Acquisitions (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values:



Current assets, net of cash acquired	$	96,436
Property, plant and equipment	24,319
Goodwill	281,903
Intangible assets	176,693
Other non-current assets	5,429
Current liabilities	(102,317		)
Non-current liabilities	(46,405		)
Net assets acquired	$	436,058

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The amounts assigned to goodwill and major intangible asset classifications for the 2016 acquisition are as follows:



	Amount allocated		Useful life (in years)
Goodwill - Non deductible	$	281,903	na
Customer intangibles	93,227		10
Trademarks	23,691		10
Other intangibles	59,775		11
	$	458,596

Pro forma results of operations

The following unaudited pro forma information illustrates the impact of both 2016 and 2015 acquisitions on the Company’s revenue and earnings from continuing operations for the three months ended March 31, 2016 and 2015. In 2015, the Company acquired four businesses in separate transactions for net cash consideration of $567,843.

The 2016 and 2015 pro forma information assumes that the 2016 and 2015 acquisitions had taken place at the beginning of the prior year. As such, the 2016 pro forma earnings exclude one-time adjustments made in 2016 for 2015 acquisitions. Pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2016 and 2015 acquisitions.



	Three Months Ended March 31,
	2016		2015
Revenue from continuing operations:
As reported	$	1,622,273	$	1,715,501
Pro forma	1,628,406		1,836,711
Earnings from continuing operations:
As reported	$	99,356	$	117,190
Pro forma	107,613		122,404
Basic earnings per share from continuing operations:
As reported	$	0.64	$	0.72
Pro forma	0.69		0.76
Diluted earnings per share from continuing operations:
As reported	$	0.64	$	0.72
Pro forma	0.69		0.75