Discontinued Operations and Divestiture Activities

6 Months Ended

Feb. 28, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Divestiture Activities

Discontinued Operations and Divestiture Activities

On June 13, 2014, the Company completed the divestiture of its Recreational Vehicle ("RV") business for $36.5 million in cash. This product line divestiture resulted in a $13.5 million pre-tax gain on sale ($2.8 million net of tax) during the fourth quarter of fiscal 2014. The results of the RV business (which had sales of $6.4 million and $13.1 million for the three and six months ended February 28, 2014, respectively) are included in the results from continuing operations, but are not material to the consolidated financial results.

On December 13, 2013, the Company completed the sale of the Electrical segment for net cash proceeds of $252.4 million, which resulted in a pre-tax gain on disposal of $34.5 million ($26.3 million net of tax). The Company's former Electrical segment was primarily involved in the design, manufacture and distribution of a broad range of electrical products to the retail DIY, wholesale, OEM, solar, utility, marine and other harsh environment markets. The following table summarizes the results of discontinued operations (in thousands):

	Three Months Ended February 28, 2014			Six Months Ended February 28, 2014
Net sales	$	9,127		$	72,139
Operating loss (1)	(10,102		)	(4,873		)
Gain on disposal	34,459			34,459
Income tax expense	(5,269		)	(7,466		)
Income from discontinued operations, net of income taxes	$	19,088		$	22,120

(1) The operating loss for the three and six months ended February 28, 2014 includes certain divestiture costs and a non-cash charge for the accelerated vesting of equity compensation.