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Unconsolidated Affiliate Companies

12 Months Ended

Dec. 02, 2012

Note 7: Unconsolidated Affiliate Companies

The Company is involved in a group of joint ventures to develop markets for Sealy branded products in Asia, New Zealand and India. Our ownership interest in these joint ventures is 50% and is accounted for under the equity method. Our net investment of $9.0 million and $9.8 million at December 2, 2012 and November 27, 2011, respectively, is recorded as a component of other assets including debt issuance costs, net within the Consolidated Balance Sheets. The Company's share of earnings for fiscal 2012, 2011 and 2010 is recorded in equity in earnings of unconsolidated affiliates.

Summarized financial information for these joint ventures is as follows (in thousands):

	2012		2011

Current assets	$	27,451	$	25,627
Noncurrent assets		4,553		4,456
Current liabilities		16,432		12,223
Noncurrent liabilities		—		—

	2012		2011

Revenues	$	71,952	$	55,925	44,946
Gross profit		45,668		35,949	27,481
Income from operations		12,863		8,173	8,372
Net income		10,350		6,742	6,898

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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