XML 27 R8.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2015
Discontinued Operations [Abstract] |
Discontinued Operations | NOTE 2. DISCONTINUED OPERATIONS As discussed above in Note 1, during the year ended December 31, 2014, the Company and Gregory, its then wholly-owned subsidiary, completed the GMP Sale pursuant to the terms of the GMP Purchase Agreement. The Company received $84,135 in cash for the GMP Sale and paid $2,995 in transaction fees for net proceeds of $81,140. The Company recognized a pre-tax gain on such sale of $39,491 and tax expense of $19,424. The Company performed certain transition services related to the GMP Sale and received $232 and $568, which were recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements during the years ended December 31, 2015 and 2014, respectively. Additionally, as discussed above in Note 1, on October 7, 2015, the Company sold POC to Dainese and the assets and liabilities of POC are classified as held for sale as of December 31, 2014. The Company received $63,639 in cash for the POC Disposition and paid $2,946 in transaction fees for net proceeds of $60,693. $739 of cash was sold as part of the transaction. Also, as of December 31, 2015, there was an unsettled working capital adjustment of $921 owed to Dainese. The Company recognized a pre-tax gain on such sale of $8,436. The Company performed certain transition services related to the POC Disposition and received $270, which was recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements during the year ended December 31, 2015. The carry ing amounts of the assets and liabilities of POC were classified as held for sale in our consolidated balance sheet as of December 31, 2014. The carrying amounts were as follows:
|  | December 31, 2014
Cash |  | $ | 1,246
Accounts receivable |  |  | 10,980
Inventories |  |  | 7,692
Prepaid and other current assets |  |  | 837
Income tax receivable |  |  | 10
Deferred income taxes |  |  | 483
Total current assets held for sale |  |  | 21,248
Property and equipment, net |  |  | 1,525
Other intangible assets, net |  |  | 12,354
Indefinite lived intangible assets |  |  | 12,607
Goodwill |  |  | 12,355
Other long-term assets |  |  | 89
Total assets held for sale |  | $ | 60,178
Accounts payable and accrued liabilities |  | $ | 3,967
Current portion of long-term debt |  |  | 3,875
Total current liabilities held for sale |  |  | 7,842
Long-term debt |  |  | 3
Deferred income taxes |  |  | 5,103
Total liabilities held for sale |  | $ | 12,948
Summarized results of discontinued operations for both GMP and POC are as follows:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Sales |  | $ | 26,179 |  | $ | 55,521 |  | $ | 61,916
Cost of goods sold |  |  | (13,124) |  |  | (29,247) |  |  | (31,765)
Selling, general and administrative |  |  | (11,081) |  |  | (21,293) |  |  | (20,608)
Restructuring charge |  |  | - |  |  | - |  |  | (175)
Merger and integration |  |  | - |  |  | - |  |  | (381)
Transaction costs |  |  | - |  |  | - |  |  | (12)
Interest expense, net |  |  | (66) |  |  | (757) |  |  | (1,203)
Other, net |  |  | 281 |  |  | 608 |  |  | 160
Income from operations of discontinued operations |  |  | 2,189 |  |  | 4,832 |  |  | 7,932
Gain on sale of discontinued operations |  |  | 8,436 |  |  | 39,491 |  |  | -
Income before taxes |  |  | 10,625 |  |  | 44,323 |  |  | 7,932
Income tax expense |  |  | 61 |  |  | 20,698 |  |  | 3,127
Income from discontinued operations, net of tax |  | $ | 10,564 |  | $ | 23,625 |  | $ | 4,805
In connection with the GMP Sale on July 23, 2014, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank (the “Lender”) is allocated to discontinued operations in our consolidated financial statements for the years ended December 31, 2014 and 2013. As the outstanding debt was repaid during the year ended December 31, 2014, there was no interest allocated to discontinued operations in our consolidated financial statements for the year ended December 31, 2015. Summarized cash flow information for both GMP and POC discontinued operations are as follows:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Depreciation of property and equipment |  |  | 423 |  |  | 571 |  |  | 700
Amortization of intangible assets |  |  | 866 |  |  | 1,792 |  |  | 2,174
Stock-based compensation |  |  | (645) |  |  | 418 |  |  | 551
Purchase of property and equipment |  |  | (671) |  |  | (1,095) |  |  | (658)

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: 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=51719941&loc=d3e2941-110230 Reference 7: 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=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: 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=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration