Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Assets Held for Sale

Discontinued Operations and Assets Held for Sale

Note 4—Discontinued Operations and Assets Held for Sale

        The major classes of assets held for sale included in the Company's Consolidated Balance Sheets were as follows:

In millions	December 31, 2013		December 31, 2012
Assets held for sale:
Receivables	$	—	$	74.4
Deferred income taxes		—		6.5
Inventories		—		213.0
Prepaid expenses and other current assets		—		1.7
Total current assets held for sale		—		295.6
Property, plant and equipment, net		0.3		171.9
Goodwill		—		100.0
Other long term assets				5.6
Total non-current assets held for sale		0.3		277.5
Total assets held for sale	$	0.3	$	573.1
Liabilities associated with assets held for sale:
Accounts payable	$	—	$	53.8
Accrued expenses		—		20.7
Total current liabilities associated with assets held for sale		—		74.5
Total non-current liabilities associated with assets held for sale		—		47.6
Total liabilities associated with assets held for sale	$	—	$	122.1

Sale of the Transportation Products Business

        On October 21, 2013, the Company entered into a definitive agreement to sell the Transportation Products business for total cash consideration of $375 million, subject to working capital and other customary adjustments. On December 31, 2013, the Company sold its Transportation Products business for total net proceeds of $375.6 million, including a receivable from the buyer of $6.6 million related to the additional estimated proceeds to be received upon settlement of the working capital adjustment component of the sales agreement, which is expected to be finalized in the first quarter of 2014. The Company recognized a $6.2 million after-tax gain on the sale in Income (loss) from discontinued operations. Total assets held for sale related to the Transportation Products disposal group were $573.1 million and total liabilities associated with assets for sale were $122.1 million as of December 31, 2012.

        Income (loss) from discontinued operations included Transportation Products business revenues of $767.9 million, $778.2 million, and $732.1 million, and pre-tax income (loss) from discontinued operations of $(46.1) million, $52.4 million, and $9.1 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Other Divestitures of Long-lived Assets and Long-lived Assets Held for Sale

        As of November 8, 2013, the Company completed the sale of CCM's Kent, WA long-lived tangible assets for cash proceeds of $5.4 million, recognizing a pre-tax gain of $1.6 million within Other income (expense) in the Consolidated Statement of Earnings.

        In the third quarter of 2012, the Company announced plans to restructure certain of CFS's manufacturing and distribution operations. As of December 31, 2013 and 2012, assets held for sale includes $0.3 million of long-lived tangible assets related to the Zevenaar, Netherlands distribution center. On September 30, 2013, the Company completed the sale of Reno, NV long-lived tangible assets for cash proceeds of $6.2 million, recognizing a pre-tax gain of $1.0 million within Other income (expense) in the Consolidated Statement of Earnings.

        On January 2, 2012, the Company completed the sale of the PDT Profiles business for cash consideration of €17.1 million, or $22.1 million. The Company had acquired all of the equity of PDT on August 1, 2011 (see Note 3). Included with the acquisition were certain assets associated with the PDT Profiles business, which the Company classified as held for sale at the date of acquisition. No gain or loss was recognized upon the sale of the PDT Profiles business.

• Income (Loss) from Discontinued Operations

        Discontinued operations for the years ended 2013, 2012 and 2011 include the results of the Transportation products business and 2012 includes the PDT Profiles business and a settlement gain related to contingent consideration from the 2010 sale of the Specialty Trailer business, each of which was a component of the Company and was classified as discontinued in the Consolidated Statement of Earnings for all periods presented.

        Income (loss) from discontinued operations for the year ended December 31, 2013 includes a $30.4 million net loss from operations of the Transportation Products business, inclusive of a pre-tax goodwill impairment charge of $100.0 million.

        Income (loss) from discontinued operations for the year ended December 31, 2012 included $37.6 million of net income from operations of the Transportation Products business and a $3.8 million gain on the settlement of the contingent consideration relating to the October 2010 sale of the Company's specialty trailer business.

        Income (loss) from discontinued operations for the year ended December 31, 2011 included $15.2 million of net income from operations of the Transportation Products business, operating results of the PDT Profiles business, a $0.6 million write-down of the land and building of the thermoset molding operation upon sale of these assets, and a $0.9 million gain on the settlement of environmental liabilities related to the refrigerated truck bodies business within discontinued operations.