Acquisitions (Tables)

9 Months Ended

Sep. 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	$	14,353
Property, plant and equipment	1,030
Goodwill	119,363
Intangible assets	91,980
Other assets and deferred charges	20
Current liabilities	(10,348)
Net assets acquired	$	216,398

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	$	119,363	na
Customer intangibles	68,500		9 - 13
Patents	16,000		9
Trademarks	7,480		15
	$	211,343

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 three and nine months ended September 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 nine months ended September 30, 2019 and 2018 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue:
As reported	$	1,825,345	$	1,747,403	$	5,360,808	$	5,183,168
Pro forma	1,825,510		1,764,397		5,369,686		5,233,912
Earnings from continuing operations:
As reported	$	206,006	$	157,305	$	509,796	$	433,170
Pro forma	206,091		159,122		512,679		440,603
Basic earnings per share from continuing operations:
As reported	$	1.42	$	1.07	$	3.51	$	2.87
Pro forma	1.42		1.08		3.53		2.91
Diluted earnings per share from continuing operations:
As reported	$	1.40	$	1.05	$	3.47	$	2.82
Pro forma	1.40		1.06		3.49		2.87