Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v2.4.1.9
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2014
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 businesses reported as discontinued operations for the years ended December 31, 2014, 2013 and 2012, respectively:
(in millions)
2014
 
2013
 
2012
Net sales
$
236.0

 
$
310.8

 
$
357.0

 
 
 
 
 
 
Earnings (loss) from discontinued operations before income taxes
$
(3.8
)
 
$
13.7

 
$
(71.7
)
Income tax provision (benefit)
(2.0
)
 
2.9

 
2.9

Earnings (loss) from discontinued operations, net of tax (A)
(1.8
)
 
10.8

 
(74.6
)
Gain on disposal of discontinued operations, net of tax (B)
52.6

 
1.6

 
—

Net earnings (loss) from discontinued operations, net of tax
$
50.8

 
$
12.4

 
$
(74.6
)

(A) Earnings (loss) from discontinued operations for 2013 includes restructuring, exit and impairment charges, net of tax of $4.9 million. Earnings (loss) from discontinued operations for 2012 includes an asset impairment charge of $52.7 million, $53.2 million after-tax, and other restructuring and impairment charges, net of tax of $14.9 million.

(B) The Gain on disposal of discontinued operations for 2014 includes a pre-tax gain of $65.6 million and a net tax provision of $13.0 million. 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.
The following table reflects the summary of assets and liabilities held for sale for the bowling products business as of December 31, 2014 and for the retail bowling and bowling products businesses as of December 31, 2013:
(in millions)
December 31,
2014
 
December 31,
2013
Accounts and notes receivable, net
$
14.0

 
$
18.9

Net inventory
15.3

 
15.4

Prepaid expenses and other
0.7

 
2.5

Current assets held for sale
30.0

 
36.8

 
 
 
 
Net property
8.8

 
197.9

Other long-term assets
3.8

 
6.4

Long-term assets held for sale
12.6

 
204.3

Assets held for sale
$
42.6

 
$
241.1

 
 
 
 
Accounts payable
$
4.5

 
$
18.0

Accrued expenses
11.2

 
31.7

Current liabilities held for sale
15.7

 
49.7

 
 
 
 
Other liabilities
8.2

 
9.2

Long-term liabilities held for sale
8.2

 
9.2

Liabilities held for sale
$
23.9

 
$
58.9