Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 3. – 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 on 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 second quarter of 2013.

The operating results of the cabinets business (previously shown as the Cabinets reporting segment), for the first quarter of 2013 was a pre-tax loss of $0.3 million ($0.2 million net of tax benefit). The financial results of the cabinets business have been classified as discontinued operations for all periods presented.  The Condensed Consolidated Statement of Cash Flows does not separately report the cash flows of the discontinued operation. 

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.  See Note 17 to the Condensed Consolidated Financial Statements for further information.