Business Combination (Tables)

12 Months Ended

Dec. 31, 2015

Schedule total consideration transferred

The fair value of the total consideration transferred, net of cash acquired, was $1,802.3 million and comprised of the following:

	(millions of dollars)
Cash consideration transferred to AMCOL shareholders	$	1,519.4
AMCOL notes repaid at close		325.6
Total consideration transferred to debt and equity holders		1,845.0
Cash acquired		42.7
Total consideration transferred to debt and equity holders, net of cash acquired	$	1,802.3

Summary of preliminary purchase price allocation for the AMCOL acquisition

The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date, as well as adjustments made in 2015 to the amounts initially recorded in 2014 (measurement period adjustments). The measurement period adjustments did not have a significant impact on our consolidated statements of income, balance sheets or cash flows in any period and therefore, we have not retrospectively adjusted our financial statements.

	Preliminary Allocation Previously Reported on Form 10-K as of December 2014		Increase		Final Allocation
	(millions of dollars)		(millions of dollars)		(millions of dollars)
Accounts receivable	$	235.7	$	-	$	235.7
Inventories		157.3		-		157.3
Other current assets		65.0		-		65.0
Mineral rights		535.5		-		535.5
Plant, property and equipment		371.2		-		371.2
Goodwill		708.1		12.8		720.9
Intangible assets		214.3		8.8		223.1
Other non-current assets		51.4		9.2		60.6
Total assets acquired	$	2,338.5	$	30.8	$	2,369.3
Accounts payable		66.4		-		66.4
Accrued expenses		61.6		-		61.6
Non-current deferred tax liability		322.3		1.5		323.8
Other non-current liabilities		85.9		29.3		115.2
Total liabilities assumed	$	536.2	$	30.8	$	567.0
Net assets acquired	$	1,802.3	$	-	$	1,802.3

Unaudited pro forma summary of Consolidated Statements of Income

The following table presents the unaudited summary of the Company’s Condensed Consolidated Statements of Income for the year ended December 31, 2015 and the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Income for the year ended December 31, 2014, which includes AMCOL’s Statement of Operations for the respective periods, as if the acquisition and related financing occurred on January 1, 2014. The following unaudited pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies.

	Year Ended December 31,
	2015		2014
	Actual		Proforma
	(millions of dollars)
Net sales	$	1,797.6	$	2,098.6

Income (loss) from continuing operations before provision for taxes and equity in earnings	$	132.6	$	180.1

Income (loss) from continuing operations, net of tax	$	111.6	$	124.7