Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations

Discontinued Operations

Note 4—Discontinued Operations

On December 31, 2013, the Company sold its Transportation Products business, subject to the working capital adjustment component of the sale agreement.  The working capital adjustment was finalized during 2014 for $9.7 million and resulted in a $1.0 million after-tax loss.  The after-tax loss was reported in discontinued operations in the first quarter.

After-tax loss from Discontinued Operations for the nine months ended September 30, 2013 of $35.0 million reflects the operations of the Transportation Products business which included a $100.0 million goodwill impairment charge recorded during the second quarter of 2013.  For the nine months ended September 30, 2013, the Transportation Products business had net sales of $602.9 million.