Business Combinations, Discontinued Operations and Related Transactions (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Condensed Income Statement and Balance Sheet

Selected financial data for the operations of the disposed furniture Components business is presented below:

	Years ended December 31,
	2011		2012
	(In millions)
Income statement:
Net sales	$	59.0	$	60.7
Operating income	$	9.1	$	7.4
Income from discontinued operations:
Income before taxes	$	9.1	$	7.2
Income tax expense		5.0		3.5
Income from discontinued operations, net of tax		4.1		3.7
Gain on sale of discontinued operations:
Gain on sale		—		23.7
Income tax expense		—		1.9
Gain on sale discontinued operations, net of tax		—		21.8
Total discontinued operations, net of tax		4.1		25.5
Noncontrolling interest in income from discontinued operations		1.1		1.0
Noncontrolling interest in gain on sale of discontinued operations		—		6.1
Total noncontrolling interest in discontinued operations		1.1		7.1
Total discontinued operations, net of tax and   noncontrolling interest	$	3.0	$	18.4

Recognition Based on Preliminary Analysis of Provisional Amounts

Based on our preliminary analysis of the provisional amounts of the transaction at December 31, 2013 we recognized the following:

	(In millions)
Consideration:
Cash	$	5.3
Promissory note payable		19.1
Deferred payment, obligation ($11.1 million face value)		8.2
Total fair value of consideration		32.6
Fair value of existing equity interest in BMI and Landwell		43.4
Bargain purchase gain recognized		28.0
Preliminary total	$	104.0
Preliminary allocation of purchase price to identifiable assets acquired and liabilities assumed:
Cash	$	27.4
Land held for development:
Current		14.3
Noncurrent		158.1
Other current assets		9.4
Property, plant and equipment		29.0
Other noncurrent assets		8.5
Long-term debt		(14.3	)
Other liabilities		(66.9	)
Total net identifiable assets		165.5
Noncontrolling interest in BMI and Landwell		(61.5	)
Preliminary total	$	104.0