Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Schedule of Purchase Price Allocations

The following table summarizes the fair values of the assets acquired, net of cash acquired, and liabilities assumed at the October 31, 2013 date of acquisition for the Männer Business and the August 27, 2012 acquisition date for Synventive. Fair values are inclusive of purchase price adjustments that were made subsequent to the respective acquisition dates:

	Synventive			Männer Business
Accounts Receivable	$	43,270		$	15,329
Inventories	13,392			32,908
Other current assets	3,988			423
Property, plant and equipment	16,000			63,411
Other noncurrent assets	2,841			—
Other intangible assets (Note 6)	126,600			146,600
Goodwill (Note 6)	203,656			189,486
Total assets acquired	409,747			448,157
Current liabilities	(25,230		)	(57,943		)
Other liabilities	(4,130		)	(566		)
Deferred income taxes	(38,290		)	(42,495		)
Debt assumed	(45,537		)	(3,194		)
Total liabilities assumed	(113,187		)	(104,198		)
Net assets acquired	$	296,560		$	343,959

Schedule of Unaudited Pro Forma Operating Results

The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2013 and 2012, which give effect to the acquisition of the Männer Business as if it had occurred on January 1, 2012 and the acquisition of Synventive as if it had occurred on January 1, 2011. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective on January 1, 2012 and 2011, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the two acquired businesses adjusted for certain items including depreciation and amortization expense associated with the assets acquired and the Company’s expense related to financing arrangements, with the related tax effects. The pro forma information does not include the effects of any synergies or cost reduction initiatives related to the acquisitions.

	(Unaudited Pro Forma)
	2013		2012
Net sales	$	1,191,109	$	1,137,437
Income from continuing operations	92,343		88,023
Net income	$	290,549	$	103,442
Per common share:
Basic:
Income from continuing operations	$	1.69	$	1.58
Net income	$	5.31	$	1.86
Diluted:
Income from continuing operations	$	1.65	$	1.56
Net income	$	5.20	$	1.84

For the Männer Business, pro forma earnings during the year ended December 31, 2013 were adjusted to exclude non-recurring items including acquisition-related costs and expenses related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2012 were adjusted to include these items, with acquisition-related costs of $3,642 and expenses of $9,130 and $6,600 related to adjustments to inventory and acquired backlog, respectively.

For Synventive, pro forma earnings during the year ended December 31, 2012 were adjusted to exclude non-recurring items including acquisition-related costs related to fair value adjustments to inventory and acquired backlog. Pro forma earnings in 2011 were adjusted to include these items, with acquisition-related costs of $11,776 ($2,377 incurred by the Company and $9,399 incurred by Synventive at closing) and expenses of $3,765 and $1,222 related to the fair value adjustments to inventory and acquired backlog, respectively.