Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 5.  DISCONTINUED OPERATIONS

In September 2012, we entered into a definitive agreement to sell our cabinets business to American Industrial Partners (“AIP”) for $27 million in cash.  During the third quarter of 2012, we recorded an impairment charge of $17.5 million to the cabinets’ assets to reflect the expected proceeds from the sale. The sale was completed in October 2012.  The transaction was subject to working capital adjustments which were completed in the first quarter of 2013.

During the third quarter of 2013, we recorded an estimated liability of $7.5 million for a potential withdrawal liability related to a multi-employer pension plan.  As of December 31, 2013 we have a recorded liability of $7.2 million.  See Note 30 to the Condensed Consolidated Financial Statements for further information.

The financial results of the cabinets business have been classified as discontinued operations for all periods presented.  The Consolidated Statement of Cash Flows does not separately report the cash flows of the discontinued operation. 

The following is a summary of discontinued operations which includes the operating results of the cabinets business in 2012 and 2011 (previously shown as the Cabinets reporting segment). 

	2013	2012	2011
Net sales	-	$ 115.7	$ 136.6
Loss before income tax	($10.0)	(20.8)	(0.6)
Income tax benefit	3.6	7.7	0.2
Net loss from discontinued operations	($6.4)	($13.1)	($0.4)