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Discontinued Operations | 9 Months Ended
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Sep. 27, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Note 2 – Discontinued Operations On July 17, 2014, the Company entered into an agreement to sell its retail bowling business to AMF Bowling Centers, Inc. In connection with its decision to sell its bowling centers, the Company announced in July 2014 its intention to divest its bowling products business. On December 31, 2012, the Board of Directors authorized the Company to exit its Hatteras and Cabo boat businesses. As a result of these actions, these businesses, which were previously recorded in the Bowling & Billiards segment and Boat segment, respectively, are being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income for all periods presented. The Company does not have or anticipate any significant continuing involvement or continuing cash flows associated with these businesses. The assets and liabilities of these businesses met the accounting criteria to be classified as held for sale and have been aggregated and reported on separate lines of the Condensed Consolidated Balance Sheets for all periods presented. On September 18, 2014, the Company completed the sale of its retail bowling business to AMF Bowling Centers, Inc. as well as, in separate transactions, completed the sale of two retail bowling centers in California. The sales resulted in net cash proceeds of $264.3 million and an after-tax gain of $52.6 million. In connection with the sale of its retail bowling business, the Company recorded deferred income of $20.7 million related to a trademark license agreement with AMF Bowling Centers, Inc. which will be recognized in the results of operations from continuing operations over 5 years. In connection with the sale of its retail bowling business, the Company has retained certain liabilities and provided guarantees on certain leased bowling centers. In August 2013, the Company completed the sale of its Hatteras and Cabo boat businesses resulting in an after-tax gain of $1.6 million. The following table discloses the results of operations of the businesses reported as discontinued operations for the three months and nine months ended September 27, 2014 and September 28, 2013, respectively:
| Three Months Ended |  | Nine Months Ended
(in millions) | September 27, 2014 |  | September 28, 2013 |  | September 27, 2014 |  | September 28, 2013
Net sales | $ | 68.8 |  |  | $ | 70.1 |  |  | $ | 209.8 |  |  | $ | 236.2 |
Earnings (loss) from discontinued operations before income taxes | (14.4 | ) |  | (1.4 | ) |  | $ | 0.3 |  |  | 7.3 |
Income tax provision (benefit) | (5.2 | ) |  | (0.4 | ) |  | 0.1 |  |  | (1.0 | )
Earnings (loss) from discontinued operations, net of tax | (9.2 | ) |  | (1.0 | ) |  | 0.2 |  |  | 8.3 |
Gain on disposal of discontinued operations, net of tax (A) | 52.6 |  |  | 1.6 |  |  | 52.6 |  |  | 1.6 |
Net earnings from discontinued operations, net of tax | $ | 43.4 |  |  | $ | 0.6 |  |  | $ | 52.8 |  |  | $ | 9.9 |
(A) The Gain on disposal of discontinued operations for the three months and nine months ended September 27, 2014, includes a pre-tax gain of $65.6 million and a net tax provision of $13.0 million. The Gain on disposal of discontinued operations for the three months and nine months ended September 28, 2013, includes a pre-tax loss of $1.4 million and a net tax benefit of $3.0 million. The following table reflects the summary of assets and liabilities held for sale as of September 27, 2014 for the bowling products business and as of December 31, 2013 and September 28, 2013, for the retail bowling and bowling products businesses:
(in millions) | September 27 2014 |  | December 31, 2013 |  | September 28 2013
Accounts and notes receivable, net | $ | 20.8 |  |  | $ | 18.9 |  |  | $ | 24.3 |
Net inventory | 17.5 |  |  | 15.4 |  |  | 17.1 |
Prepaid expenses and other | 1.0 |  |  | 2.5 |  |  | 2.5 |
Current assets held for sale | 39.3 |  |  | 36.8 |  |  | 43.9 |
Net property | 8.7 |  |  | 197.9 |  |  | 198.1 |
Other long-term assets | 4.3 |  |  | 6.4 |  |  | 6.2 |
Long-term assets held for sale | 13.0 |  |  | 204.3 |  |  | 204.3 |
Assets held for sale | $ | 52.3 |  |  | $ | 241.1 |  |  | $ | 248.2 |
Accounts payable | $ | 6.8 |  |  | $ | 18.0 |  |  | $ | 17.4 |
Accrued expenses | 11.3 |  |  | 31.7 |  |  | 30.5 |
Current liabilities held for sale | 18.1 |  |  | 49.7 |  |  | 47.9 |
Other liabilities | 7.2 |  |  | 9.2 |  |  | 8.8 |
Long-term liabilities held for sale | 7.2 |  |  | 9.2 |  |  | 8.8 |
Liabilities held for sale | $ | 25.3 |  |  | $ | 58.9 |  |  | $ | 56.7 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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