Acquisitions

The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note H). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates.

Recently Announced/Completed Acquisitions

During the first quarter of 2015, the company completed three acquisitions for $133,089, net of cash acquired. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2015 acquisitions on the consolidated results of operations of the company for the first quarters of 2015 and 2014 as though these acquisitions occurred on January 1, 2014 was also not material.

The company has, or expects to, close the following two acquisitions in the second quarter:


•	immixGroup, Inc. -- A value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup, Inc. has operations in North America.


•	ATM Electronic Corp. -- A leading electronic component provider with operations in the Asia Pacific region.

Total consideration for the two acquisitions is expected to total approximately $409,000.

In addition to the two acquisitions above, on April 16, 2015, the company acquired 53.7% of the common shares of Data Modul AG for approximately €51,800 (approximately $55,000). Data Modul AG is a supplier of flat screens and value-added services for industrial, telecommunication, automotive and medical markets. Data Modul AG has operations in Europe, the Middle East, Asia, and North America.

2014 Acquisitions

During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881, net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2014 acquisitions on the consolidated results of operations of the company for the first quarter of 2014 as though these acquisitions occurred on January 1, 2014 was also not material.