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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations

5.    Discontinued Operations

In August 2014, the Company entered into a stock purchase agreement to sell the Simonton windows business 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.

 

In addition, in December 2014, we committed to a plan to sell our Waterloo tool storage business and therefore classified it as a discontinued operation. We expect to sell Waterloo by the end of 2015. Waterloo was previously reported in the Security & Storage segment, which has been renamed the Security segment.

The consolidated statements of comprehensive income and consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of Simonton and Waterloo as discontinued operations.

The following table summarizes the results of the discontinued operations for the years ended December 31, 2014, 2013 and 2012.

 

       
(in millions)    2014      2013      2012  

Net sales

    $ 369.4       $ 453.8       $ 456.3   

(Loss) income from discontinued operations before income taxes

    $ (90.8 )     $ 34.4       $ 18.8   

Income taxes

      23.5         12.5         7.4   

(Loss) income from discontinued operations, net tax

    $ (114.3 )     $ 21.9       $ 11.4   

The 2014 loss from discontinued operations, net of tax, included a loss on sale of the Simonton business of $111.2 million as well as $14.1 million of restructuring and impairment charges for Waterloo in order to remeasure this business at the estimated fair value less costs to sell.

The following table summarizes the major classes of assets and liabilities of Simonton and Waterloo, which are now reflected as a discontinued operations on the consolidated balance sheet:

 

     
(in millions)    December 31, 2014        December 31, 2013  
      (Waterloo only)        (Simonton and Waterloo)  

Accounts receivable, net

    $ 40.1       $ 74.3   

Inventories

      15.9         42.6   

Other current assets

      7.3         9.5   

Total current assets

      63.3         126.4   

Property, plant and equipment, net

      13.3         66.2   

Goodwill

      —         86.1   

Identifiable intangibles, net

      —         123.9   

Other non-current assets

      4.0         1.5   

Total assets

    $ 80.6       $ 404.1   

Accounts payable

    $ 8.5       $ 29.0   

Other current liabilities

      9.0         31.8   

Total current liabilities

      17.5         60.8   

Other non-current liabilities

      3.4         57.0   

Total liabilities

    $ 20.9       $ 117.8