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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2014
Discontinued Operations [Abstract] |
Statements of Operations for Discontinued Operations | The following tables display summarized activity in our condensed consolidated statements of operations for discontinued operations during the three and six months ended June 30, 2014 and 2013, related to the Wiring business.
|  |  |  | Three months ended |  | Six months ended
|  |  |  | June 30, |  | June 30,
|  |  |  | 2014 |  | 2013 |  | 2014 |  | 2013
Net sales |  |  | $ | 71,234 | $ | 72,952 | $ | 146,293 | $ | 149,800
Cost of goods sold (B) |  |  |  | 64,711 |  | 67,035 |  | 133,118 |  | 136,434
Selling, general and administrative (A) (B) |  |  |  | 5,228 |  | 5,844 |  | 10,597 |  | 11,492
Interest expense, net |  |  |  | 15 |  | 71 |  | 26 |  | 195
Other expense, net |  |  |  | 58 |  | (326) |  | 89 |  | (92)
Income from operations of discontinued operations |  |  |  |  |  |  |  |  |  |
before income taxes (A) (B) (C) |  |  |  | 1,222 |  | 328 |  | 2,463 |  | 1,771
Income tax expense on discontinued operations |  |  |  | (628) |  | (350) |  | (816) |  | (678)
Income (loss) from discontinued operations, net of tax |  |  |  | 594 |  | (22) |  | 1,647 |  | 1,093
Loss on disposal |  |  |  | (1,750) |  | - |  | (1,897) |  | -
Income tax benefit on loss on disposal |  |  |  | 612 |  | - |  | 664 |  | -
Loss on disposal, net of tax |  |  |  | (1,138) |  | - |  | (1,233) |  | -
Income (loss) from discontinued operations |  |  | $ | (544) | $ | (22) | $ | 414 | $ | 1,093
| (A) |  | Included in earnings of discontinued operations before income tax expenses for the three and six months ended June 30, 2014 were transaction costs of $750 and $897, res pectively, and a $1,000 write-down
| (B) |  | The assets and liabilities of the Wiring business were reclassified to held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the Wiring assets were not recorded after that date.
| (C) |  | Management fees, which had been reported in the Wiring business in prior periods, of $1,863 and $3,726 for the three and six months ended June 30, 2013, respectively, have been excluded as they are not directly attributable to the business.
Schedule of Depreciation, Amortization, and Capital Expenditures of Discontinued Operations |
|  |  |  | Three months ended |  | Six months ended
|  |  |  | June 30, |  | June 30,
|  |  |  | 2014 |  | 2013 |  | 2014 |  | 2013
Depreciation and amortization |  |  | $ | 856 | $ | 1,196 | $ | 2,111 | $ | 2,407
Capital expenditures |  |  |  | 362 |  | 988 |  | 841 |  | 1,504
Assets and Liabilities Held-for-Sale | The following table displays a summary of the Wiring assets and liabilities held for sale as of June 30, 2014 and December 31, 2013.
|  |  |  | June 30, |  | December 31,
|  | 2014 |  | 2013
Assets |  |  |  |  |  |
Accounts receivable, less reserves |  |  | $ | 41,936 | $ | 31,287
Inventories, net |  |  |  | 35,856 |  | 34,530
Prepaid expenses and other current assets |  |  |  | 2,078 |  | 1,786
Property, plant and equipment, net |  |  |  | 21,704 |  | 24,549
Goodwill |  |  |  | 4,173 |  | 4,173
Intangible assets, net |  |  |  | 300 |  | 344
Other assets |  |  |  | 300 |  | 300
Total assets |  |  | $ | 106,347 | $ | 96,969
Liabilities |  |  |  |  |  |
Accounts payable |  |  |  | 25,262 |  | 27,413
Accrued expenses and other current liabilities |  |  |  | 7,822 |  | 9,341
Total liabilities |  |  | $ | 33,084 | $ | 36,754
Total net assets held for sale |  |  | $ | 73,263 | $ | 60,215

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