XML 80 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Dispositions
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions
Dispositions
On September 3, 2013, the Company sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies segment for $8.5 million in cash. This business unit is a provider of high-quality machine to machine information technology solutions, products and services. As a result of the sale, this business unit has been removed from the Supply Technologies segment and presented as a discontinued operation for all of the periods presented. Select financial information included in discontinued operations were as follows:
 
Year Ended December 31,
 
2013
 
2012
 
 
Net sales
$
5.2

 
$
5.8

 
 
 
 
Loss from discontinued operations before tax
$
(1.3
)
 
$
(4.0
)
Income tax benefit from operations
0.5

 
1.6

Net loss from discontinued operations
(0.8
)
 
(2.4
)
 
 
 
 
Gain on sale of business before tax
5.3

 
—

Income tax expense from gain on sale of business
(1.5
)
 
—

Net gain on sale of business
3.8

 
—

Income (loss) from discontinued operations, net of taxes
$
3.0

 
$
(2.4
)

On August 1, 2013, the Company sold 25% of its Southwest Steel Processing LLC ("SSP") business to Arkansas Steel Associates, LLC for $5.0 million in cash. SSP is included in our Engineered Products segment. This transaction facilitates the Company's capacity expansion in one of its growing product lines.