Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Gain on Divestiture within Income from Discontinued 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

Summary of the Carrying Value of Major Classes of Assets and Liabilities

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

Reconciliation of Major Classes of Line Items Constituting Income (Loss) from Discontinued Operations, Net of Tax as Presented in Statements of Income

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	)