Discontinued Operations

Spin-off of the Cequent businesses

On June 30, 2015, the Company completed the spin-off of its Cequent businesses (comprised of the former Cequent Americas and Cequent Asia Pacific Europe Africa ("Cequent APEA") reportable segments), creating a new independent publicly traded company, Horizon, through the distribution of 100% of the Company's interest in Horizon to holders of the Company's common stock. On June 30, 2015, each of the Company's shareholders of record as of the close of business on the record date of June 25, 2015, received two shares of Horizon common stock for every five shares of TriMas common stock held. In addition, on June 30, 2015, immediately prior to the effective time of the spin-off, Horizon entered into a new debt financing arrangement and used the proceeds to make a cash distribution of $214.5 million to the Company.

The Company incurred approximately $30 million of one-time, pre-tax costs associated with the spin-off, of which approximately $29 million was incurred during 2015. These costs primarily related to financing, legal, tax and accounting services rendered by third parties. Of the $30 million in costs, approximately $18 million was included in loss from discontinued operations, $9 million was capitalized as deferred financing fees associated with Horizon's debt issuance coincident with the spin-off and was included in the balance sheet of the discontinued operations and approximately $3 million relates to fees associated with the Company's refinancing of long-term debt, of which approximately $2 million was included in income from continuing operations as debt financing and related expenses and approximately $1 million was capitalized as deferred financing fees in the consolidated balance sheet.

Following the spin-off, there were no assets or liabilities remaining from the Cequent operations. The Cequent businesses are presented as discontinued operations in the Company's consolidated statements of operations and cash flows for all periods presented.

Results of discontinued operations, including the discontinued Cequent businesses, are summarized as follows (dollars in thousands):



	Year ended December 31,
	2015
Net sales	$	300,900
Cost of sales	(227,860		)
Gross profit	73,040
Selling, general and administrative expenses	(72,360		)
Operating profit	680
Interest expense	(2,540		)
Other expense, net	(1,970		)
Other expense, net	(4,510		)
Loss from discontinued operations, before income taxes	(3,830		)
Income tax expense	(910		)
Loss from discontinued operations, net of tax	$	(4,740	)