v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations
On September 10, 2013, the Company sold its Hardware business (Bulldog®, Ashland™ and Amerock® as well as the Levolor® and private label drapery hardware business) for net cash consideration of $180.4 million. The proceeds are net of $3.9 million of transaction expenses and $2.6 million of cash included in the assets sold. The net assets of the Hardware business were $72.0 million, including $21.2 million of goodwill, resulting in a pretax gain of $108.4 million. In addition, the Company retained approximately $27.0 million of accounts receivable, net of customer-related liabilities, associated with the Hardware business. The cash consideration is subject to adjustment based on a final determination of net working capital transferred to the purchaser.
On July 12, 2013, the Company completed the sale of its Teach platform business, including the mimio® and Headsprout® interactive teaching technology brands. The Company recorded $22.7 million of pretax losses during the nine months ended September 30, 2013 relating to the impairments of goodwill, intangibles and other long-lived assets and write-downs of working capital associated with the Teach platform business. The cash consideration received from the sale is subject to adjustment based on a final determination of net working capital transferred to the purchaser.
The following table provides a summary of amounts included in discontinued operations (in millions):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2013
 
2012
 
2013
 
2012
Net sales
$
48.6

 
$
78.4

 
$
193.4

 
$
251.1

(Loss) income from discontinued operations before income taxes
$
(4.9
)
 
$
1.6

 
$
(3.8
)
 
$
10.8

Income tax expense (benefit)
0.7

 
1.2

 
(0.5
)
 
3.9

(Loss) income from discontinued operations
(5.6
)
 
0.4

 
(3.3
)
 
6.9

Net gain on disposal (1)
76.6

 
1.7

 
57.9

 
1.7

Income from discontinued operations, net of tax
$
71.0

 
$
2.1

 
$
54.6

 
$
8.6


(1) Includes pretax gains of $108.8 million (related tax expense of $32.2 million) and $86.1 million (related tax expense of $28.2 million) for the three and nine months ended September 30, 2013, respectively, relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. For the three and nine months ended September 30, 2012, net gain on disposal includes pretax gains of $5.1 million (related tax expense of $3.4 million) relating to the sale of the hand torch and solder business.