Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v2.4.0.8
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of results of operations, assets and liabilities of businesses reported as discontinued operations
The following table discloses the results of operations of the Hatteras and Cabo businesses, including the gain on the disposal, reported as discontinued operations for the years ended December 31, 2013, 2012 and 2011, respectively:
(in millions)
2013
 
2012
 
2011
Net sales
$
23.0

 
$
56.2

 
$
78.0

 
 
 
 
 
 
Loss from discontinued operations before income taxes
$
(7.0
)
 
$
(96.7
)
 
$
(21.4
)
Income tax provision (benefit)
0.6

 
0.7

 
(2.7
)
Loss from discontinued operations, net of tax (A)
(7.6
)
 
(97.4
)
 
(18.7
)
Gain on disposal of discontinued operations, net of tax (B)
1.6

 
—

 
—

Net loss from discontinued operations, net of tax
$
(6.0
)
 
$
(97.4
)
 
$
(18.7
)

(A) Loss from discontinued operations includes an asset impairment charge in 2012 of $52.7 million, $53.2 million after-tax, and other restructuring and impairment charges, net of tax of $14.5 million and $1.4 million in 2012 and 2011, respectively.

(B) The Gain on disposal of discontinued operations for 2013, includes a pre-tax loss of $1.4 million and a net tax benefit of $3.0 million.

There were no assets available for sale as of December 31, 2013. The following table reflects the summary of assets and liabilities held for sale as of December 31, 2012, for the Hatteras and Cabo businesses reported as discontinued operations:
(in millions)
December 31,
2012
Accounts and notes receivable, net
$
—

Net inventory
—

Current assets held for sale
—

 
 
Long-term assets held for sale
—

Assets held for sale (A)
$
—

 
 
Accounts payable
$
3.8

Accrued expenses
14.6

Current liabilities held for sale
18.4

 
 
Other liabilities
2.9

Long-term liabilities held for sale
2.9

Liabilities held for sale
$
21.3


(A) Assets held for sale at December 31, 2012, are shown net of reserves of $52.7 million.