Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

On September 16, 2013, the Company entered into a definitive Stock Purchase Agreement and completed the acquisition of the U.S./Canada business of Consorcio Comex, S.A. de C.V. (Comex). The U.S./Canada business of Comex focuses on the manufacture and sale of paint and paint related products through retail service centers under various proprietary brands. The acquisition strengthens the ability of the Paint Stores Group and Consumer Group to serve customers in key geographic markets. The Company engaged an independent valuation firm to value the assets of the acquired business, and the appropriate adjustments have been recorded. The acquisition resulted in the recognition of intangible assets of $4,696. Final asset valuation adjustments resulted in a realized gain of $6,198 which was included in Other (income) expense for the three and nine months ended September 30, 2014. The acquisition of the U.S./Canada business of Comex has been accounted for as a purchase and the results of operations have been included in the consolidated financial statements since the date of acquisition.

The following unaudited pro-forma summary presents consolidated financial information as if the U.S./Canada business of Comex had been acquired as of the beginning of each period presented. The pro-forma consolidated financial information does not necessarily reflect the actual results that would have occurred had the acquisition taken place on January 1, 2013 or of future results of operations of this acquisition under ownership and operation of the Company.

(Thousands of dollars except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net sales	$	3,150,571	$	2,959,162	$	8,560,121	$	8,083,123
Net income	326,240		257,149		733,144		609,651
Net income per common share:
Basic	$	3.42	$	2.53	$	7.53	$	5.96
Diluted	$	3.35	$	2.47	$	7.39	$	5.83