Acquisitions (Tables)

12 Months Ended

Dec. 31, 2015

Purchase Price Allocation of Assets Acquired and Liabilities Assumed

The Company’s preliminary fair valuation of assets acquired and liabilities assumed, which is subject to further refinement, is based on all available information, including, in part, certain preliminary valuations and other analyses. Based on this preliminary fair valuation, the purchase price is allocated as follows:

	Waddington			Jostens
Purchase Price Allocation (in millions):
Preliminary value assigned:
Accounts receivable	$	83.5		$	46.2
Inventories		140.6			113.4
Other current assets		20.3			41.1
Property, plant and equipment		164.2			111.6
Intangible assets		721.0			879.9
Goodwill		592.6			919.3
Other assets		18.9			10.4
Accounts payable		(36.6	)		(23.7	)
Other current liabilities		(81.4	)		(150.7	)
Other non-current liabilities		(1.9	)		(102.9	)
Long-term debt		(627.3	)		(1,499.1	)
Non-current deferred tax liability		(282.2	)		(300.6	)
Total purchase price, net of cash acquired	$	711.7		$	44.9

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of operations of the Company, Waddington and Jostens for 2015 and 2014 as if the Waddington Acquisition and Jostens Acquisition (collectively, the “Acquisitions”) had occurred on January 1, 2014. The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had the Acquisitions been completed as of January 1, 2014 and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. Pro forma adjustments are tax-effected at the Company’s estimated statutory tax rates.

(in millions, except per share data)	2015		2014
Net sales	$	9,675.2	$	9,703.1
Net income		178.7		332.9
Earnings per share:
Basic	$	0.83	$	1.56
Diluted	$	0.81	$	1.53