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Discontinued Operations
 3 Months Ended
Mar. 31, 2016
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, and 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. On August 1, 2014, the Company completed the sale of substantially all of the assets and liabilities of its Wiring business to Motherson for $71,386 in cash that consisted of the stated purchase price and estimated working capital on the closing date.  The final purchase price was subject to post-closing working capital and other adjustments.  Upon the final resolution of the working capital and other adjustments in the second quarter of 2015, the Company returned $1,230 in cash to Motherson.



The Company also entered into short-term transition services agreements with Motherson substantially all of which concluded in the second quarter of 2015 associated with information systems, accounting, administrative, occupancy and support services as well as contract manufacturing and production support in Estonia.



The Company had post-disposition sales to the Wiring business acquired by Motherson for the three months ended March 31, 2016 and 2015 of $5,686 and $7,228 respectively.  The Company had post-disposition purchases from the Wiring business acquired by Motherson of $108 and $168 for the three months ended March 31, 2016 and 2015, respectively.



There was no activity related to discontinued operations for the Wiring business in the condensed consolidated statements of operations for the three months ended March 31, 2016.



The following table displays summarized activity in the condensed consolidated statements of operations for discontinued operations related to the Wiring business:





 

 

 

 



 

 

 

 

Three months ended March 31

 

 

 

 2015 



 

 

 

 

Loss on disposal (A)

 

 

$

 (178)

Income tax expense on loss on disposal

 

 

 

 10 

Loss on disposal, net of tax

 

 

 

 (168)



 

 

 

 

Loss from discontinued operations

 

 

$

 (168)





 

 



 

 



 

 

 

 

 

 

 



 

 



(A)

 

 

Included in loss on disposal for the three months ended March 31, 2015 were transaction costs of $46 and a working capital adjustment of $132.