Discontinued Operations (Tables)

12 Months Ended

Dec. 28, 2013

Discontinued Operations and Disposal Groups [Abstract]

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 28, 2013, and December 29, 2012 (in thousands):



	2013			2012
Accounts receivable, net	$	9		$	7,222
Inventories	—			3,534
Prepaid and other current assets	123			509
Assets of discontinued operations - current	132			11,265
Property, plant and equipment, net	33			3,522
Goodwill	—			4,000
Other intangible assets, net	—			7,705
Other assets, net	—			41
Assets of discontinued operations - long-term	33			15,268

Accounts payable	—			5,421
Accrued compensation and related liabilities	627			645
Other current liabilities	1,386			525
Liabilities of discontinued operations - current	2,013			6,591
Liabilities of discontinued operations - long-term	—			880
Net assets	$	(1,848	)	$	19,062

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):



	For The Years Ended
	2013		2012			2011
Net sales	$	34,891	$	68,478		$	164,427
Income from discontinued operations before income taxes ^{(1) (2)}	4,471		11,342			8,901
Income tax expense on discontinued operations	2,663		4,441			8,772
Gain (loss) on sale of discontinued operations, net of tax ⁽³⁾	14,933		(6,260		)	—
Income from discontinued operations, net of taxes	$	16,741	$	641		$	129
Income per share - basic	$	0.25	$	0.01		$	—
Income per share - diluted	$	0.25	$	0.01		$	—

^{____________________}

⁽¹⁾ Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.

⁽²⁾ Includes $13.5 million of non-cash goodwill impairment charges in 2011 related to the Documents Group and the Company's wide-format papers business.

⁽³⁾ The gain (loss) on the sale of discontinued operations is shown net of tax expense of $10.7 million for the year ended 2013 and a tax benefit of $2.6 million for the year ended 2012.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details