Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 6 Months Ended
Jun. 29, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 2 – Discontinued Operations

As a result of continued weakness in the luxury sportfishing convertible and motoryacht boat market segments, on December 31, 2012 the Board of Directors authorized the Company to exit its Hatteras and Cabo boat businesses. As a result, these businesses, which were previously reported in the Company's Boat segment, are being reported as discontinued operations and are reported in separate lines in the Condensed Consolidated Statements of Comprehensive Income for all periods presented. The assets and liabilities of these businesses to be sold meet the accounting criteria to be classified as held for sale and have been aggregated and reported on separate lines of the Condensed Consolidated Balance Sheets for all periods presented.

The following table discloses the results of operations of the Hatteras and Cabo businesses reported as discontinued operations for the three months and six months ended June 29, 2013 and June 30, 2012, respectively:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 29,
2013
 
June 30,
2012
 
June 29,
2013
 
June 30,
2012
Net sales
$
10.3

 
$
13.1

 
$
21.0

 
$
27.7

 
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations before income taxes
0.5

 
(10.3
)
 
(6.0
)
 
(18.0
)
Income tax provision (benefit)
(0.6
)
 
0.1

 
(2.0
)
 
(0.3
)
Net earnings (loss) from discontinued operations, net of tax
$
1.1

 
$
(10.4
)
 
$
(4.0
)
 
$
(17.7
)

The following table reflects the summary of assets and liabilities held for sale as of June 29, 2013 and December 31, 2012, for the Hatteras and Cabo businesses reported as discontinued operations:
(in millions)
June 29,
2013
 
December 31,
2012
Accounts and notes receivable, net
$
12.4

 
$
—

Net inventory
5.9

 
—

Current assets held for sale
18.3

 
—

 
 
 
 
Long-term assets held for sale
—

 
—

Assets held for sale (A)
$
18.3

 
$
—

 
 
 
 
Accounts payable
$
—

 
$
3.8

Accrued expenses
17.0

 
14.6

Current liabilities held for sale
17.0

 
18.4

 
 
 
 
Other liabilities
2.7

 
2.9

Long-term liabilities held for sale
2.7

 
2.9

Liabilities held for sale
$
19.7

 
$
21.3


(A) Assets held for sale at June 29, 2013 and December 31, 2012 are shown net of reserves of $50.4 million and $52.7 million, respectively.