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Discontinued Operations | 3 Months Ended
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Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations |
5. | Discontinued Operations
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. In addition, 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 in accordance with ASC requirements. The condensed consolidated statements of comprehensive income and condensed consolidated balance sheets for all prior periods have been adjusted to reflect the presentation of Waterloo and Simonton as discontinued operations. The following table summarizes the results of discontinued operations for the three months ended March 31, 2015 and 2014.
(in millions) |  | Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
Net sales |  | $ | 22.9 |  |  | $ | 77.1 |
Loss from discontinued operations before income taxes |  | $ | (0.8 | ) |  | $ | (7.2 | )
Income taxes |  |  | (0.2 | ) |  |  | (2.1 | )
Loss from discontinued operations, net of tax |  | $ | (0.6 | ) |  | $ | (5.1 | )
The following table summarizes the major classes of assets and liabilities of Waterloo, which are now reflected as a discontinued operation on the consolidated balance sheet:
(in millions) |  | March 31, 2015 |  |  | December 31, 2014 |
Accounts receivable, net |  | $ | 17.9 |  |  | $ | 40.1 |
Inventories |  |  | 16.1 |  |  |  | 15.9 |
Other current assets |  |  | 4.6 |  |  |  | 7.3 |
Total current assets |  |  | 38.6 |  |  |  | 63.3 |
Property, plant and equipment, net |  |  | 13.8 |  |  |  | 13.3 |
Other non-current assets |  |  | 4.5 |  |  |  | 4.0 |
Total assets |  | $ | 56.9 |  |  | $ | 80.6 |
Accounts payable |  | $ | 6.0 |  |  | $ | 8.5 |
Other current liabilities |  |  | 5.8 |  |  |  | 9.0 |
Total current liabilities |  |  | 11.8 |  |  |  | 17.5 |
Other non-current liabilities |  |  | 2.7 |  |  |  | 3.4 |
Total liabilities |  | $ | 14.5 |  |  | $ | 20.9 |

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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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