Impact of Rock-McGraw sale on interest expense
- Consistent with sale-leaseback accounting, $212 million of pre-tax gain deferred and amortized over remaining 16-year lease as a reduction in rent expense
- 1Q 2004: Operating segments receive expense credit of $4.3 million
- Interest expense accrued against deferred gain and reflected as interest expense
- $2.4 million in interest expense for 1Q 2004