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Acquisitions
9 Months Ended
Sep. 30, 2011
Acquisitions [Abstract] 
Acquisitions
Note I — Acquisitions
During the nine months ended September 30, 2011, the Company acquired three companies in the Industrial Group and one in the Electrical Group for approximately $105.1 million. The Company allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. The results of operations for the acquired companies were included in the Company’s condensed consolidated statements of income beginning on their respective acquisition dates. The Company recorded approximately $75 million of goodwill and other intangible assets associated with the acquisitions. The Company is in the process of analyzing the estimated values of assets and liabilities acquired and is obtaining third-party valuations of certain tangible and intangible assets. The allocation of the purchase price is therefore preliminary and subject to revision.
On September 26, 2011, the Company announced that it had entered into an agreement to purchase a 30% equity interest in the Exego Group (“Exego”) for approximately $150 million (US$). Exego is headquartered in Australia and is an automotive replacement parts and accessories distributor in Australasia. Subject to regulatory approvals, the effective date of the investment is expected to be on or around December 1, 2011. The Company has an option to acquire the remaining 70% of Exego at a later date contingent upon Exego achieving certain earnings thresholds.