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Discontinued Operation | 9 Months Ended
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Sep. 30, 2014
Discontinued Operation |
3. | Discontinued Operation
In August 2014, the Company decided to sell its Simonton window business in order to prioritize management and financial resources on its remaining higher margin businesses and better position them for growth in future periods. As a result of the decision, in August 2014, the Company entered into a stock purchase agreement to sell Simonton for $130 million in cash. The sale was completed in September 2014. Simonton is presented as a discontinued operation in the Company’s financial statements beginning in the third quarter of 2014 in accordance with ASC requirements. Simonton was previously reported in the Advanced Material Windows & Door Systems segment, which has been renamed the Doors segment. The condensed consolidated statements of comprehensive income and condensed consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of Simonton as a discontinued operation. The following table summarizes the results of the discontinued operations for the nine and three months ended September 30, 2014 and 2013.
|  | Nine Months Ended September 30, |  |  | Three Months Ended September 30, |
(in millions) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net sales |  | $ | 218.3 |  |  | $ | 207.6 |  |  | $ | 85.5 |  |  | $ | 80.1 |
(Loss) income from discontinued operations before income taxes |  | $ | (85.6 | ) |  | $ | (2.1 | ) |  | $ | (83.3 | ) |  | $ | 1.0 |
Income taxes |  |  | 25.6 |  |  |  | (0.3 | ) |  |  | 26.2 |  |  |  | 0.5 |
(Loss) income from discontinued operations, net tax |  | $ | (111.2 | ) |  | $ | (1.8 | ) |  | $ | (109.5 | ) |  | $ | 0.5 |
The 2014 year-to-date and third quarter loss in discontinued operations included a loss on sale of the business of $111.8 million. The following table summarizes the major classes of assets and liabilities of Simonton, which are now reflected as a discontinued operation on the consolidated balance sheet at December 31, 2013:
(in millions) |  | December 31, 2013 |
Accounts receivable, net |  | $ | 31.7 |
Inventories |  |  | 14.7 |
Other current assets |  |  | 9.5 |
Total current assets |  |  | 55.9 |
Property, plant and equipment, net |  |  | 38.4 |
Goodwill |  |  | 86.1 |
Identifiable intangibles, net |  |  | 122.9 |
Other assets |  |  | 0.8 |
Total assets |  | $ | 304.1 |
Accounts payable |  | $ | 14.0 |
Other current liabilities |  |  | 27.5 |
Total current liabilities |  |  | 41.5 |
Other liabilities |  |  | 54.3 |
Total liabilities |  | $ | 95.8 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: 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=6391110&loc=d3e2941-110230 Reference 2: 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=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: 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=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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