Business Dispositions

9 Months Ended

Aug. 29, 2015

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

BUSINESS DISPOSITIONS

J.L. Clark

On June 27, 2015, the Company sold 100% of the outstanding shares of J.L. Clark, Inc. ("J.L. Clark") to CC Industries, Inc. ("CCI"), an affiliate of Chicago-based Henry Crown and Company, for $45,232 in cash (cash from CCI of $47,848 at closing, net of $745 cash divested and a post-closing adjustment of $1,871 related to the amount of working capital as of the closing date, as provided in the purchase agreement). Headquartered in Rockford, Illinois and with manufacturing facilities in Lancaster, Pennsylvania, J.L. Clark designs and manufactures specialty metal and plastic packaging for a variety of consumer products customers. Prior to its divestiture, J.L. Clark was the sole operating company within the Company's Packaging segment. The sale of J.L. Clark is consistent with the Company's strategic focus on being a global provider of filtration products, systems and services.

The Company and CCI elected to treat the transaction as a sale of the underlying business assets for income tax purposes as provided under the Internal Revenue Code. As such, the divestiture resulted in the current realization by the Company of the deferred tax assets and liabilities related to the J.L. Clark business operations. The sale resulted in a taxable gain of $12,131 (after netting transaction-related costs of $3,187, which primarily include legal, investment advisory and other professional services costs related to the marketing and execution of the transaction) which is included in Other, net in the Consolidated Condensed Statements of Earnings for the three and nine month periods ended August 29, 2015.

Net sales and operating (loss) profit, which approximates earnings before income taxes, for J.L. Clark for the three and nine month periods ended August 29, 2015 and August 30, 2014 (which, in the case of the three-month period ended August 29, 2015, includes the period from May 31, 2015 to June 27, 2015 and in the case of the nine-month period ended August 29, 2015, includes the period from November 30, 2014 to June 27, 2015) were as follows:

	Quarter Ended					Nine Months Ended
	August 29, 2015			August 30, 2014		August 29, 2015		August 30, 2014
Net sales	$	5,327		$	20,490	$	40,909	$	54,467
Operating (loss) profit	(71		)	1,612		2,143		3,027