Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations, Assets Held for Sale, and Other Divestitures

Discontinued Operations

During 2015 and 2014, we exited the Store Fixtures business. Activity related to the exit was:

• During the third quarter of 2014, all of the criteria to classify this unit as held for sale and discontinued operations were met. Store Fixtures was previously part of the Commercial Products segment.

• During the fourth quarter of 2014, we sold the majority of the Store Fixtures reporting unit.

• During 2015, we sold the remainder of the Store Fixtures operations.

• Total consideration for these businesses was approximately $72. No significant gains or losses were realized on the sale of these businesses.

In 2013, we exited three small operations that were also recorded in discontinued operations:

• We closed our final location that produced wire dishwasher racks, thereby discontinuing that line of business. This operation was previously in our Industrial Materials segment. Tax benefits related to this business were recorded in both 2012 and 2013.

• We divested the specialty trailers portion of the Commercial Vehicle Products (CVP) unit. This branch was previously part of the Specialized Products segment. No significant gains or losses were realized on the sale of this business.

• We closed a cotton-based erosion control products operation that was previously part of the Industrial Materials segment. Charges of $1.9 were recorded in 2013 to reflect estimates of fair value less costs to sell, including $1.5 of fixed asset impairments as discussed in Note C.

The table below includes activity related to these operations:  

	Year Ended
	2015			2014			2013
External sales:
Commercial Products - Store Fixtures	$	19.4		$	167.4		$	268.8
Industrial Materials:
Wire dishwasher racks	—			—			4.1
Cotton-based erosion control products	—			—			.1
Specialized Products - the specialty trailers portion of the CVP unit	—			—			.5
Total external sales	$	19.4		$	167.4		$	273.5
Earnings (loss):
Commercial Products - Store Fixtures (1)	$	3.4		$	(120.9	)	$	10.2
Industrial Materials:
Wire dishwasher racks	(.2		)	—			1.0
Cotton-based erosion control products	—			—			(3.1		)
Specialized Products - the specialty trailers portion of the CVP unit	—			—			(.7		)
Subsequent activity related to divestitures completed prior to 2013 (2)	(1.3		)	(35.4		)	.5
Earnings (loss) before interest and income taxes (EBIT)	1.9			(156.3		)	7.9
Income tax (expense) benefit (3)	(.7		)	32.3			5.5
Earnings (loss) from discontinued operations, net of tax	$	1.2		$	(124.0	)	$	13.4

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(1) This includes goodwill impairment charges of $108.0 in 2014 as discussed in Note C.

(2) Subsequent activity for businesses divested in prior years has been reported as discontinued operations in the table above, including an antitrust litigation settlement discussed in Note T of $.7 and $35.3, in 2015 and 2014, respectively, associated with our former Prime Foam Products unit. This unit was sold in March 2007 and was previously part of the Residential Furnishings segment.

(3) The 2014 tax benefit is primarily related to the Store Fixtures goodwill impairment and the Prime Foam litigation. The 2013 tax amount includes benefits related to a worthless stock deduction of the subsidiary that produced wire dishwasher racks.

Assets Held for Sale

Net assets held for sale by segment at December 31 were as follows:

	2015						2014
	Assets		Liabilities		Net Assets		Assets		Liabilities		Net Assets
Residential Furnishings	$	1.2	$	—	$	1.2	$	4.1	$	—	$	4.1
Commercial Products	4.0		—		4.0		20.1		5.6		14.5
Industrial Materials	3.2		—		3.2		3.4		—		3.4
Specialized Products	—		—		—		5.2		—		5.2
	$	8.4	$	—	$	8.4	$	32.8	$	5.6	$	27.2

The major classes of assets and liabilities held for sale at December 31 included in the Consolidated Balance Sheet line items noted below were as follows:

	2015		2014
Current assets associated with discontinued operations:
Trade receivables, net	$	—	$	7.0
Other receivables, net	—		.3
Inventories, net	—		3.0
Other current assets	—		.1
Total current assets held for sale associated with discontinued operations	—		10.4
Total current assets held for sale (included in "Other current assets")	—		10.4
Non-current assets associated with discontinued operations:
Property, plant and equipment, net	—		5.2
Other intangibles, net	—		.6
Sundry	—		1.4
Total non-current assets held for sale associated with discontinued operations	—		7.2
Non-current assets held for sale not associated with discontinued operations *	8.4		15.2
Total non-current assets held for sale (included in "Sundry")	8.4		22.4
Total assets held for sale	8.4		32.8
Current liabilities associated with discontinued operations:
Accounts payable	—		3.7
Accrued expenses	—		1.5
Other current liabilities	—		.3
Total current liabilities held for sale associated with discontinued operations	—		5.5
Total current liabilities held for sale not associated with discontinued operations	—		—
Total current liabilities held for sale (included in "Other current liabilities")	—		5.5
Long-term liabilities associated with discontinued operations:
Deferred income tax (included in "Other long-term liabilities")	—		.1
Total liabilities held for sale	—		5.6
Net assets held for sale	$	8.4	$	27.2

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* This represents property, plant and equipment held for sale associated with the closings of various operations and prior year restructurings.

Other Divestitures

During the fourth quarter of 2015, we divested two small businesses that did not meet the discontinued operations criteria:

• Our Steel Tubing business, which reached held-for-sale status in the first quarter of 2015. The results for this operation (including $5.5 of impairment charges discussed in Note C and a pre-tax loss on sale of $3.2) are included in the Industrial Materials segment. The pre-tax loss on sale is reported in "Other (income) expense, net" on the Consolidated Statements of Operations. External sales for this business were $88.9, $94.3, and $91.8, and EBIT was$.2, $(1.8), and $(.2), for 2015, 2014, and 2013, respectively.

• A small operation within our CVP business, which had not reached held-for-sale status prior to the sale. The results for this operation (including a pre-tax gain on sale of $1.3) are included in the Specialized Products segment. The pre-tax gain on sale is reported in "Other (income) expense, net" on the Consolidated Statements of Operations. External sales for this business were $9.4, $17.3, and $19.0, and EBIT was $(.5), $(1.5), and $(2.9) for 2015, 2014, and 2013, respectively.