Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

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

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:

	Total
Current assets, net of cash acquired	$	13,699
Property, plant and equipment	1,030
Goodwill	119,035
Intangible assets	91,980
Other assets and deferred charges	20
Current liabilities	(10,460)
Net assets acquired	$	215,304

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 were as follows:

	Amount allocated		Useful life (in years)
Goodwill	119,035		na
Customer intangibles	68,500		9 - 13
Patents	16,000		9
Trademarks	7,480		15
	$	211,015

Pro forma results of operations

The following unaudited pro forma information illustrates the impact of 2019 and 2018 acquisitions on the Company’s revenue and earnings from operations for the six months ended June 30, 2019 and 2018, respectively.

The unaudited pro forma information assumes that the 2019 and 2018 acquisitions had taken place at the beginning of the prior year, 2018 and 2017, respectively. Unaudited pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of intangible and tangible assets relating to the year of acquisition.

The unaudited pro forma effects for the three and six months ended June 30, 2019 and 2018 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenue:
As reported	$	1,810,706	$	1,798,094	$	3,535,463	$	3,435,765
Pro forma	1,811,980		1,814,828		3,543,691		3,469,366
Earnings from continuing operations:
As reported	$	198,085	$	166,456	$	303,790	$	275,865
Pro forma	199,094		169,416		306,540		281,482
Basic earnings per share from continuing operations:
As reported	$	1.36	$	1.10	$	2.09	$	1.80
Pro forma	1.37		1.12		2.11		1.84
Diluted earnings per share from continuing operations:
As reported	$	1.35	$	1.08	$	2.07	$	1.77
Pro forma	1.35		1.10		2.08		1.81