XML 63 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Discontinued Operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
5. Discontinued Operations

In September 2015, we completed the sale of Waterloo for approximately $14 million in cash, subject to certain post-closing adjustments. We recorded a pre-tax loss of $16.9 million as the result of this sale. Transaction and other sale-related costs were approximately $2.7 million. The estimated tax benefit on the sale was $26.5 million with the after-tax gain of $6.9 million recorded within discontinued operations. The estimated tax benefit resulted primarily from a tax loss in excess of the financial reporting loss as a result of prior period nondeductible asset impairments. Waterloo is presented as a discontinued operation in our financial statements beginning December 2014 and through September 9, 2015 in accordance with ASC 205 requirements. Prior to classifying Waterloo as a discontinued operation, it was reported in the Security segment.

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 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 results of discontinued operations for the nine and three months ended September 30, 2015 and 2014. The nine and three months ended September 30, 2015 consist of Waterloo only, however comparable periods in 2014 include both Waterloo and Simonton.

 

(in millions)    Nine Months
Ended September 30,		      Three Months
Ended September 30,		  
     2015      2014      2015      2014  

Net sales

    $ 78.2       $ 317.6       $ 27.8       $ 125.5   

Loss from discontinued operations before income taxes

    $ (15.6 )     $ (72.4 )     $ (17.2 )     $ (76.5 ) 

Income taxes

      (24.2 )       30.8         (25.0 )       28.9   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income (loss) from discontinued operations, net of tax

    $ 8.6       $ (103.2 )     $ 7.8       $ (105.4 ) 

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 as of December 31, 2014:

 

(in millions)    December 31, 2014  

Accounts receivable, net

    $ 40.1   

Inventories

      15.9   

Other current assets

      7.3   
  

 

 

  

Total current assets

      63.3   

Property, plant and equipment, net

      13.3   

Other non-current assets

      4.0   
  

 

 

  

Total assets

    $ 80.6   
  

 

 

  

Accounts payable

    $ 8.5   

Other current liabilities

      9.0   
  

 

 

  

Total current liabilities

      17.5   

Other non-current liabilities

      3.4   
  

 

 

  

Total liabilities

    $ 20.9