v2.4.0.8

MERGER WITH THE PPG CHEMICALS BUSINESS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2013
MERGER WITH THE PPG CHEMICALS BUSINESS |
Schedule of allocation of the purchase price to assets acquired and liabilities assumed, including remeasurement period adjustments recorded |
(In millions) |  | Preliminary Allocation as of June 30, 2013 |  | Measurement Period Adjustments |  | Revised Preliminary Allocation as of September 30, 2013 |
--- | --- | --- | --- | --- | --- | --- | ---
Cash and cash equivalents |  | $ | 26.7 |  | $ | - |  | $ | 26.7 |
Receivables |  |  | 233.7 |  |  | 1.4 |  |  | 235.1 |
Inventories |  |  | 72.3 |  |  | 4.8 |  |  | 77.1 |
Prepaid expenses and other |  |  | 11.9 |  |  | (1.8 | ) |  | 10.1 |
Property, plant and equipment |  |  | 962.8 |  |  | (6.4 | ) |  | 956.4 |
Goodwill |  |  | 1,450.2 |  |  | 76.0 | (1) |  | 1,526.2 |
Intangible assets |  |  | 1,218.0 |  |  | (68.3 | ) |  | 1,149.7 |
Other assets |  |  | 42.5 |  |  | (0.5 | ) |  | 42.0 |
Accounts payable |  |  | (97.8 | ) |  | - |  |  | (97.8 | )
Income taxes payable |  |  | (4.7 | ) |  | - |  |  | (4.7 | )
Accrued compensation |  |  | (20.6 | ) |  | - |  |  | (20.6 | )
Other accrued taxes |  |  | (10.9 | ) |  | 10.4 |  |  | (0.5 | )
Other accrued liabilities |  |  | (57.1 | ) |  | 7.2 |  |  | (49.9 | )
Deferred income taxes |  |  | (616.0 | ) |  | 12.0 | (2) |  | (604.0 | )
Pensions and other postretirement benefits |  |  | (279.8 | ) |  | - |  |  | (279.8 | )
Other non-current liabilities |  |  | (61.6 | ) |  | (7.2 | ) |  | (68.8 | )
Debt assumed |  |  | (967.0 | ) |  | - |  |  | (967.0 | )
Noncontrolling interest |  |  | (129.3 | ) |  | (0.7 | ) |  | (130.0 | )
Total net assets acquired |  | $ | 1,773.3 |  | $ | 26.9 | (3) | $ | 1,800.2 |
(1) Primarily consists of $68.3 million in adjustments to customer relationships intangible assets and preliminary estimates of working capital and the funding status of certain pension benefit plans of the Merged Business as of the date of acquisition that are subject to a settlement with PPG in accordance with agreements entered into in connection with the Merger. (2) Deferred income taxes resulting from the revaluation of acquired assets and liabilities. (3) Includes preliminary estimates of working capital and the funding status of certain pension benefit plans of the Merged Business as of the date of acquisition that are subject to a settlement with PPG in accordance with agreements entered into in connection with the Merger.
Schedule of pro forma information |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
--- | --- | --- | --- | --- | ---
(In millions, except per share data) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Net sales |  | $ | 1,197.5 |  | $ | 1,240.3 |  | $ | 3,639.2 |  | $ | 3,793.7 |
Net income attributable to Axiall |  | $ | 39.0 |  | $ | 74.6 |  | $ | 104.2 | (a) | $ | 195.9 | (b)
Earnings per share from net income attributable to Axiall: |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.56 |  | $ | 1.07 |  | $ | 1.49 |  | $ | 2.80 |
Diluted |  | $ | 0.55 |  | $ | 1.06 |  | $ | 1.48 |  | $ | 2.79 |
(a) 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 nine months ended September 30, 2013 and comparable amounts are included in the nine months ended September 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 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 nine months ended September 30, 2013 and comparable amounts are included in the nine months ended September 30, 2012 to reflect our consolidated results as if the Transactions had taken place on January 1, 2012.

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration