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Discontinued Operations
 3 Months Ended
Mar. 31, 2013
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations
B. In the first quarter of 2013, the Company determined that Tvilum, its Danish ready-to-assemble cabinet business, is no longer core to its long-term growth strategy and, accordingly, the Company has embarked on a plan for disposition. The Company has accounted for this business and those which were sold in 2012 as discontinued operations.

Selected financial information for the discontinued operations, during the period owned by the Company, was as follows, in millions:

 

     Three Months Ended  
     March 31,  
     2013     2012  

Net Sales

    $ 59      $ 89   
  

 

 

    

 

 

  

Operating loss from discontinued operations

    $ (3 )    $ (11 ) 

Impairment of assets

      (10 )      —     

Loss on disposal of discontinued operations, net

      —          (1 ) 
  

 

 

    

 

 

  

Loss before income tax

      (13 )      (12 ) 

Income tax benefit

      (4 )      (3 ) 
  

 

 

    

 

 

  

Loss from discontinued operations

    $ (9 )    $ (9 ) 
  

 

 

    

 

 

  

Included in impairment of assets in 2013 is the impairment of fixed assets held for sale. During the first quarter of 2013, the Company estimated the fair value of the business held for sale, using unobservable inputs (Level 3). After considering the deferred gains reported in Accumulated Other Comprehensive Income, the Company recorded an impairment of $10 million in the first quarter of 2013.

The following balance sheet items have been reclassified as held for sale:

 

     March 31,      December 31,  
     2013      2012  

Receivables

    $ 32       $ 32   

Inventories

      64         66   

Prepaid expenses and other

      2         2   

Property and equipment, net

      88         103   
  

 

 

     

 

 

  

Total assets

    $ 186       $ 203   
  

 

 

     

 

 

  

Accounts payable

    $ 31       $ 31   

Accrued liabilities

      12         14   

Deferred income taxes

      —           4   
  

 

 

     

 

 

  

Total liabilities

    $ 43       $ 49