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Acquisitions | 9 Months Ended
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Sep. 30, 2014
Acquisitions |
4. | Acquisitions
In July 2014, the Company acquired John D. Brush & Co., Inc. (“SentrySafe”) for a purchase price of $118.5 million in cash, subject to certain post-closing adjustments. The purchase price was funded from existing credit facilities. This acquisition broadens our product offering of security products. A preliminary allocation of the purchase price has been reflected in these financial statements and will be updated as asset and liability valuations are finalized. Final adjustments will reflect the fair value assigned to the assets, including intangible assets, and assumed liabilities. The acquisition was not material for the purposes of supplemental disclosure and did not have a material impact on our consolidated financial statements. Net sales in the two months ended September 30, 2014 were approximately $25 million. In June 2013, the Company acquired Woodcrafters Home Products Holding, LLC (“WoodCrafters”), a manufacturer of bathroom vanities and tops, for a purchase price of $302 million. We paid the purchase price using a combination of cash on hand and borrowings under our existing credit facilities. This acquisition greatly expanded our offerings of bathroom cabinetry products. Net sales and operating income of WoodCrafters in the first six months of 2014 were approximately $100 million and $12 million, respectively. The following table summarizes the final allocation of the purchase price to fair values of assets acquired and liabilities assumed as of the date of the acquisition.
(In millions) |
Accounts receivable |  | $ | 41.4 |
Inventories |  |  | 25.7 |
Property, plant and equipment |  |  | 29.6 |
Goodwill |  |  | 143.4 |
Identifiable intangible assets |  |  | 89.4 |
Other assets |  |  | 7.3 |
Total assets |  |  | 336.8 |
Other liabilities and accruals |  |  | 34.8 |
Net assets acquired |  | $ | 302.0 |
Goodwill primarily represents expected supply chain synergies. Identifiable intangible assets primarily consisted of customer relationships ($75.9 million) and technology ($9.6 million). The useful lives of these identifiable intangible assets are 18 years and 10 years, respectively. The following unaudited pro forma summary presents consolidated financial information as if WoodCrafters had been acquired on January 1, 2012. The unaudited pro forma financial information is based on historical results of operations and financial position of the Company and WoodCrafters. In accordance with ASC requirements, the results of operations related to the sale of Simonton were reclassified and not included the summary below. The pro forma results include adjustments for the impact of a preliminary allocation of the purchase price and interest expense associated with debt that would have been incurred in connection with the acquisition. The unaudited pro forma financial information does not necessarily represent the results that would have occurred had the acquisition occurred on January 1, 2012. In addition, the unaudited pro forma information should not be deemed to be indicative of future results.
(In millions, except per share amounts) |  | Nine Months Ended September 30, 2013 |
Net sales |  | $ | 2,955.3 |
Income from continuing operations |  |  | 176.9 |
Basic earnings per common share |  | $ | 1.07 |
Diluted earnings per common share |  | $ | 1.03 |

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