Discontinued Operations (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2014 and 2013, related to the Wiring business.


		Three months ended				Nine months ended
		September 30,				September 30,
		2014 (A)		2013		2014 (A)		2013
Net sales	$	21,142	$	71,955	$	167,434	$	221,755
Cost of goods sold (C)		21,669		68,165		154,787		204,599
Selling, general and administrative (C)		2,048		5,687		12,645		17,179
Interest expense, net		43		49		69		244
Other expense, net		(147)		(222)		(58)		(314)
Income (loss) from operations of discontinued
operations before income taxes (C) (D)		(2,471)		(1,724)		(9)		47
Income tax (provision) benefit on discontinued operations		911		(222)		95		(900)
Income (loss) from discontinued operations, net of tax		(1,560)		(1,946)		86		(853)

Loss on disposal (B)		(4,263)		-		(6,160)		-
Income tax provision on loss on disposal		(2,285)		-		(1,621)		-
Loss on disposal, net of tax		(6,548)		-		(7,781)		-

Loss from discontinued operations	$	(8,108)	$	(1,946)	$	(7,695)	$	(853)

(A)

The operations of the Wiring business were included only for the one and seven months ended July 31, 2014 as the sale was completed on August 1, 2014.

(B)

Included in loss on disposal for the three and nine months ended September 30, 2014 were transaction costs of $377 and $1,274, respectively, and $2,734 in previously deferred foreign currency translation.

(C)

The assets and liabilities of the Wiring business were reclassified as held for sale effective May 26, 2014. Accordingly, depreciation and amortization for the Wiring assets were not recorded after that date.

(D)

Management fees, which had been reported in the Wiring business in prior periods, of $1,863 and $5,589 for the three and nine months ended September 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				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
Depreciation and amortization	$	-	$	1,199	$	2,111	$	3,606
Capital expenditures		397		1,261		1,238		2,765

Assets and Liabilities Held-for-Sale

The following table displays a summary of the Wiring assets and liabilities held for sale as of December 31, 2013.


		December 31,
		2013
Assets
Accounts receivable, less reserves	$	31,287
Inventories, net		34,530
Prepaid expenses and other current assets		1,786
Property, plant and equipment, net		24,549
Goodwill		4,173
Intangible assets, net		344
Other assets		300
Total assets	$	96,969

Liabilities
Accounts payable		27,413
Accrued expenses and other current liabilities		9,341
Total liabilities	$	36,754

Total net assets held for sale	$	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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