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Discontinued Operations
 6 Months Ended
Jun. 30, 2016
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 $16.7 million as the result of this sale. Transaction and other sale-related costs were approximately $2.8 million. The estimated tax benefit on the sale was $26.5 million with the after-tax gain of $7.0 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 January 1, 2015 and through the date of sale in accordance with ASC 205 requirements. Prior to classifying Waterloo as a discontinued operation, it was reported in the Security segment.

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 as discontinued operations.

The following table summarizes the results of discontinued operations for the six and three months ended June 30, 2015.

 

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

Net sales

   $ 50.4      $ 27.5   

Income from discontinued operations before income taxes

   $ 1.6      $ 2.4   

Income taxes

     0.8        1.0   
 

 

 

    

 

 

  

Income from discontinued operations, net of tax

   $ 0.8      $ 1.4