Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

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	$	19,816
Property, plant and equipment	1,580
Goodwill	125,381
Intangible assets	88,900
Current liabilities	(15,073)
Other liabilities	(12,183)
Net assets acquired	$	208,421

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 - tax deductible	$	33,125	na
Goodwill - non deductible	92,256		na
Customer intangibles	74,100		12
Trademarks	5,100		15
Other intangibles	9,700		6 - 9
	$	214,281

Pro forma results of operations

The following unaudited pro forma information illustrates the impact of 2020 and 2019 acquisitions on the Company’s revenue and earnings from operations for the three months ended March 31, 2020 and 2019, respectively.

The unaudited pro forma information assumes that the 2020 and 2019 acquisitions had taken place at the beginning of the prior year, 2019 and 2018, 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 months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31,
	2020		2019
Revenue:
As reported	$	1,655,939	$	1,724,757
Pro forma	1,661,825		1,746,533
Net earnings:
As reported	$	176,279	$	105,705
Pro forma	180,433		106,188