Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In April 2013, the Company completed the sale of BDNA to MSC pursuant to the terms of the Asset Purchase Agreement between the Company and MSC. The total cash consideration received for BDNA was $537,761, net of transaction costs and closing adjustments paid. The net after-tax proceeds were $419,136 after consideration of certain post closing adjustments, transaction costs and income taxes.

The below amounts relate primarily to the sale of BDNA and were derived from historical financial information. The amounts have been segregated from continuing operations and reported as discontinued operations within the consolidated financial statements. In 2014, the Company recorded a net after-tax loss on the sale of businesses of $1,987 resulting primarily from a 2014 reduction to the proceeds related to the sale of the Barnes Distribution Europe business in 2011 (€1,250). In 2013, the Company recorded a net after-tax gain of $195,317 on the sale of BDNA, net of transaction-related costs of $9,749, whereas pre-tax income from the discontinued operations at BDNA was $6,345.

	2014			2013
Net sales	$	—		$	93,173
(Loss) income before income taxes	(270		)	5,248
Income tax (benefit) expense	(86		)	2,359
(Loss) income from operations of discontinued businesses, net of income taxes	(184		)	2,889
(Loss) gain on transaction	(1,586		)	313,708
Income tax expense on sale	401			118,391
(Loss) gain on the sale of businesses, net of income taxes	(1,987		)	195,317
(Loss) income from discontinued operations, net of income taxes	$	(2,171	)	$	198,206