v2.4.0.8
MERGER WITH THE PPG CHEMICALS BUSINESS (Tables)
 6 Months Ended
Jun. 30, 2013
MERGER WITH THE PPG CHEMICALS BUSINESS  
Schedule of allocation of the purchase price to assets acquired and liabilities assumed

 

 

(In millions)
   Revised
Preliminary
Allocation as of
June 30, 2013 (1)		  

Cash and cash equivalents

     $ 26.7  

Receivables

     233.7  

Inventories

     72.3  

Prepaid expenses and other

     11.9  

Property, plant and equipment

     962.8  

Goodwill

     1,450.2  

Intangible assets

     1,218.0  

Other assets

     42.5  

Accounts payable

     (97.8 )

Income taxes payable

     (4.7 )

Accrued compensation

     (20.6 )

Other accrued taxes

     (10.9 )

Other accrued liabilities

     (57.1 )

Deferred income taxes

     (616.0 )

Noncurrent pension and other postretirement benefits

     (279.8 )

Other non-current liabilities

     (61.6 )

Debt assumed

     (967.0 )

Noncontrolling interest

     (129.3 )
       

Total net assets acquired

     $ 1,773.3  
       

(1) Measurement period adjustments recorded during the three months ended June 30, 2013 did not have a significant impact on the unaudited condensed consolidated financial statements.
Schedule of pro forma information

 

 

 
   Three Months Ended June 30,   Six Months Ended June 30,  
(In millions, except per share data)
   2013   2012   2013   2012  

Net sales

     $ 1,272.8     $ 1,282.1     $ 2,441.7     $ 2,553.4  

Net income attributable to Axiall

     $ 74.8  (a)   $ 53.4     $ 64.0  (b)   $ 121.3  (c)

Earnings per share from net income attributable to Axiall:

                          

Basic

     $ 1.07     $ 0.76     $ 0.92     $ 1.73  

Diluted

     $ 1.06     $ 0.76     $ 0.91     $ 1.73  

(a) In addition to the normal pro forma adjustments associated with the Transactions, this amount excludes $3.2 million related to the inventory fair value purchase accounting adjustment. This amount is excluded from the pro forma amounts for the three months ended June 30, 2013 and a comparable amount is included in the pro forma amounts for the six months ended June 30, 2012 to reflect our consolidated results as if the Transactions had taken place on January 1, 2012.

(b) In addition to the normal pro forma adjustments associated with the Transactions, this amount excludes: (i) the $23.5 million gain on acquisition of controlling interest in PHH; (ii) $13.4 million related to the inventory fair value purchase accounting adjustment; and (iii) $11.0 million related to the expensing of financing fees related to a $688.0 million bridge loan used in the Transactions. These amounts are excluded from the pro forma amounts for the six months ended June 30, 2013 and comparable amounts are included in the six months ended June 30, 2012 to reflect our consolidated results as if the Transactions had taken place on January 1, 2012.

(c) In addition to the normal pro forma adjustments associated with the Transactions, this amount includes: (i) the $23.5 million gain on acquisition of controlling interest in PHH; (ii) $13.4 million related to the inventory fair value purchase accounting adjustment; and (iii) $11.0 million related to the expensing of financing fees related to a $688.0 million bridge loan used in the Transactions. These amounts are excluded from the pro forma amounts for the six months ended June 30, 2013 and included in the six months ended June 30, 2012 to reflect our consolidated results as if the Transactions had taken place on January 1, 2012.