Discontinued Operations Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations

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 nine months ended September 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 September 30,						Nine Months Ended September 30,
(in millions)	2017			2016			2017			2016
Revenues	$	—		$	5.5		$	—		$	50.6
Cost of goods sold	(0.5		)	8.6			(0.6		)	64.3
Restructuring charges - cost of goods sold	—			0.1			—			9.4
Gross profit (loss)	0.5			(3.2		)	0.6			(23.1		)
Research and development expenses	—			0.2			—			6.9
Selling and administrative expenses	0.1			(1.5		)	(0.4		)	6.6
Restructuring charges	—			—			—			1.8
Operating expenses (income)	0.1			(1.3		)	(0.4		)	15.3
Loss on sale of business	—			25.6			—			25.6
Earnings (loss) from discontinued operations before taxes	0.4			(27.5		)	1.0			(64.0		)
Provision for (benefit from) income taxes	0.1			1.0			(1.4		)	(0.8		)
Earnings (loss) from discontinued operations, net of tax	$	0.3		$	(28.5	)	$	2.4		$	(63.2	)

Assets and liabilities of discontinued operations are summarized below:

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

The following table presents the depreciation and purchases of property, plant, and equipment of discontinued operations related to the Speaker and Receiver Product Line:

	Nine Months Ended September 30,
(in millions)	2017		2016
Depreciation	$	—	$	0.8
Additions to property, plant, and equipment	$	—	$	2.5

There was no amortization related to the Speaker and Receiver Product Line for the nine months ended September 30,2017 and 2016. There were no additions to property, plant, and equipment included in accounts payable at September 30, 2017 and 2016.