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Discontinued Operations
 3 Months Ended
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