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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 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 2014 and 2013 in connection with the acquisitions described above (in thousands):
| 2014 |  | 2013
| B27 | MT&S |  | NatPro | Tucker Tool | APS | Tool-Tech
Cash | $ 2,538 | $ 806 |  | $ - | $ - | $ - | $ 430
Accounts Receivable, net | 51,448 | 5,656 |  | 14,549 | 505 | 1,424 | 1,505
Inventory | 6,472 | 2,522 |  | 6,883 | 209 | 1,332 | 409
Property and equipment | 14,573 | 557 |  | 3,317 | - | 172 | 19
Goodwill and intangibles1 | 259,412 | 8,405 |  | 39,345 | 4,678 | 12,241 | 7,254
Other assets | 1,791 | 59 |  | 698 | - | 389 | 2
Assets acquired | 336,234 | 18,005 |  | 64,792 | 5,392 | 15,558 | 9,619
Current liabilities assumed | 26,690 | 3,336 |  | 19,175 | 391 | 1,079 | 1,987
Non-current liabilities assumed2 | 15,992 | - |  | 5,649 | - | 1,419 | -
Net assets acquired | $ 293,552 | $ 14,669 |  | $ 39,968 | $ 5,001 | $ 13,060 | $ 7,632
Pro Forma Unaudited Results of Operations | The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2014 and 2013, assuming the acquisition of businesses completed in 2014 and 2013 (previously discussed in Item 1, Business) were consummated as of January 1, 2013 are as follows (in millions, except per share amounts):
| Years Ended December 31,
| 2014 |  | 2013
Net sales | $ 1,513 |  | $ 1,496
Net income (loss) | $ (45) |  | $ 71
Per share data |  |  |
Basic earnings (loss) | $ (3.08) |  | $ 4.90
Diluted earnings (loss) | $ (3.08) |  | $ 4.64
The pro forma unaudited results of operations for the Company on a consolidated basis for the twelve months ended December 31, 2013 and 2012, assuming the acquisition of businesses completed in 2013 and 2012 were consummated as of January 1, 2012 are as follows (in millions, except per share data):
| Years Ended December 31,
| 2013 |  | 2012
Net sales | $ 1,284 |  | $ 1,280
Net income | $ 62 |  | $ 55
Per share data |  |  |
Basic earnings | $ 4.28 |  | $3.83
Diluted earnings | $ 4.05 |  | $3.62

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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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