Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations [Abstract]

Discontinued Operations

11. Discontinued Operations:

In April 2012, the Company announced the sale of its Hearth business to Comvest Investment Partners IV in an all cash transaction. The Hearth business had historically been included in the Company’s Residential Heating & Cooling Segment. We sold the Hearth business on April 24, 2012 for net proceeds of $7.2 million, subject to a working capital adjustment. The net proceeds exclude transaction costs and cash transferred to the buyer with the sale of the business.

A summary of net trade sales and pre-tax operating losses are detailed below (in millions):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2012			2011			2012			2011
Net trade sales	$	4.9		$	22.9		$	23.5		$	41.3
Pre-tax operating loss (1)		(3.4	)		(1.7	)		(11.9	)		(7.4	)
Loss on sale		(3.8	)		—			(3.8	)		—

(1) Pre-tax operating loss includes a $6.3 million first quarter 2012 pre-tax charge for the write-down of net assets to their estimated fair value and a $6.3 million settlement charge in the second quarter of 2012 related to actuarial losses recognized upon transition of a pension obligation to the acquirer of the Hearth business (See Note 8). Offsetting these charges was a $3.5 million gain in the second quarter of 2012 related to realized foreign currency translation adjustments.

The assets and liabilities of the discontinued operations are presented as follows in the accompanying Consolidated Balance Sheets (in millions):

	As of June 30,		As of December 31,
	2012		2011
Assets of discontinued operations:
Accounts receivable, net	$	—	$	7.3
Inventories, net		—		12.4
Deferred income taxes		—		9.1
Property, Plant and Equipment		—		5.4
Other assets		—		0.8
Liabilities of discontinued operations:
Accounts Payable	$	—	$	6.0
Accrued expenses		—		5.2
Pensions		—		—
Other Liabilities		—		0.4