XML 66 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Divestiture-related activities
 6 Months Ended
Jun. 30, 2013
Divestiture-related activities

Note 16 — Divestiture-related activities

When dispositions occur in the normal course of business, gains or losses on the sale of such businesses or assets are recognized in the statement of income (loss) line item Gain on sales of businesses and assets. During the second quarter of 2012, the Company sold a building, with a net book value of zero, that had been classified as an asset held for sale and realized a gain of approximately $0.3 million.

Discontinued Operations

The Company has recorded $1.0 million and $1.8 million of expense during the three and six month periods ended June 30, 2013, respectively, and $1.2 million and $0.2 million of expense during the three and six month periods ended July 1, 2012, respectively, associated with retained liabilities related to businesses that have been divested.

 

On August 26, 2012, the Company completed the sale of the orthopedic business of its OEM Segment to Tecomet Inc. for $45.2 million in cash and realized a loss of $39 thousand, net of tax, from the sale of the business.

The following table presents the operating results of the operations that have been treated as discontinued operations for the periods presented:

 

     Three Months Ended     Six Months Ended  
     June 30,
2013		     July 1,
2012		     June 30,
2013		     July 1,
2012		  
     (Dollars in thousands)  

Net revenues

    $ —        $ 6,637      $ —        $ 13,827   

Costs and other expenses

      1,026        7,250        1,784        13,511   

Goodwill impairment(1)

      —          9,700        —          9,700   

Gain on disposition(2)

      —          2,264        —          2,264   
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from discontinued operations before income taxes

      (1,026 )      (8,049 )      (1,784 )      (7,120 ) 

Provision for income taxes

      (260 )      (3,682 )      (556 )      (3,358 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from discontinued operations

      (766 )      (4,367 )      (1,228 )      (3,762 ) 

Less: Income from discontinued operations attributable to noncontrolling interest

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from discontinued operations attributable to common shareholders

    $ (766 )    $ (4,367 )    $ (1,228 )    $ (3,762 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) During the second quarter of 2012, the Company recognized a non-cash goodwill impairment charge of $9.7 million to adjust the carrying value of the orthopedic business to its estimated fair value.
(2) The $2.3 million pre-tax gain on disposition in 2012 reflects the gain recognized on a working capital purchase price adjustment in the second quarter related to the sale of the cargo systems and cargo container businesses.