Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v2.4.0.8
Discontinued Operations (Tables)
 9 Months Ended
Sep. 27, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of results of operations, assets and liabilities of businesses reported as discontinued operations
The following table discloses the results of operations of the businesses reported as discontinued operations for the three months and nine months ended September 27, 2014 and September 28, 2013, respectively:
 
Three Months Ended
 
Nine Months Ended
(in millions)
September 27,
2014
 
September 28,
2013
 
September 27,
2014
 
September 28,
2013
Net sales
$
68.8

 
$
70.1

 
$
209.8

 
$
236.2

 
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations before income taxes
(14.4
)
 
(1.4
)
 
$
0.3

 
7.3

Income tax provision (benefit)
(5.2
)
 
(0.4
)
 
0.1

 
(1.0
)
Earnings (loss) from discontinued operations, net of tax
(9.2
)
 
(1.0
)
 
0.2

 
8.3

Gain on disposal of discontinued operations, net of tax (A)
52.6

 
1.6

 
52.6

 
1.6

Net earnings from discontinued operations, net of tax
$
43.4

 
$
0.6

 
$
52.8

 
$
9.9


(A) The Gain on disposal of discontinued operations for the three months and nine months ended September 27, 2014, includes a pre-tax gain of $65.6 million and a net tax provision of $13.0 million. The Gain on disposal of discontinued operations for the three months and nine months ended September 28, 2013, includes a pre-tax loss of $1.4 million and a net tax benefit of $3.0 million.

The following table reflects the summary of assets and liabilities held for sale as of September 27, 2014 for the bowling products business and as of December 31, 2013 and September 28, 2013, for the retail bowling and bowling products businesses:
(in millions)
September 27
2014
 
December 31,
2013
 
September 28
2013
Accounts and notes receivable, net
$
20.8

 
$
18.9

 
$
24.3

Net inventory
17.5

 
15.4

 
17.1

Prepaid expenses and other
1.0

 
2.5

 
2.5

Current assets held for sale
39.3

 
36.8

 
43.9

 
 
 
 
 
 
Net property
8.7

 
197.9

 
198.1

Other long-term assets
4.3

 
6.4

 
6.2

Long-term assets held for sale
13.0

 
204.3

 
204.3

Assets held for sale
$
52.3

 
$
241.1

 
$
248.2

 
 
 
 
 
 
Accounts payable
$
6.8

 
$
18.0

 
$
17.4

Accrued expenses
11.3

 
31.7

 
30.5

Current liabilities held for sale
18.1

 
49.7

 
47.9

 
 
 
 
 
 
Other liabilities
7.2

 
9.2

 
8.8

Long-term liabilities held for sale
7.2

 
9.2

 
8.8

Liabilities held for sale
$
25.3

 
$
58.9

 
$
56.7