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Discontinued Operations
 6 Months Ended
Jun. 30, 2016
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

Note 2: Discontinued Operations

 

As discussed in Note 1, on May 11, 2016, LSB and Consolidated entered into a definitive agreement with NIBE to sell all of the common stock of the Climate Control Group.  Therefore, the assets and liabilities of the Climate Control Group are classified as held for sale at June 30, 2016.  See Note 15-Subsequent Event.

 

The carrying amounts of the assets and liabilities of the Climate Control Group, are as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

 

(In Thousands)

 

Cash and cash equivalents

 

$

4,368

 

 

$

119

 

Accounts receivable, net

 

 

50,328

 

 

 

43,001

 

Inventories, net

 

 

25,376

 

 

 

28,780

 

Other current assets

 

 

366

 

 

 

1,096

 

Property, plant and equipment, net

 

 

25,857

 

 

 

26,779

 

Intangible and other, net

 

 

8,173

 

 

 

7,002

 

Total assets classified as held for sale

 

 

114,468

 

 

 

106,777

 

Less noncurrent assets classified as held for sale

 

 

—

 

 

 

33,781

 

Current assets classified as held for sale

 

$

114,468

 

 

$

72,996

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

18,622

 

 

 

20,003

 

Current and noncurrent accrued and other liabilities

 

 

28,667

 

 

 

24,659

 

Total liabilities classified as held for sale

 

 

47,289

 

 

 

44,662

 

Less noncurrent liabilities classified as held for sale

 

 

—

 

 

 

12,136

 

Current liabilities classified as held for sale

 

$

47,289

 

 

$

32,526

 

 

 

 

 

 

 

 

 

 

Note 2: Discontinued Operations (continued)

 

Summarized results of discontinued operations are as follows for:

 

 

 

June 30,

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

(In Thousands)

 

Net sales

 

$

71,982

 

 

$

66,842

 

 

$

138,609

 

 

$

132,040

 

Cost of sales

 

 

47,724

 

 

 

46,761

 

 

 

93,178

 

 

 

91,997

 

Selling, general and administrative expense

 

 

17,301

 

 

 

15,785

 

 

 

32,719

 

 

 

31,200

 

Transaction costs

 

 

1,985

 

 

 

—

 

 

 

2,535

 

 

 

—

 

Interest expense

 

 

—

 

 

 

1

 

 

 

—

 

 

 

2

 

Other expense (income), net

 

 

(25

)

 

 

138

 

 

 

117

 

 

 

249

 

Income from operations of discontinued operations

 

 

4,997

 

 

 

4,157

 

 

 

10,060

 

 

 

8,592

 

Provision (benefit) for income taxes (1)

 

 

(17,782

)

 

 

866

 

 

 

(13,543

)

 

 

2,889

 

Income from discontinued operations, including taxes

 

$

22,779

 

 

$

3,291

 

 

$

23,603

 

 

$

5,703

 

 

(1)

The structure of the Climate Control Business sale will allow for additional tax basis to be recovered than was previously recorded as a deferred tax asset.  The tax benefit associated with this additional tax basis was recorded in discontinued operations in the second quarter consistent with the period the Climate Control Business subsidiaries were designated as held for sale.  

 

Summarized condensed cash flow information of discontinued operations is as follows:

 

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

 

(In Thousands)

 

Deferred income taxes

 

$

(12,809

)

 

$

967

 

Depreciation and amortization of property, plant

   and equipment

 

$

1,607

 

 

$

2,325

 

Stock-based compensation

 

$

573

 

 

$

643

 

Expenditures for property, plant and equipment

 

$

273

 

 

$

426

 

Software and software development costs

 

$

675

 

 

$

1,286