Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 3 Months Ended
Mar. 29, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 2 – Discontinued Operations

On December 31, 2012, the Board of Directors authorized the Company to exit its Hatteras and Cabo boat businesses. As a result, these businesses, which were previously reported in the Company's Boat segment, are being reported as discontinued operations and are reported in separate lines in the Condensed Consolidated Statements of Comprehensive Income for all periods presented. The assets and liabilities of these businesses to be sold at December 31, 2012 met the accounting criteria to be classified as held for sale and have been aggregated and reported on separate lines of the Condensed Consolidated Balance Sheets for all periods presented. In August 2013, the Company completed the sale of its Hatteras and Cabo boat businesses resulting in an after-tax gain of $1.6 million.

There were no sales or earnings from discontinued operations for the three months ended March 29, 2014. The following table discloses the results of operations of the Hatteras and Cabo businesses reported as discontinued operations for the three months ended March 30, 2013:
(in millions)
March 30,
2013
Net sales
$
10.7

 
 
Loss from discontinued operations before income taxes
(6.5
)
Income tax benefit
(1.4
)
Net loss from discontinued operations, net of tax
$
(5.1
)

There were no assets available for sale as of March 29, 2014 and December 31, 2013. The following table reflects the summary of assets and liabilities held for sale as of March 30, 2013, for the Hatteras and Cabo businesses reported as discontinued operations:
(in millions)
March 30,
2013
Current assets held for sale
$
—

Long-term assets held for sale
—

Assets held for sale (A)
$
—

 
 
Accounts payable
$
—

Accrued expenses
10.4

Current liabilities held for sale
10.4

 
 
Other liabilities
3.0

Long-term liabilities held for sale
3.0

Liabilities held for sale
$
13.4


(A) Assets held for sale at March 30, 2013 are shown net of reserves of $53.9 million.