Disposal of Long-lived Assets and Discontinued Operations

12 Months Ended

Dec. 31, 2015

Disposal of Long-lived Assets and Discontinued Operations

Disposal of Long-lived Assets and Discontinued Operations

Note 4—Disposal of Long-lived Assets and Discontinued Operations

Sale of the Transportation Products Business

        On December 31, 2013, the Company sold its Transportation Products business for total cash consideration of $375 million, subject to the working capital adjustment component of the sale agreement. The working capital adjustment was finalized during 2014 for $9.7 million and resulted in a $1.0 million after-tax loss. The after-tax loss was reported in discontinued operations.

        After-tax (loss) income from Discontinued Operations of ($25.5) million for the year ended December 31, 2013 reflects the operations of the Transportation Products business which included a $100.0 million pre-tax goodwill impairment charge recorded during 2013. The Transportation Products business had net sales of $767.9 million for the year ended December 31, 2013.

Other Divestitures of Long-lived Assets and Long-lived Assets Held for Sale

        During 2014, the Company completed the sale of CBF's Akron, OH, facility for cash proceeds of $1.2 million, recognizing a pre-tax gain of $0.4 million within Other income (expense), net in the Consolidated Statement of Earnings.

        The Company completed the sale of property located in the Netherlands during 2014 for cash proceeds of $1.4 million, recognizing a $1.1 million pre-tax gain within Other income (expense), net in the Consolidated Statement of Earnings.

        During 2013, the Company completed the sale of CCM's Kent, WA, long-lived tangible assets for cash proceeds of $5.4 million, recognizing a pre-tax gain of $1.6 million within Other income (expense), net in the Consolidated Statement of Earnings.

        During 2013, the Company completed the sale of Reno, NV, long-lived tangible assets for cash proceeds of $6.2 million, recognizing a pre-tax gain of $1.0 million within Other income (expense), net in the Consolidated Statement of Earnings.

Income (Loss) from Discontinued Operations

        Discontinued operations for the year ended December 31, 2013 includes the results of the Transportation Products business, which was a component of the Company and was classified as discontinued in the Consolidated Statement of Earnings for all periods presented.

        Income (loss) from discontinued operations for the year ended December 31, 2013, includes a $30.4 million net loss from operations of the Transportation Products business, inclusive of a pre-tax goodwill impairment charge of $100.0 million.