Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2014

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, respectively, 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

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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