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Discontinued Operations | 6 Months Ended
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Jun. 30, 2014
Discontinued Operations [Abstract] |
Discontinued Operations | (3) Discontinued Operations Wiring Business On May 26, 2014, the Company entered into an asset purchase agreement to sell substantially all of the assets and liabilities of the former Wiring segment to Motherson Sumi Systems Ltd., an India-based manufacturer of diversified products for the global automotive industry and a limited company incorporated under the laws of the Republic of India, a nd MSSL (GB) LIMITED, a limited company incorporated under the laws of the United Kingdom (collectively, “Motherson”) for $65,700 in cash and the assumption of certain related liabilities of the Wiring business. The final price to be paid is subject to working capital and other customary adjustments. In the second quarter of 2014 the Company recorded a charge of $1,000 ($660 after tax) to adjust the carrying value of the Wiring assets to their estimated fair value less cost to sell, based on the terms of the agreement. The charge is included in loss on disposal, net of tax within discontinued operations in the condensed consolidated statements of operations. On August 1, 2014, the Company completed the sale of substantially all of the assets and liabilities of its Wiring business to Motherson for $71,400 in cash and consisted of $65,700 stated purchase price, a $2,600 working capital adjustment, and $3,100 Wiring business cash on the closing date, which is subject to final working capital and other customary adjustments. The Company also entered into a transition services agreement with Motherson for the period July through December 2014 associated with information systems, accounting, administrative and support services as well as production in Estonia and China. In addition, the Company’s Electronics segment will have ongoing sales to the Wiring business acquired by Motherson. The total assets and liabilities that are included as held for sale in our condensed consolidated balance sheet as of June 30, 2014 are approximately $106,347 and $3 3,084, respectively. 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.
|  |  |  | 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
Wiring intercompany sales were $1,669 and $2,198 for the three months ended June 30, 2014 and 2013, respectively, and $3,544 and $3,801 for the six months ended June 30, 2014 and 2013, respectively. Wiring intercompany purchases were $7,510 and $6,736 for the three months ended June 30, 2014 and 2013, respectively, and $15,290 and $13,401 for the six months ended June 30, 2014 and 2013, respectively. 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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- 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 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 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 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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