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Acquisitions and Investments (Tables)
 12 Months Ended
Dec. 31, 2014
Business Acquisition [Line Items]  
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
Intangible assets determined to be definite-lived assets and are broken down as follows:

(in thousands)
Estimated Useful Lives
Value at Acquisition
Definite:
 
 
   Trade names and trademarks
25
$
22,200

   Customer and dealer relationships
14
29,700

   Patents and drawings
12
2,000

Total
 
$
53,900
Specialized Industries LP  
Business Acquisition [Line Items]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands):
 
 
Cash
$
2,025

Accounts receivable
16,290

Inventory
47,500

Prepaid expenses
3,223

Deferred income tax assets
1,554

Rental equipment
28,446

Property, plant & equipment
13,214

Intangible assets
53,900

Other assets
675

Deferred income tax liabilities
(4,293
)
Other liabilities assumed
(10,962
)
 
 
Net assets assumed
151,572

 
 
Goodwill
41,327

Acquisition Price
$
192,899
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 as if the acquisition had occurred on January 1, 2013 for the years ended December 31, 2014 and December 31, 2013. This includes 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 is as follows:
 
 
(Unaudited) Year Ended 
 December 31,
(In thousands, except per share amounts)
 
2014
 
2013
Net sales
 
$
882,568

 
$
828,809

Net income
 
$
42,575

 
$
37,306

Diluted earnings per share
 
$
3.54

 
$
3.05