Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 28, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 2 – Discontinued Operations

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.

In August 2013, the Company completed the sale of its Hatteras and Cabo boat businesses resulting in an after-tax gain of $1.6 million.
  
The following table discloses the results of operations of the Hatteras and Cabo businesses, including the gain on the disposal, reported as discontinued operations for the three months and nine months ended September 28, 2013 and September 29, 2012, respectively:
 
Three Months Ended
 
Nine Months Ended
(in millions)
September 28,
2013
 
September 29,
2012
 
September 28,
2013
 
September 29,
2012
Net sales
$
2.0

 
$
10.5

 
$
23.0

 
$
38.2

 
 
 
 
 
 
 
 
Loss from discontinued operations before income taxes
(2.0
)
 
(19.2
)
 
(8.0
)
 
(37.2
)
Income tax provision (benefit)
(0.8
)
 
1.3

 
(2.8
)
 
1.0

Loss from discontinued operations, net of tax
(1.2
)
 
(20.5
)
 
(5.2
)
 
(38.2
)
Gain on disposal of discontinued operations, net of tax (A)
1.6

 
—

 
1.6

 
—

Net earnings (loss) from discontinued operations, net of tax
$
0.4

 
$
(20.5
)
 
$
(3.6
)
 
$
(38.2
)

(A) 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.

There were no remaining net assets available for sale as of September 28, 2013. The following table reflects the summary of assets and liabilities held for sale as of December 31, 2012, for the Hatteras and Cabo businesses reported as discontinued operations:
(in millions)
December 31,
2012
Accounts and notes receivable, net
$
—

Net inventory
—

Current assets held for sale
—

 
 
Long-term assets held for sale
—

Assets held for sale (B)
$
—

 
 
Accounts payable
$
3.8

Accrued expenses
14.6

Current liabilities held for sale
18.4

 
 
Other liabilities
2.9

Long-term liabilities held for sale
2.9

Liabilities held for sale
$
21.3


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