Acquisition was consummated on January 1, 2015, the beginning of the comparable prior annual reporting period:



	Year ended December 31
In millions, except share and per-share data	2015
Pro forma net sales	$	5,002.6
Pro forma net income from continuing operations	460.4
Pro forma earnings per ordinary share - continuing operations
Basic	$	2.55
Diluted	2.52

The unaudited pro forma net income from continuing operations for the year ended December 31, 2015 excludes the impact of $24.6 million of non-recurring transaction related and bridge financing costs.

The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ERICO Acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ERICO Acquisition occurred on January 1, 2015.

Other acquisitions

During 2017, we completed acquisitions with purchase prices totaling $59.5 million in cash, net of cash acquired. Identifiable intangible assets acquired included $19.1 million of definite-lived customer relationships with an estimated useful life of 11 years.

In November 2016, we completed an acquisition as part of Water with a purchase price of $25.0 million in cash, net of cash acquired.

In April 2015, we acquired, as part of Electrical, all of the outstanding shares of capital stock of Nuheat Industries Limited ("Nuheat") for $96.0 million in cash (120.5 million Canadian dollars translated at the April 2, 2015 exchange rate), net of cash acquired. In November 2015, cash of $0.9 million (1.2 million Canadian dollars translated at the average monthly exchange rate) was paid to Nuheat in settlement of a working capital adjustment. Based in Canada, Nuheat is a leading manufacturer of electric floor heating systems that are distributed across North America. Total goodwill recorded as part of the purchase allocation was $43.2 million, none of which is tax deductible. Definite-lived intangible assets acquired consisted of customer relationships of $53.3 million, with an estimated useful life of 17 years.

The pro forma impact of these acquisitions was not material.