Discontinued Operations

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On February 29, 2016, the Company sold 100% of the stock associated with its South African personal protective equipment distribution business and its Zambian operations. The Company received $15.9 million from the closing of this transaction and recorded a loss of approximately $0.3 million during the first quarter of 2016.

During the second quarter of 2016, the Company corrected its gain calculation on the disposition of the South African personal protective equipment distribution business and its Zambian operations. This resulted in a gain of approximately $2.5 million being recorded during the current quarter in discontinued operations that should have been recorded in the first quarter of 2016. The Company evaluated materiality in accordance with SEC Staff Accounting Bulletins Topics 1.M and 1.N and considered relevant qualitative and quantitative factors. The Company concluded that this modification was not material to the first quarter of 2016 or the trend in earnings over the affected periods. The modification had no effect on cash flows or debt covenant compliance.

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.

Summarized financial information for discontinued operations is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2016		2015		2016		2015
Discontinued Operations
Net sales	$	—	$	11,384	$	5,261	$	22,541
Other income, net	2,484		107		2,196		173
Cost and expenses:
Cost of products sold	—		9,058		4,819		18,048
Selling, general and administrative	—		1,682		937		3,284
Currency exchange losses, net	—		38		18		208
Income from discontinued operations before income taxes	2,484		713		1,683		1,174
Provision for income taxes	—		243		328		396
Income from discontinued operations, net of tax	$	2,484	$	470	$	1,355	$	778

Certain balance sheet items that 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 consolidated balance sheet lines:

(In thousands)	June 30, 2016		December 31, 2015
Discontinued Operations assets and liabilities
Trade receivables, less allowance for doubtful accounts	$	—	$	4,832
Inventories	—		8,499
Net property	—		449
Other assets	—		791
Total assets	—		14,571
Accounts payable	—		2,745
Accrued and other liabilities	—		748
Total liabilities	—		3,493
Net assets	$	—	$	11,078

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

	Three Months Ended  June 30,					Six Months Ended June 30,
(In thousands)	2016			2015		2016			2015
Net (income) loss attributable to noncontrolling interests
(Income) loss from continuing operations	$	(141	)	$	347	$	(660	)	$	521
(Income) loss from discontinued operations	(707		)	106		(510		)	164
Net (income) loss	$	(848	)	$	453	$	(1,170	)	$	685