Assets Held for Sale and Discontinued Operations

Assets Held for Sale - In September 2013, we entered into an agreement to sell our detector tube assets. The transaction closed in January 2014. In addition to the asset sale agreement, we entered into transitional manufacturing and sales agreements with the buyer. Under the terms of the transitional agreements, we continued to manufacture and sell detector tubes on behalf of the buyer until mid-2014. We recognized a gain of $2.2 million on the transaction in 2014 and have collected all proceeds associated with the transaction at December 31, 2014.

Discontinued Operations - The Company is actively negotiating the sale of substantially all of the assets and liabilities of its South African personal protective equipment distribution business and its Zambian operations with a potential acquirer. Management has deemed it probable that the sale of these assets and liabilities will close in 2015. The operations of this business qualify as a component of an entity under FASB ASC 205-20 "Presentation of Financial Statements - Discontinued Operations", and thus the operations have been reclassified as discontinued operations and prior periods have been reclassified to conform to this presentation. Management does not believe the assets associated with the South African distribution business or the Zambian operations are impaired at December 31, 2014.

Summarized financial information for discontinued operations is as follows:



	Year ended December 31,
(In thousands)	2014			2013			2012
Discontinued Operations
Net sales	$	47,516		$	52,692		$	58,461
Other income, net	660			40			115
Cost and expenses:
Cost of products sold	38,259			41,181			45,277
Selling, general and administrative	7,650			7,389			8,376
Interest expense	—			—			17
Currency exchange (gains), net	(116		)	(325		)	(41		)
Income from discontinued operations before income taxes	2,383			4,487			4,947
Provision for income taxes	607			1,426			1,128
Income from discontinued operations, net of tax	1,776			3,061			3,819

The following assets and liabilities are included in the balance sheet line items noted below and are included in the International Segment detail in Note 7.



	December 31,
(In thousands)	2014		2013
Discontinued Operations assets and liabilities
Trade receivables, less allowance for doubtful accounts	$	6,638	$	7,452
Inventories	11,829		11,359
Net property	342		317
Other assets	2,022		1,326
Total assets	20,831		20,454
Accounts payable	5,263		5,447
Accrued and other liabilities	991		930
Total liabilities	6,254		6,377
Net assets	14,577		14,077

The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests:



	Year ended December 31,
(In thousands)	2014			2013			2012
Net loss (income) attributable to noncontrolling interests
Loss (income) from continuing operations	$	1,296		$	870		$	(385	)
(Income) from discontinued operations	(717		)	(672		)	(739		)
Net loss (income)	579			198			(1,124		)