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Business Combination (Tables)
 3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]  
Components of the preliminary purchase price allocation
The components of the final purchase price allocation are as follows:
(in millions)
 
 
Accounts receivable
$
185.0

 
Inventory
75.1

 
Prepaid expenses and other current assets
23.4

 
Accounts payable
(77.9
)
 
Accrued expenses
(140.0
)
 
Property, plant and equipment
242.1

 
Other assets
32.6

 
Identifiable intangible assets:
 

 
Indefinite-lived trade names
521.2

 
Contractual retailer/distributer relationships
91.1

 
Developed technology, including patents
87.1

 
Customer databases
3.9

 
Optimum™ trade name
2.3

 
Deferred income taxes, net
(231.2
)
 
Sealy 8.0% Notes
(96.2
)
 
Redeemable non-controlling interest
(11.3
)
 
Other liabilities
(77.5
)
 
Goodwill
543.2

 
Net consideration transferred
$
1,172.9

(1) 

(1)
During the three months ended March 31, 2013, the Company deposited with a paying agent an amount in cash sufficient to make payment to all holders of the 8.0% Sealy Notes who converted their notes during a make-whole period, pursuant to the merger agreement.  Of this amount deposited, approximately $92.6 million was transferred back to the Company on May 10, 2013 after the expiration of a deposit period specified in the related paying agency agreement. Due to the timing difference, the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2013 reflects acquisition of businesses, net of cash acquired, of $1,265.5 million.
Business acquisition, pro forma information
The following unaudited pro forma information presents the combined financial results for the Company and Sealy as if the Sealy Acquisition had been completed at the beginning of the Company’s prior year, January 1, 2013. Prior to the Sealy Acquisition, Sealy used a 52-53 week fiscal year ending on the closest Sunday to November 30, but no later than December 2. The pro forma financial information set forth below for the three months ended March 31, 2013 includes Sealy’s pro forma information for the combined three month period from December 3, 2012 through March 3, 2013.
(in millions, except earnings per common share)
Three Months Ended
 
Three Months Ended
 
March 31,
 
March 31,
 
2014
 
2013
Net sales
$
701.9

 
$
683.0

Net income
$
27.4

 
$
15.6

Earnings from continuing operations per common share – Diluted
$
0.44

 
$
0.25