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Acquisitions and Divestitures (Tables)
 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2013
Business Combinations [Abstract]      
Summary of the Consideration Transferred and the Fair Values of the Assets Acquired and Liabilities Assumed [Table Text Block]
The following table summarizes the consideration transferred and the estimated fair values of the assets acquired and liabilities assumed for fiscal 2015 acquisitions, as well as adjustments to finalize the valuations of certain prior year acquisitions. Valuation adjustments related to prior year acquisitions were not significant.
(In thousands)
Distribution
Business
Segment
 
All Other
Operations
Business Segment
 
Total
Consideration
 
 
 
 
 
Cash (a)
$
50,774

 
$
1,053

 
$
51,827

Airgas, Inc. common stock (b)
4,458

 
—

 
4,458

Fair value of total consideration transferred
$
55,232

 
$
1,053

 
$
56,285

 
 
 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
 
 
Current assets, net
$
9,705

 
$
3

 
$
9,708

Plant and equipment
13,824

 
—

 
13,824

Other intangible assets
15,122

 
1,040

 
16,162

Current liabilities
(5,765
)
 
(50
)
 
(5,815
)
Non-current liabilities
(4,526
)
 
—

 
(4,526
)
Total identifiable net assets
28,360

 
993

 
29,353

 
 
 
 
 
 
Goodwill
26,872

 
60

 
26,932

 
$
55,232

 
$
1,053

 
$
56,285

____________________
(a) 
Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions.
(b) 
Represents 41,060 shares of Airgas, Inc. common stock issued in connection with a single acquisition. The fair value of the shares issued as part of the consideration for the acquisition was determined based on the closing sales price of Airgas, Inc. common stock on the acquisition date.
The following table summarizes, as of March 31, 2014, the consideration transferred and the estimated fair values of the assets acquired and liabilities assumed for fiscal 2014 acquisitions, as well as adjustments to finalize the valuations of certain prior year acquisitions. Valuation adjustments related to prior year acquisitions were not significant.
(In thousands)
Distribution
Business
Segment
 
All Other
Operations
Business Segment
 
Total
Consideration
 
 
 
 
 
Cash (a)
$
204,957

 
$
413

 
$
205,370

 
 
 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
 
 
Current assets, net
$
14,631

 
$
9

 
$
14,640

Plant and equipment
48,919

 
(746
)
 
48,173

Other intangible assets
60,190

 
—

 
60,190

Current liabilities
(6,088
)
 
1,366

 
(4,722
)
Non-current liabilities
(8,321
)
 
—

 
(8,321
)
Total identifiable net assets
109,331

 
629

 
109,960

 
 
 
 
 
 
Goodwill
95,626

 
(216
)
 
95,410

 
$
204,957

 
$
413

 
$
205,370


__________________
(a) 
Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions.
The following table summarizes, as of March 31, 2013, the consideration transferred and the estimated fair values of the assets acquired and liabilities assumed for fiscal 2013 acquisitions, as well as adjustments to finalize the valuations of certain prior year acquisitions. Valuation adjustments related to prior year acquisitions were not significant.
(In thousands)
Distribution
Business
Segment
 
All Other
Operations
Business Segment
 
Total
Consideration
 
 
 
 
 
Cash (a)
$
93,555

 
$
3,966

 
$
97,521

 
 
 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
 
 
Current assets, net
$
14,627

 
$
548

 
$
15,175

Plant and equipment
24,191

 
1,018

 
25,209

Other intangible assets
38,658

 
2,155

 
40,813

Current liabilities
(10,990
)
 
(2,134
)
 
(13,124
)
Non-current liabilities
(4,035
)
 
(722
)
 
(4,757
)
Total identifiable net assets
62,451

 
865

 
63,316

 
 
 
 
 
 
Goodwill
31,104

 
3,101

 
34,205

 
$
93,555

 
$
3,966

 
$
97,521


________________
(a) 
Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions.
Pro Forma Operating Results
The following table provides unaudited pro forma results of operations for fiscal 2015 and 2014, as if fiscal 2015 acquisitions had occurred on April 1, 2013. The pro forma results were prepared from financial information obtained from the sellers of the businesses, as well as information obtained during the due diligence process associated with the acquisitions. The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as increased depreciation and amortization expense resulting from the stepped-up basis to fair value of assets acquired and adjustments to reflect the Company’s borrowing and tax rates. The pro forma operating results do not include any anticipated synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of April 1, 2013 or of results that may occur in the future.
 
Unaudited
 
Years Ended March 31,
(In thousands, except per share amounts)
2015
 
2014
Net sales
$
5,327,458

 
$
5,123,979

Net earnings
368,305

 
351,941

Diluted earnings per share
$
4.86

 
$
4.70
The following table provides unaudited pro forma results of operations for fiscal 2014 and 2013, as if fiscal 2014 acquisitions had occurred on April 1, 2012. The pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of April 1, 2012 or of results that may occur in the future.
 
Unaudited
 
Years Ended March 31,
(In thousands, except per share amounts)
2014
 
2013
Net sales
$
5,122,936

 
$
5,037,123

Net earnings
352,421

 
343,933

Diluted earnings per share
$
4.70

 
$
4.39