Discontinued Operations Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Management and the Board of Directors conduct strategic reviews of its businesses periodically. On February 11, 2016, the Company announced its intention to sell the speaker and receiver product line, and as a result, reclassified the speaker and receiver product line within the Audio segment to discontinued operations in the first quarter of 2016. On July 7, 2016, the Company completed the sale of its speaker and receiver product line for $45.0 million in cash, less purchase price adjustments for a net amount received of $40.6 million. The Company recorded a loss of $25.6 million as a result of the sale, which included $26.9 million of loss amounts reclassified from Accumulated other comprehensive loss into earnings related to currency translation adjustments. The results of discontinued operations for the three and six months ended June 30, 2017 and 2016 reflect the net earnings (loss) of the speaker and receiver product line.

Summarized results of the Company's discontinued operations are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2017			2016			2017			2016
Revenues	$	—		$	24.7		$	—		$	45.1
Cost of goods sold	(0.1		)	27.1			(0.1		)	55.7
Restructuring charges - cost of goods sold	—			7.2			—			9.3
Gross profit (loss)	0.1			(9.6		)	0.1			(19.9		)
Research and development expenses	—			3.2			—			6.7
Selling and administrative expenses	(0.4		)	4.9			(0.5		)	8.1
Restructuring charges	—			1.4			—			1.8
Operating (income) expenses	(0.4		)	9.5			(0.5		)	16.6
Earnings (loss) from discontinued operations before taxes	0.5			(19.1		)	0.6			(36.5		)
Benefit from income taxes	(0.1		)	(1.3		)	(1.5		)	(1.8		)
Earnings (loss) from discontinued operations, net of tax	$	0.6		$	(17.8	)	$	2.1		$	(34.7	)

Assets and liabilities of discontinued operations are summarized below:

(in millions)	June 30, 2017		December 31, 2016
Assets of Discontinued Operations:
Accounts receivable	$	0.7	$	0.6
Prepaid and other current assets	—		0.3
Total current assets	0.7		0.9
Total assets (1)	$	0.7	$	0.9
Liabilities of Discontinued Operations:
Accounts payable	$	1.3	$	2.8
Other current liabilities	0.6		3.2
Total current liabilities	1.9		6.0
Total liabilities (1)	$	1.9	$	6.0

⁽¹⁾ In connection with the sale of the speaker and receiver product line, the Company is obligated to perform certain activities to assist the buyer for a specified period of time, which results in maintaining asset and liability balances. In addition, warranty and restructuring accruals related to the speaker and receiver product line are expected to be settled within 12 months of the sale date.

The following table presents the depreciation, amortization and purchases of property, plant and equipment of discontinued operations related to the speaker and receiver product line:

	Six Months Ended June 30,
(in millions)	2017		2016
Depreciation	$	—	$	1.1
Additions to property, plant and equipment	$	—	$	2.5

There were no additions to property plant and equipment included in accounts payable at June 30, 2017. Additions to property, plant and equipment included in accounts payable at June 30, 2016 were $0.7 million.