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MERGER AND DISPOSITIONS (Tables) | 12 Months Ended
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Dec. 27, 2014
Unaudited Consolidated Pro Forma Summary | The following unaudited consolidated pro forma summary has been prepared by adjusting the Company’s historical data to give effect to the Merger as if it had occurred on January 1, 2012:
|  | Pro Forma – Unaudited |
(In millions, except per share amounts) |  | Year Ended December 28, 2013 |  |  | Year Ended December 29, 2012 |
Sales |  | $ | 16,879 |  |  | $ | 17,640 |
Net income |  | $ | 33 |  |  | $ | 262 |
Net income attributable to common stockholders |  | $ | 31 |  |  | $ | 258 |
Earnings per share available to common stockholders |  |  |  |  |  |  |  |
Basic |  | $ | 0.06 |  |  | $ | 0.50 |
Diluted |  | $ | 0.06 |  |  | $ | 0.49 |
Summary of Consideration Transferred | The Merger was an all-stock transaction. The following table summarizes the consideration transferred.
(In millions, except for share exchange ratio and price) |  |  |
OfficeMax common shares outstanding as of November 5, 2013 |  |  | 88 |
OfficeMax share-based awards exchanged |  |  | 3 |
OfficeMax Series D preferred shares, as converted |  |  | 1 |
OfficeMax common shares exchanged |  |  | 92 |
Exchange ratio |  |  | 2.69 |
Office Depot common stock issued for consideration |  |  | 246.9 |
Office Depot common stock per share price on November 5, 2013 |  | $ | 5.65 |
Total fair value of consideration transferred |  | $ | 1,395 |
Allocation of Consideration | The following table summarizes the allocation of the consideration to the assets and liabilities at November 5, 2013, as adjusted through the measurement period.
(In millions) |
Cash and cash equivalents |  | $ | 460 |
Receivables |  |  | 521 |
Inventories |  |  | 766 |
Prepaid expenses and other current assets |  |  | 106 |
Property and equipment |  |  | 521 |
Favorable leases |  |  | 44 |
Definite-lived intangible assets, primarily customer relationships and trade names |  |  | 57 |
Investment in Boise Cascade Holdings |  |  | 80 |
Timber notes receivable |  |  | 948 |
Other noncurrent assets |  |  | 51 |
Accounts payable |  |  | (527 | )
Other current liabilities (a) |  |  | (471 | )
Unfavorable leases |  |  | (54 | )
Non-recourse debt |  |  | (863 | )
Recourse debt |  |  | (228 | )
Pension and other postretirement obligations |  |  | (180 | )
Deferred income taxes and other long-term liabilities and Noncontrolling interest |  |  | (230 | )
Total identifiable net assets |  |  | 1,001 |
Goodwill(b) |  |  | 394 |
Total |  | $ | 1,395 |
(a) | Includes accrued expenses and other current liabilities and income taxes payable
(b) | Includes $24 million of goodwill allocated to Grupo OfficeMax that was sold in 2014
Consolidated Statements of Operations | The amounts included in the 2014 Consolidated Statements of Operations for this business through the date of sale are as follows:
(In millions) |  |  |
Sales |  | $ | 155 |
Income before income taxes |  |  | 6 |
Income attributable to Office Depot, before income taxes |  |  | 4 |

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