Discontinued Operations and Divestiture Activities

9 Months Ended

May. 31, 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 $7.7 million and $20.8 million for the three and nine months ended May 31, 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 its former 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 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):

	Nine Months Ended May 31, 2014
Net sales	$	72,139
Operating loss	(4,873		)
Gain on disposal	34,459
Income tax expense	(7,466		)
Income from discontinued operations, net of income taxes	$	22,120