Discontinued Operations

9 Months Ended

Sep. 26, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Over the course of the second and third quarters of 2015, the Company has been actively marketing for sale its Packaging Business to multiple strategic parties. As of the end of the third quarter, management has been given the appropriate authority to move forward with these strategic parties on a potential sale of the Packaging Business and believes the net assets of the Packaging Business approximates fair value of the consideration it will ultimately receive, subject to final working capital settlements. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment, the Company has classified the assets, liabilities, operations and cash flows of the Packaging Business as discontinued operations for all periods presented.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of September 26, 2015, and December 27, 2014 (in thousands):

	September 26, 2015		December 27, 2014
Accounts receivable, net	$	28,649	$	29,344
Inventories	21,017		18,119
Other current assets	6,715		5,106
Assets of discontinued operations - current	56,381		52,569
Property, plant and equipment, net	48,786		54,585
Goodwill and other long-term assets	29,183		32,028
Assets of discontinued operations - long-term	77,969		86,613
Accounts payable	22,008		19,145
Other current liabilities	4,870		5,058
Liabilities of discontinued operations - current	26,878		24,203
Long-term debt and other liabilities	2,014		3,520
Liabilities of discontinued operations - long-term	2,014		3,520
Net assets of discontinued operations	$	105,458	$	111,459

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

	For the Three Months Ended				For the Nine Months Ended
	September 26, 2015		September 27, 2014		September 26, 2015		September 27, 2014
Income from discontinued operations before income taxes	$	846	$	5,167	$	3,151	$	7,687
Income tax expense on discontinued operations	527		2,030		1,382		2,955
Gain on sale of discontinued operations (1)	—		—		—		1,559
Income from discontinued operations, net of taxes	$	319	$	3,137	$	1,769	$	6,291
Income per share - basic	$	—	$	0.05	$	0.02	$	0.09
Income per share - diluted	$	—	$	0.05	$	0.02	$	0.09

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(1) The gain on the sale of discontinued operations is shown net of taxes of $1.0 million for the nine months ended September 27, 2014, and relates to a 2013 divestiture.