Discontinued Operations (Notes)

12 Months Ended

Jan. 31, 2014

Discontinued operations [Abstract]

Discontinued operations

On April 30, 2013, the Company sold most of the domestic assets of its subsidiary Thermal Care, Inc. to a subsidiary of IPEG, Inc. for $16.3 million cash, of which $1.1 million is held in escrow until May 1, 2014 and included in other assets on the consolidated balance sheet. On June 26, 2013, the Company sold substantially all of the assets of the HVAC business previously included in Corporate and Other. In October 2013, the Company decided to sell its remaining industrial process business in Denmark. This business was sold on February 28, 2014. From October 2013 until it was sold, the business was operational and selling product. These businesses are reported as discontinued operations in the consolidated financial statements and the notes to consolidated financial statements have been revised to conform to the current year reporting. The January 31, 2013 Balance Sheet has been revised to reflect the separate amounts for assets and liabilities that were sold. Income from discontinued operations net of tax was $8.2 million and $2.3 million for the years ended January 31, 2014 and 2013, respectively.

Results of the discontinued operations were as follows:

	2013			2012
Net sales		$14,063			$43,210
Gain on disposal of discontinued operations		$11,082			$—
(Loss) income from discontinued operations	(28		)	1,237
Income from discontinued operations before income taxes	11,054			1,237
Income tax expense (benefit)	2,820			(1,035		)
Income from discontinued operations, net of tax		$8,234			$2,272

Components of assets and liabilities from discontinued operations consist of the following:

	2013		2012
Current assets
Cash and cash equivalents		$1		$1
Trade accounts receivable, net	595		4,564
Inventories, net	593		4,804
Other assets	34		849
Total current assets from discontinued operations	1,223		10,218
Property, plant and equipment, net of accumulated depreciation	551		819
Non-Current assets
Other assets	363		434
Total noncurrent assets from discontinued operations	914		1,253
Total assets from discontinued operations		$2,688		$12,290
Current liabilities
Trade accounts payable, accrued expenses and other		$492		$7,496
Current maturities of long-term debt	35		35
Total current liabilities from discontinued operations	527		7,531
Long-term liabilities	968		1,485
Total liabilities from discontinued operations		$1,495		$9,016