Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v2.4.0.6
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2012
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 Hatteras and Cabo businesses reported as discontinued operations for years ended December 31, 2012, 2011 and 2010, respectively:
(in millions)
2012
 
2011
 
2010
Net sales
$
56.2

 
$
78.0

 
$
65.4

 
 
 
 
 
 
Loss from discontinued operations before income taxes
(96.7
)
 
(21.4
)
 
(46.6
)
Income tax provision (benefit)
0.7

 
(2.7
)
 
—

Net loss from discontinued operations (A)
$
(97.4
)
 
$
(18.7
)
 
$
(46.6
)

(A) Net loss from discontinued operations includes an asset impairment charge of $52.7 million, $53.2 million after-tax, in 2012 and other restructuring and impairment charges, net of tax of $14.5 million, $1.4 million and $8.1 million in 2012, 2011 and 2010, respectively.

The following table reflects the summary of assets and liabilities held for sale as of December 31, 2012 and December 31, 2011 for the Hatteras and Cabo businesses reported as discontinued operations:
(in millions)
December 31,
2012
 
December 31,
2011
Accounts and notes receivable, net
$
—

 
$
16.6

Net inventory
—

 
31.1

Prepaid expenses and other
—

 
0.4

Current assets held for sale
—

 
48.1

 
 
 
 
Net property
—

 
19.7

Other intangibles, net
—

 
5.6

Long-term assets held for sale
—

 
25.3

Assets held for sale (A)
$
—

 
$
73.4

 
 
 
 
Accounts payable
$
3.8

 
$
5.4

Accrued expenses
14.6

 
16.4

Current liabilities held for sale
18.4

 
21.8

 
 
 
 
Other liabilities
2.9

 
2.4

Long-term liabilities held for sale
2.9

 
2.4

Liabilities held for sale
$
21.3

 
$
24.2


(A) Assets held for sale at December 31, 2012, are shown net of reserves of $52.7 million.