3. DISCONTINUED OPERATIONS

In the fourth quarter of fiscal 2013, the Company completed its divestiture of its Automotive Experience Electronics' HomeLink® product line to Gentex Corporation. In the second quarter of fiscal 2014, the Company announced that it had reached a definitive agreement to sell the remainder of the Automotive Experience Electronics business to Visteon Corporation, subject to regulatory and other approvals. The sale closed on July 1, 2014. At March 31, 2014, the Company determined that the Automotive Experience Electronics segment met the criteria to be classified as a discontinued operation, which required retrospective application to financial information for all periods presented. The Company did not allocate any general corporate overhead to discontinued operations. The assets and liabilities of the Automotive Experience Electronics segment were reflected as held for sale in the consolidated statement of financial position at September 30, 2013.

The following table summarizes the results of the Automotive Experience Electronics business, which includes the HomeLink® product line in fiscal 2013 and 2012 results, reclassified as discontinued operations for fiscal years ended September 30, 2014, 2013 and 2012 (in millions):



	Year Ended September 30,
	2014			2013		2012

Net sales	$	1,027		$	1,320	$	1,351

Income (loss) from discontinued operations before income taxes	(8		)	578		134
Provision for income taxes on discontinued operations	202			472		48
Income from discontinued operations attributable to noncontrolling interests, net of tax	8			5		1
Income (loss) from discontinued operations, net of tax	$	(218	)	$	101	$	85

For the year ended September 30, 2014, the discontinued operations before income taxes included divestiture-related losses of $80 million comprised of asset and investment impairment charges of $43 million, transaction costs of $27 million and severance obligations of $10 million. For the year ended September 30, 2013, the discontinued operations before income taxes included a $476 million gain on divestiture of the HomeLink® product line net of transaction costs and $28 million of restructuring costs.

The effective tax rate is different than the U.S. statutory rate for fiscal 2014 primarily due to second quarter discrete non-cash tax charge of $180 million related to the repatriation of foreign cash associated with the divestiture of the Electronics business and unbenefited foreign losses. The effective rate is different than the U.S. statutory rate for fiscal 2013 primarily due to the tax consequences of the sale of the HomeLink® product line, the change in our assertion over reinvestment of foreign undistributed earnings and unbenefited foreign losses. The effective rate is different than the U.S. statutory rate for fiscal 2012 primarily due to unbenefited foreign losses.

Assets and Liabilities Held for Sale

The Company has determined that certain of its businesses met the criteria to be classified as held for sale. The Automotive Experience Electronics segment and the headliner and sun visor product lines were classified as held for sale beginning September 30, 2013. The headliner and sun visor product lines and the Automotive Experience Electronics segment were sold during the third and fourth quarters of fiscal 2014, respectively; refer to Note 2, "Acquisitions and Divestitures," of the notes to consolidated financial statements for additional information.

The following table summarizes the carrying value of the Electronics and headliner and sun visor assets and liabilities held for sale (in millions):



	September 30, 2013

Cash and cash equivalents	$	4
Accounts receivable - net	197
Inventories	124
Other current assets	91
Property, plant and equipment - net	167
Goodwill	74
Other intangible assets - net	57
Investments in partially-owned affiliates	26
Other noncurrent assets	64
Assets held for sale	$	804

Short-term debt	$	5
Accounts payable	253
Accrued compensation and benefits	46
Other current liabilities	85
Pension and postretirement benefits	13
Liabilities held for sale	$	402

Assets and liabilities classified as held for sale were required to be recorded at the lower of carrying value or fair value less any costs to sell. Accordingly, in the fourth quarter of fiscal 2013, the Company recorded an impairment charge of $41 million to write down the headliner and sun visor long-lived assets to zero. Additionally, the Company recorded asset and investment impairment charges of $43 million in the third quarter of fiscal 2014 to write down the carrying value of the Electronics assets held for sale to fair value less any cost to sell. Refer to Note 17, "Impairment of Long-Lived Assets" of the notes to consolidated financial statements for further information regarding impairment charges. The headliner and sun visor product lines classified as held for sale are immaterial to the Company individually and in the aggregate, and do not constitute a distinguishable business in order to be classified as a discontinued operation.

In May 2014, the Company announced the signing of an agreement to form a global automotive interiors joint venture with Yanfeng Automotive Trim Systems. As a result, a majority of the Automotive Experience Interiors business met the criteria to be classified as held for sale. Additionally, in September 2014, the Company announced its intention to divest its Global Workplace Solutions business and has determined that the business meets the criteria to be classified as held for sale.

The following table summarizes the carrying value of the Interiors and Global Workplace Solutions assets and liabilities held for sale (in millions):



	September 30, 2014
			Global Workplace
	Interiors		Solutions		Total

Cash and cash equivalents	$	—	$	20	$	20
Accounts receivable - net	596		723		1,319
Inventories	209		9		218
Other current assets	174		57		231
Property, plant and equipment - net	496		34		530
Goodwill	12		253		265
Other intangible assets - net	4		35		39
Investments in partially-owned affiliates	83		—		83
Other noncurrent assets	35		47		82
Assets held for sale	$	1,609	$	1,178	$	2,787

Short-term debt	$	—	$	3	$	3
Accounts payable	655		591		1,246
Accrued compensation and benefits	24		128		152
Other current liabilities	154		246		400
Liabilities held for sale	$	833	$	968	$	1,801

These divestitures could result in a gain or loss on sale to the extent the ultimate selling price differs from the carrying value of the net assets recorded for each business. The Interiors business classified as held for sale does not meet the criteria to be classified as a discontinued operation at September 30, 2014 primarily due to the Company's anticipated continuing involvement in these operations following a divestiture. The Global Workplace Solutions business classified as held for sale does not meet the criteria to be classified as a discontinued operation at September 30, 2014 primarily due to the uncertainty regarding the Company's potential continuing involvement in these operations following a divestiture and the status of transaction negotiations.