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BUSINESS ACQUISITIONS (Tables)

12 Months Ended

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

X

- 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

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X

- 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

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