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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2015
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 2015 and 2014 in connection with the acquisitions described above (in thousands):
|  | 2015 |  |  | 2014 |
|  | TSI |  |  | CORTECH |  |  |  | B27 |  |  | MT&S |
Cash |  | $ | - |  |  | $ | - |  |  | $ | 2,538 |  |  | $ | 806 |
Accounts Receivable, net |  |  | 442 |  |  |  | 2,293 |  |  |  | 51,448 |  |  |  | 5,656 |
Inventory |  |  | 475 |  |  |  | 1,243 |  |  |  | 6,472 |  |  |  | 2,522 |
Property and equipment |  |  | 42 |  |  |  | 253 |  |  |  | 14,573 |  |  |  | 557 |
Goodwill and intangibles1 |  |  | 4,929 |  |  |  | 14,048 |  |  |  | 259,412 |  |  |  | 8,405 |
Other assets |  |  | 100 |  |  |  | 21 |  |  |  | 1,791 |  |  |  | 59 |
Assets acquired |  |  | 5,988 |  |  |  | 17,858 |  |  |  | 336,234 |  |  |  | 18,005 |
Current liabilities assumed |  |  | (335 | ) |  |  | (2,610 | ) |  |  | (26,690 | ) |  |  | (3,336 | )
Non-current liabilities assumed2 |  |  | (653 | ) |  |  | (349 | ) |  |  | (15,992 | ) |  |  | - |
Net assets acquired |  | $ | 5,000 |  |  | $ | 14,899 |  |  | $ | 293,552 |  |  | $ | 14,669 |
(1) The amounts in the table above have not been reduced by the $105.3 million, or the $67.7 million, of goodwill impairment charges for B27 recorded in the fourth quarter of 2014 and the second half of 2015, respectively. (2) Includes deferred tax liability of $0.6 million and $16.0 million related to intangible assets acquired for 2015 and 2014, respectively.
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, 2015 and 2014, assuming the acquisition of businesses completed in 2015 and 2014 (previously discussed in Item 1, Business) were consummated as of January 1, 2014 are as follows (in millions, except per share amounts):
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |
Net sales |  | $ | 1,263 |  |  | $ | 1,541 |
Net income (loss) attributable to DXP Enterprises, Inc. |  | $ | (37 | ) |  | $ | (44 | )
Per share data attributable to DXP Enterprises, Inc. |  |  |  |  |  |  |  |
Basic earnings (loss) |  | $ | (2.60 | ) |  | $ | (2.99 | )
Diluted earnings (loss) |  | $ | (2.60 | ) |  | $ | (2.99 | )
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 |

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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 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: 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=56956515&loc=d3e1392-128463 + Details
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