Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

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

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



	Total
Current assets, net of cash acquired	$	101,243
Property, plant and equipment	31,240
Goodwill	301,577
Intangible assets	192,065
Other non-current assets	5,564
Current liabilities	(105,699		)
Non-current liabilities	(50,754		)
Net assets acquired	$	475,236

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	$	301,577	na
Customer intangibles	101,898		10
Trademarks	24,866		15
Other intangibles	65,301		10
	$	493,642

Pro forma results of operations

The following unaudited pro forma information illustrates the impact of both 2016 and 2015 acquisitions on the Company’s revenue and earnings from continuing operations for the three and six months ended June 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 June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Revenue from continuing operations:
As reported	$	1,686,345	$	1,758,628	$	3,308,618	$	3,474,129
Pro forma	1,690,286		1,884,970		3,324,674		3,725,932
Earnings from continuing operations:
As reported	$	118,290	$	155,634	$	217,646	$	272,824
Pro forma	120,556		165,251		229,031		286,930
Basic earnings per share from continuing operations:
As reported	$	0.76	$	0.98	$	1.40	$	1.70
Pro forma	0.78		1.04		1.48		1.79
Diluted earnings per share from continuing operations:
As reported	$	0.76	$	0.97	$	1.39	$	1.69
Pro forma	0.77		1.03		1.46		1.77