Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations [Abstract]

Discontinued Operations

2. Discontinued Operations

In May 2012, we announced an agreement to sell our PrimaLoft Products business and that transaction closed on June 29, 2012. Under the terms of the agreement, the purchaser acquired all of the assets of that business, which were located in the United States, Italy and Germany. The purchase price of $38.0 million included $3.8 million held in escrow accounts, which was received in 2013. The Company recorded a pre-tax gain of $34.9 million as result of that sale.

We provided customary representations and warranties in the sale of both of these businesses but we do not expect any material negative financial consequence will result from these arrangements. In accordance with the applicable accounting guidance for discontinued businesses, the associated results of operations and financial position are reported separately in the accompanying Consolidated Statements of Income and Balance Sheets. Cash flows of the discontinued operation were combined with cash flows from continuing operations in the Consolidated Statements of Cash Flows.

There was no effect from the discontinued operations in 2015 or 2014. The table below summarizes operating results of the discontinued operations for 2013:

(in thousands)	2013
Net sales		$-
Income from operations of discontinued business		(75	)
Gain on disposition of discontinued operations		-
Income tax benefit		(29	)