Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operation, Additional Disclosures [Abstract]

Discontinued Operations

Discontinued Operations:

On March 22, 2013, we sold our Service Experts business to a majority-owned entity of American Capital, Ltd. (the "Buyer") in an all-cash transaction for net proceeds of $10.4 million, excluding transaction costs. We also entered into a two-year equipment and parts supply agreement with the Buyer. In April 2012, we sold our Hearth business to Comvest Investment Partners IV in an all-cash transaction for net proceeds of $10.1 million, excluding the transaction costs and cash transferred with the business. The gains and losses on the sale of these businesses and their operating results for all periods are presented in discontinued operations.

Service Experts

A summary of net sales and pre-tax gains and losses for the Service Experts business is detailed below (in millions):

	For the Years Ended December 31,
	2013			2012			2011
Net sales (1)	$	73.5		$	385.1		$	448.4
Pre-tax operating loss (1)(2)	(15.1		)	(50.8		)	(10.5		)
Gain on sale of business	1.4			—			—

⁽¹⁾ Excludes eliminations of intercompany sales and any associated profit.

⁽²⁾ Pre-tax operating loss for the year ended December 31, 2012 included a $20.5 million goodwill impairment loss.

The assets and liabilities of the Service Experts business included the following in the accompanying Consolidated Balance Sheets (in millions):

	As of December 31,
	2013		2012
Assets of discontinued operations:
Accounts receivable, net	$	—	$	11.2
Inventories, net	—		4.8
Property, plant and equipment, net	—		3.6
Goodwill and intangible assets, net (1)	—		66.2
Deferred income taxes	—		5.5
Other assets	—		7.3
Total assets of discontinued operations	$	—	$	98.6
Liabilities of discontinued operations:
Accounts payable	$	—	$	16.7
Accrued expenses	—		38.5
Total liabilities of discontinued operations	$	—	$	55.2

⁽¹⁾ Included in the December 31, 2012 amount is goodwill of $66.0 million. No goodwill impairments were recorded in 2013 and all goodwill was eliminated on March 22, 2013 as a result of the sale of the business.

Hearth

A summary of net sales and pre-tax gains and losses for the Hearth business is detailed below (in millions):

	For the Years Ended December 31,
	2013		2012			2011
Net sales	$	—	$	23.5		$	81.5
Pre-tax operating income (loss) (1)	0.5		(13.7		)	(26.3		)
Loss on sale of business	—		(0.9		)	—

⁽¹⁾  Pre-tax operating loss in 2012 included a $6.3 million pre-tax impairment charge for the write-down of net assets to their estimated fair value, a $6.3 million settlement charge related to actuarial losses recognized upon transition of a pension obligation to the acquirer of the Hearth business and a $3.5 million gain related to realized foreign currency translation adjustments.

There were no assets or liabilities related to the Hearth business included in the accompanying Consolidated Balance Sheets as of December 31, 2013 or 2012.