Acquisitions (Tables)

9 Months Ended

Sep. 30, 2016

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

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



	Total
Current assets, net of cash and cash equivalents acquired	$	109,032
Property, plant and equipment	31,310
Goodwill	314,633
Intangible assets	208,838
Other assets and deferred charges	5,564
Current liabilities	(109,471		)
Other liabilities	(58,078		)
Net assets acquired	$	501,828

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 acquisitions are as follows:



	Amount allocated		Useful life (in years)
Goodwill - Non deductible	$	314,633	na
Customer intangibles	116,116		10
Trademarks	26,332		15
Technology	825		8
Other intangibles	65,565		10
	$	523,471

Pro forma results of operations

The following unaudited pro forma information illustrates the impact of both the acquisitions completed in the nine months ended September 30, 2016 and the 2015 acquisitions on the Company’s revenue and earnings from continuing operations for the three and nine months ended September 30, 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. 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Revenue from continuing operations:
As reported	$	1,707,763	$	1,787,582	$	5,016,381	$	5,261,711
Pro forma	1,712,752		1,920,936		5,045,548		5,657,933
Earnings from continuing operations:
As reported	$	130,084	$	186,483	$	347,730	$	459,307
Pro forma	131,440		196,229		357,507		482,014
Basic earnings per share from continuing operations:
As reported	$	0.84	$	1.20	$	2.24	$	2.90
Pro forma	0.85		1.26		2.30		3.04
Diluted earnings per share from continuing operations:
As reported	$	0.83	$	1.19	$	2.22	$	2.87
Pro forma	0.84		1.25		2.28		3.01