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Discontinued Operations | 12 Months Ended
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Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 4. DISCONTINUED OPERATIONS On August 31, 2015, the Company sold substantially all of its interiors operations [“the interiors operations”]. The Company recognized a gain on the divestiture within income from discontinued operations as follows:
Proceeds on disposal, net of transaction costs |  | $ | 549 |
Net assets disposed |  |  | 438 |
Pretax gain on divestiture |  |  | 111 |
Income taxes |  |  | 66 |
Gain on divestiture, net of tax |  | $ | 45 |
The following table summarizes the carrying value of the major classes of assets and liabilities of the discontinued operations which were reflected as held for sale in the consolidated balance sheet at December 31, 2014:
Cash and cash equivalents |  | $ | 4 |
Accounts receivable |  |  | 355 |
Inventories |  |  | 232 |
Income taxes receivable |  |  | 3 |
Prepaid expenses and other |  |  | 10 |
Deferred tax assets |  |  | 12 |
Fixed assets, net |  |  | 263 |
Goodwill |  |  | 12 |
Investments |  |  | 40 |
Other assets |  |  | 26 |
Total assets of the discontinued operations classified as held for sale |  | $ | 957 |
Bank indebtedness |  | $ | 3 |
Accounts payable |  |  | 376 |
Accrued salaries and wages |  |  | 44 |
Other accrued liabilities |  |  | 91 |
Long-term debt due within one year |  |  | 1 |
Long-term employee benefit liabilities |  |  | 20 |
Other long-term liabilities |  |  | 12 |
Deferred tax liabilities |  |  | 1 |
Total liabilities of the discontinued operations classified as held for sale |  | $ | 548 |
A reconciliation of the major classes of line items constituting income (loss) from discontinued operations, net of tax as presented in the statements of income is as follows:
|  | 2015 |  |  | 2014 |
Sales |  | $ | 1,737 |  |  | $ | 2,394 |
Costs and expenses |  |  |  |  |  |  |  |
Cost of goods sold |  |  | 1,635 |  |  |  | 2,310 |
Depreciation and amortization |  |  | 13 |  |  |  | 45 |
Selling, general and administrative |  |  | 58 |  |  |  | 95 |
Equity income |  |  | (11 | ) |  |  | (8 | )
Other expense |  |  | — |  |  |  | 18 |
Income (loss) from discontinued operations before income taxes and gain on divestiture |  |  | 42 |  |  |  | (66 | )
Income taxes |  |  | 20 |  |  |  | (24 | )
Income (loss) from discontinued operations before gain on divestiture |  |  | 22 |  |  |  | (42 | )
Gain on divestiture of discontinued operations, net of tax |  |  | 45 |  |  |  | — |
Income (loss) from discontinued operations, net of tax |  | $ | 67 |  |  | $ | (42 | )
The interiors operations were previously included within all of the Company’s reporting segments except for Rest of World.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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