Assets Held for Sale and Discontinued Operations

Assets Held for Sale - In September 2013, we entered into an agreement to sell the detector tube assets. The transaction closed in January, 2014. In addition to the asset sale agreement, we entered into transitional manufacturing and sales agreements with the buyer. Under the terms of the transitional agreements, we will continue to manufacture and sell detector tubes on behalf of the buyer until mid-2014. The gain on the transaction of approximately $2.9 million will be recognized in 2014, at the conclusion of the transitional manufacturing period.

Certain assets related to detector tube manufacturing are classified as held for sale at March 31, 2014. These assets are reported in the following balance sheet lines:




(In millions)	March 31, 2014
Inventory	$	1.9
Property, net of depreciation	0.2
Total assets	2.1

Discontinued Operations - The Company is actively negotiating the sale of substantially all of the assets and liabilities of its South African personal protective equipment distribution business and its Zambian operations. Management has deemed it probable that the sale of these assets and liabilities will close within the next twelve months. The operations of this business qualify as a component of an entity under FASB ASC 205-20 "Presentation of Financial Statements - Discontinued Operations", and thus the operations have been reclassified as discontinued operations and prior periods have been reclassified to conform to this presentation. Management does not believe the assets associated with the South African distribution business or the Zambian operations are impaired at March 31, 2014.

Summarized financial information for discontinued operations is as follows:



	Three months ended March 31,
(In thousands)	2014			2013
Discontinued Operations
Net sales	$	10,060		$	13,353
Other income, net	14			17
Cost and expenses:
Cost of products sold	7,697			10,275
Selling, general and administrative	1,554			1,979
Interest expense	—			—
Currency exchange losses, net	(7		)	(133		)
Income from discontinued operations before income taxes	830			1,249
Provision for income taxes	216			397
Income from discontinued operations, net of tax	614			852

Certain balance sheet items are related to the Company's South African personal protective equipment distribution business and its Zambian operations are reported as discontinued operations. These items are reported in the following balance sheet lines:



	March 31,		December 31,
(In thousands)	2014		2013
Discontinued Operations assets and liabilities
Cash and cash equivalents	$	1,308	$	2,980
Trade receivables, less allowance for doubtful accounts	7,179		7,452
Inventories	11,783		11,359
Net property	315		317
Other assets	1,019		1,326
Total assets	21,604		23,434
Accounts payable	3,172		5,447
Accrued and other liabilities	1,166		930
Total liabilities	4,338		6,377
Net assets	17,266		17,057

The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests:



	Three months ended March 31,
(In thousands)	2014			2013
Net loss (income) attributable to noncontrolling interests
Loss from continuing operations	$	219		$	84
(Income) from discontinued operations	(110		)	(193		)
Net loss (income)	109			(109		)