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Discontinued Operation
 9 Months Ended
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