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BUSINESS ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2014
BUSINESS ACQUISITIONS [Abstract] |
Estimated fair values of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed during 2013 and 2014 in connection with the acquisitions described above (in thousands):
|  | NatPro |  |  | Tucker Tool |  |  | APS |  |  | Tool-Tech |  |  |  | B27 |  |  | Total |
Cash |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 430 |  |  | $ | 2,538 |  |  | $ | 2,968 |
Accounts Receivable, net |  |  | 14,549 |  |  |  | 505 |  |  |  | 1,424 |  |  |  | 1,505 |  |  |  | 51,448 |  |  |  | 69,431 |
Inventory |  |  | 6,883 |  |  |  | 209 |  |  |  | 1,332 |  |  |  | 409 |  |  |  | 6,472 |  |  |  | 15,305 |
Property and equipment |  |  | 3,317 |  |  |  | - |  |  |  | 172 |  |  |  | 19 |  |  |  | 14,573 |  |  |  | 18,081 |
Goodwill and intangibles |  |  | 39,345 |  |  |  | 4,678 |  |  |  | 12,148 |  |  |  | 7,254 |  |  |  | 267,109 |  |  |  | 330,534 |
Other assets |  |  | 698 |  |  |  | - |  |  |  | 389 |  |  |  | 2 |  |  |  | 1,163 |  |  |  | 2,252 |
Assets acquired |  |  | 64,792 |  |  |  | 5,392 |  |  |  | 15,465 |  |  |  | 9,619 |  |  |  | 343,303 |  |  |  | 438,571 |
Current liabilities assumed |  |  | 19,175 |  |  |  | 391 |  |  |  | 1,079 |  |  |  | 1,987 |  |  |  | 27,069 |  |  |  | 49,701 |
Non-current liabilities assumed |  |  | 5,649 |  |  |  | - |  |  |  | 1,419 |  |  |  | - |  |  |  | 22,682 |  |  |  | 29,750 |
Net assets acquired |  | $ | 39,968 |  |  | $ | 5,001 |  |  | $ | 12,967 |  |  | $ | 7,632 |  |  | $ | 293,552 |  |  | $ | 359,120 |
Pro forma unaudited results of operations | The pro forma unaudited results of operations for the Company on a consolidated basis for the three months ended March 31, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 were consummated as of January 1, 2013 are as follows (in thousands, except per share data):
|  | Three Months Ended March 31, |
|  | 2014 |  |  | 2013 |
Net sales |  | $ | 348,504 |  |  | $ | 351,537 |
Net income |  | $ | 11,595 |  |  | $ | 13,796 |
Per share data |  |  |  |  |  |  |  |
Basic earnings |  | $ | 0.79 |  |  | $ | 0.95 |
Diluted earnings |  | $ | 0.75 |  |  | $ | 0.90 |

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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 Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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=7659399&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 + Details
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