Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 2 - Discontinued operations:

In December 2012, we completed the sale of CompX’s Furniture Components operations for proceeds, net of expenses, of approximately $58.0 million in cash.  We recognized a pre-tax gain of $23.7 million on the disposal of these operations ($14.5 million, or $.30 per basic and diluted share, net of income taxes and noncontrolling interest in CompX).  Such pre-tax gain includes income of $10.4 million associated with the reclassification out of accumulated other comprehensive income related to currency translation.  The income taxes associated with the pre-tax gain on disposal is less than the U.S. statutory income tax rate of 35% principally due to the utilization of foreign tax credits, the benefit of which had previously not been recognized under the “more-likely-than-not” recognition criteria.    

Selected financial data for the operations of the disposed Furniture Components business is presented below:

	Year ended December 31, 2012
	(In thousands)
Net sales	$	60,722
Income from operations	$	7,364
Income from discontinued operations:
Income before taxes	$	7,284
Income tax expense		3,484
Income from discontinued operations, net of tax	$	3,800

We have reclassified our 2012 Consolidated Statement of Operations to reflect the disposed business as discontinued operations.  We have not reclassified our December 31, 2012 Consolidated Statement of Cash Flows to reflect discontinued operations.  

In conjunction with the sale of CompX’s Furniture Components business, the buyer was not interested in retaining certain undeveloped land located in Taiwan owned by our Taiwanese Furniture Component business.  In 2013, an agreement was entered into with a third party to sell the land for $3.0 million, all of which was received during 2013.