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Discontinued Operations
 6 Months Ended
Jun. 30, 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 September 2014, we sold the Simonton windows business for $130 million in cash. Simonton is presented as a discontinued operation in the Company’s financial statements in accordance with ASC requirements.

The following table summarizes the results of discontinued operations for the six and three months ended June 30, 2015 and 2014. The six and three months ended June 30, 2015 consist of Waterloo only, however comparable periods in 2014 include both Waterloo and Simonton.

 

(in millions)    Six Months
Ended June 30,		      Three Months
Ended June 30,		  
     2015      2014      2015      2014  

Net sales

    $ 50.4       $ 192.1       $ 27.5       $ 115.0   

Income from discontinued operations before income taxes

    $ 1.6       $ 4.1       $ 2.4       $ 11.3   

Income taxes

      0.8         1.9         1.0         4.0   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income from discontinued operations, net of tax

    $ 0.8       $ 2.2       $ 1.4       $ 7.3   

 

The following table summarizes the major classes of assets and liabilities of Waterloo, which is reflected as a discontinued operation on the consolidated balance sheet:

 

(in millions)    June 30,
2015		      December 31,
2014		  

Accounts receivable, net

    $ 21.4       $ 40.1   

Inventories

      8.3         15.9   

Other current assets

      2.9         7.3   
  

 

 

     

 

 

  

Total current assets

      32.6         63.3   

Property, plant and equipment, net

      14.2         13.3   

Other non-current assets

      4.8         4.0   
  

 

 

     

 

 

  

Total assets

    $ 51.6       $ 80.6   
  

 

 

     

 

 

  

Accounts payable

    $ 5.2       $ 8.5   

Other current liabilities

      4.3         9.0   
  

 

 

     

 

 

  

Total current liabilities

      9.5         17.5   

Other non-current liabilities

      2.6         3.4   
  

 

 

     

 

 

  

Total liabilities

    $ 12.1       $ 20.9