Business Acquisitions (Tables)

6 Months Ended

Jun. 15, 2013

Preliminary Allocation of Purchase Price

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed in connection with the PLG acquisition:


(In millions)	Initial valuation at December 29, 2012		Measurement period adjustments			Adjusted preliminary valuation at June 15, 2013
Cash	$	23.6	$	—		$	23.6
Accounts receivable		146.9		4.3			151.2
Inventories		203.5		—			203.5
Deferred income taxes		13.6		—			13.6
Other current assets		13.2		—			13.2
Property, plant and equipment		77.1		—			77.1
Goodwill		419.6		(0.7	)		418.9
Intangible assets		820.6		—			820.6
Other		11.2		(2.1	)		9.1

Total assets acquired		1,729.3		1.5			1,730.8


Accounts payable		97.4		—			97.4
Other accrued liabilities		40.0		1.5			41.5
Deferred income taxes		294.7		—			294.7
Accrued pension liabilities		37.7		—			37.7
Other liabilities		10.0		—			10.0

Total liabilities assumed		479.8		1.5			481.3

Net assets acquired	$	1,249.5	$	—		$	1,249.5

Addition to Goodwill within Reportable Segments

The excess of the purchase price over the fair value of net assets acquired of $418.9 million was preliminarily recorded as goodwill in the consolidated condensed balance sheets and has been assigned to the Performance Group and Lifestyle Group reportable operating segments as follows:


(In millions)	Goodwill from the acquisition of PLG

Performance Group	$	76.5
Lifestyle Group		342.4

Total	$	418.9

Intangible Assets Acquired in Acquisition

Intangible assets acquired in the acquisition were preliminarily valued as follows:


(In millions)	Intangible asset		Useful life
Trade names and trademarks	$	661.8		Indefinite
Customer lists		110.5		3-20 years
Licensing agreements		28.1		4-5 years
Developed product technology		14.5		3-5 years
Backlog		5.1		6 months
Net favorable leases		0.6		10 years

Total intangible assets acquired	$	820.6