| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in adjustments to the preliminary values presented below, when management's appraisals and estimates are finalized:
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Preliminary Estimates |
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|
As Reported |
As Revised |
|
(in millions) |
August 1, 2015 |
October 31, 2015 |
Adjustments |
Cash |
$ |
307.4 |
|
$ |
305.3 |
|
$ |
(2.1 |
) |
Short-term investments |
4.0 |
|
4.0 |
|
— |
|
Accounts receivable |
71.4 |
|
71.1 |
|
(0.3 |
) |
Inventory |
1,764.5 |
|
1,764.5 |
|
— |
|
Other current assets |
94.2 |
|
94.7 |
|
0.5 |
|
Property, plant and equipment |
1,912.8 |
|
1,897.3 |
|
(15.5 |
) |
Assets available for sale |
— |
|
10.1 |
|
10.1 |
|
Goodwill |
4,819.0 |
|
4,860.3 |
|
41.3 |
|
Intangible assets, net |
3,570.3 |
|
3,570.2 |
|
(0.1 |
) |
Other assets |
77.7 |
|
77.7 |
|
— |
|
Long-term debt, including current portion |
(485.2 |
) |
(497.0 |
) |
(11.8 |
) |
Accounts payable |
(633.4 |
) |
(633.5 |
) |
(0.1 |
) |
Other current liabilities |
(550.4 |
) |
(574.8 |
) |
(24.4 |
) |
Deferred tax liabilities, net |
(1,644.7 |
) |
(1,643.5 |
) |
1.2 |
|
Other liabilities |
(202.2 |
) |
(201.0 |
) |
1.2 |
|
Total purchase price |
$ |
9,105.4 |
|
$ |
9,105.4 |
|
$ |
— |
|
Less: Cash acquired |
(307.4 |
) |
(305.3 |
) |
2.1 |
|
Total purchase price, net of cash acquired |
8,798.0 |
|
8,800.1 |
|
2.1 |
|
Acquisition cost paid in common stock |
(2,272.4 |
) |
(2,272.4 |
) |
— |
|
Acquisition cost paid in cash, net of cash acquired |
$ |
6,525.6 |
|
$ |
6,527.7 |
|
$ |
2.1 |
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| Business Acquisition, Pro Forma Information |
The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the Acquisition as if it had occurred on February 2, 2014:
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Pro Forma - Unaudited |
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13 Weeks Ended |
|
39 Weeks Ended |
(in millions, except per share data) |
|
October 31, 2015 |
|
November 1, 2014 |
|
October 31, 2015 |
|
November 1, 2014 |
Net sales |
|
$ |
4,945.2 |
|
|
$ |
4,613.9 |
|
|
$ |
14,803.0 |
|
|
$ |
13,998.6 |
|
Net income |
|
$ |
107.9 |
|
|
$ |
103.9 |
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|
$ |
344.1 |
|
|
$ |
396.8 |
|
Basic net income per share |
|
$ |
0.46 |
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|
$ |
0.44 |
|
|
$ |
1.47 |
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|
$ |
1.69 |
|
Diluted net income per share |
|
$ |
0.46 |
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|
$ |
0.44 |
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|
$ |
1.46 |
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|
$ |
1.69 |
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