Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2015

Statements of Operations for Discontinued Operations

The following tables display summarized activity in our condensed consolidated statements of operations for discontinued operations related to the Wiring business:


		Three months ended				Six months ended
		June 30,				June 30,
		2015		2014		2015		2014
Net sales	$	-	$	71,234	$	-	$	146,293
Cost of goods sold (B)		-		64,711		-		133,118
Selling, general and administrative (B)		-		5,228		-		10,597
Interest expense, net		-		15		-		26
Other expense, net		-		58		-		89
Income from operations of discontinued
operations before income taxes (A) (B)		-		1,222		-		2,463
Income tax provision on discontinued operations		-		(628)		-		(816)
Income from discontinued operations, net of tax (C)		-		594		-		1,647

Gain (loss) on disposal (C)		67		(1,750)		(112)		(1,897)
Income tax (provision) benefit on gain (loss) on disposal		(12)		612		(1)		664
Gain (loss) on disposal, net of tax		55		(1,138)		(113)		(1,233)

Income (loss) from discontinued operations	$	55	$	(544)	$	(113)	$	414

(A)

The operations of the Wiring business were included only for the three and six months ended June 30, 2014

as the sale was completed on August 1, 2014.

(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)	Included in gain (loss) on disposal for the three months ended June 30, 2015 and 2014 were transaction costs of $51 and $750, respectively, and $98 and $897 for the six months ended June 30, 2015 and 2014, respectively. The gain (loss) on disposal also includes a working capital and other adjustments of $(118) and $14 for the three and six months ended June 30, 2015, respectively, as well as a $1,000 charge to adjust the carrying value of the Wiring assets to their estimated fair value less cost to sell for the three and six months ended June 30, 2014.

Schedule of Depreciation, Amortization, and Capital Expenditures of Discontinued Operations


		Three months		Six months
		ended June 30,		ended June 30,
		2014		2014
Depreciation and amortization	$	856	$	2,111
Capital expenditures		362		841

- 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.

+ References + Details