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Acquisitions and Investments (Tables) (Specialized Industries LP) | 9 Months Ended
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Sep. 30, 2014
Specialized Industries LP |
Business Acquisition [Line Items] |
Schedule of Business Acquisitions, by Acquisition | The following are the estimated fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands):
Cash | $ | 2,025 |
Accounts receivable | 16,417 |
Inventory | 46,490 |
Prepaid expenses | 3,223 |
Deferred income tax assets | 1,106 |
Rental equipment | 27,923 |
Property, plant & equipment | 12,886 |
Intangible assets | 57,457 |
Other assets | 675 |
Deferred income tax liabilities | (3,863 | )
Other liabilities assumed | (10,765 | )
Net assets assumed | 153,574 |
Goodwill | 39,383 |
Preliminary Purchase Price | $ | 192,957 |
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma combined results of operations of the Company and the acquired business units of Specialized for the three and nine months ended September 30, 2014 and 2013, after giving effect to certain pro forma adjustments including: (i) recognition of the costs related to the step-up in fair value of the Specialized inventory, (ii) amortization of acquired intangible assets, (iii) the impact of certain fair value adjustments such as depreciation on the acquired rental equipment and property, plant and equipment, and (iv) interest expense for historical long-term debt of Specialized that was repaid and interest expense on additional borrowings by the Company to fund the acquisition. The unaudited pro forma statement of income of the Company assuming this transaction occurred at January 1, 2013 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except per share amounts) | 2014 |  | 2013 |  | 2014 |  | 2013
Net Sales | $ | 233,175 |  |  | $ | 205,071 |  |  | $ | 658,657 |  |  | $ | 610,180 |
Net Income | $ | 13,367 |  |  | $ | 12,081 |  |  | $ | 31,224 |  |  | $ | 31,282 |
Diluted Earnings per Share | $ | 1.10 |  |  | $ | 0.99 |  |  | $ | 2.55 |  |  | $ | 2.56 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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