Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On September 10, 2013, the Company sold its Hardware business (Bulldog^®, Ashland^™ and Amerock^® as well as the Levolor^® and private label drapery hardware business) for net cash consideration of $180.4 million. The proceeds are net of $3.9 million of transaction expenses and $2.6 million of cash included in the assets sold. The net assets of the Hardware business were $72.0 million, including $21.2 million of goodwill, resulting in a pretax gain of $108.4 million. In addition, the Company retained approximately $27.0 million of accounts receivable, net of customer-related liabilities, associated with the Hardware business. The cash consideration is subject to adjustment based on a final determination of net working capital transferred to the purchaser.

On July 12, 2013, the Company completed the sale of its Teach platform business, including the mimio^® and Headsprout^® interactive teaching technology brands. The Company recorded $22.7 million of pretax losses during the nine months ended September 30, 2013 relating to the impairments of goodwill, intangibles and other long-lived assets and write-downs of working capital associated with the Teach platform business. The cash consideration received from the sale is subject to adjustment based on a final determination of net working capital transferred to the purchaser.

The following table provides a summary of amounts included in discontinued operations (in millions):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2013			2012		2013			2012
Net sales	$	48.6		$	78.4	$	193.4		$	251.1
(Loss) income from discontinued operations before income taxes	$	(4.9	)	$	1.6	$	(3.8	)	$	10.8
Income tax expense (benefit)	0.7			1.2		(0.5		)	3.9
(Loss) income from discontinued operations	(5.6		)	0.4		(3.3		)	6.9
Net gain on disposal (1)	76.6			1.7		57.9			1.7
Income from discontinued operations, net of tax	$	71.0		$	2.1	$	54.6		$	8.6

(1) Includes pretax gains of $108.8 million (related tax expense of $32.2 million) and $86.1 million (related tax expense of $28.2 million) for the three and nine months ended September 30, 2013, respectively, relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. For the three and nine months ended September 30, 2012, net gain on disposal includes pretax gains of $5.1 million (related tax expense of $3.4 million) relating to the sale of the hand torch and solder business.