v2.4.0.8

MERGER WITH THE PPG CHEMICALS BUSINESS (Tables) | 12 Months Ended
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Dec. 31, 2013
MERGER WITH THE PPG CHEMICALS BUSINESS |
Schedule of allocation of the purchase price to assets acquired and liabilities assumed |
(In millions) |  | Amounts Recognized as of the Aquisition Date |  | Measurement Period Adjustments (1) |  | Final Allocation as of December 31, 2013 |
--- | --- | --- | --- | --- | --- | --- | ---
Cash and cash equivalents |  | $ | 26.7 |  | $ | - |  | $ | 26.7 |
Receivables |  |  | 236.7 |  |  | (2.4 | ) |  | 234.3 |
Inventories |  |  | 72.0 |  |  | 5.1 |  |  | 77.1 |
Prepaid expenses and other |  |  | 11.9 |  |  | (4.3 | ) |  | 7.6 |
Property, plant and equipment |  |  | 957.3 |  |  | (30.4 | ) (2) |  | 926.9 |
Goodwill |  |  | 1,454.3 |  |  | 118.4 |  |  | 1,572.7 |
Intangible assets |  |  | 1,224.2 |  |  | (18.4 | ) (3) |  | 1,205.8 |
Other assets |  |  | 42.5 |  |  | (0.3 | ) |  | 42.2 |
Accounts payable |  |  | (97.8 | ) |  | 1.2 |  |  | (96.6 | )
Income taxes payable |  |  | (4.7 | ) |  | - |  |  | (4.7 | )
Accrued compensation |  |  | (20.6 | ) |  | - |  |  | (20.6 | )
Other accrued taxes |  |  | (12.1 | ) |  | 11.9 |  |  | (0.2 | )
Other accrued liabilities |  |  | (58.0 | ) |  | (4.5 | ) |  | (62.5 | )
Deferred income taxes |  |  | (614.9 | ) |  | (66.5 | ) (4) |  | (681.4 | )
Pensions and other postretirement benefits |  |  | (279.0 | ) |  | 26.7 | (5) |  | (252.3 | )
Other non-current liabilities |  |  | (67.9 | ) |  | (10.6 | ) |  | (78.5 | )
Debt assumed |  |  | (967.0 | ) |  | - |  |  | (967.0 | )
Noncontrolling interest |  |  | (130.3 | ) |  | 0.3 |  |  | (130.0 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net assets acquired |  | $ | 1,773.3 |  | $ | 26.2 | (6) | $ | 1,799.5 |
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(1) The measurement period adjustments did not have a significant impact on our consolidated net income for the quarters within the year ended December 31, 2013. Therefore, we did not retrospectively adjust those prior periods. (2) Primarily consists of the adjustments to the fair value of location-specific property, plant and equipment. (3) Primarily consists of the fair value of supply contracts, offset by adjustments to customer relationship intangible assets. (4) Deferred income taxes resulting from the revaluation of acquired assets and liabilities. (5) Primarily relates to the fair value of pension related assets that are being transferred with the merger and the resulting impact on the funded status of the pension liability. (6) Primarily relates to additional consideration based on the final funding status of certain pension plans, partly offset by a favorable net working capital settlement.
Schedule of pro forma information |
|  | Year Ended December 31, |
--- | --- | --- | ---
(In millions, except per share data) |  | 2013 |  | 2012 |
Net sales |  | $ | 4,773.7 |  | $ | 4,977.4 |
Net income attributable to Axiall |  | $ | 162.7 | (a) | $ | 271.8 | (b)
Earnings per share from net income attributable to Axiall: |  |  |  |  |  |  |
Basic |  | $ | 2.33 |  | $ | 3.88 |
Diluted |  | $ | 2.31 |  | $ | 3.87 |
(a) In addition to the normal pro forma adjustments associated with the Transactions, this amount excludes: (i) the $25.9 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. (b) In addition to the normal pro forma adjustments associated with the Transactions, this amount includes: (i) the $25.9 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.

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