Divestitures

October 2014 Divestiture Plan

In October 2014, the Company announced the intent to divest all of the Company's operations in Asia Pacific and Africa. The Company expects to incur a total of approximately $10 million in pre-tax charges consisting primarily of legal and transaction fees for the dispositions. Charges incurred for the years ended December 31, 2016 and 2015 were $2.1 million and $3.4 million, respectively. The charges were immaterial for the year ended December 31, 2014.

Asia Pacific

As part of the October 2014 announcement, the Company completed the following as of December 31, 2016 (in millions):

Entity

Sale /

Closure

Sale / Closure Date

Gross Proceeds

Pre-tax Gain / (Loss) ⁽¹⁾

India ⁽²⁾

Sale

First Quarter 2016

10.8

1.6

Thailand

Sale

Third Quarter 2015

88.0

16.1

Fiji

Sale

First Quarter 2015

9.3

(2.6

)

Keystone

Sale

First Quarter 2015

11.0

3.6

PDP and PDEP

Sale

Fourth Quarter 2014

67.1

17.6


(1)	The pre-tax gain / (loss) for each sale was recorded in the SG&A expenses caption of the Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) included the reclassification of foreign currency translation adjustments upon sale of the entity.


(2)	Prior to the sale, the Company recorded a long-lived asset impairment loss in cost of sales of $13.6 million in the year ended December 31, 2015.

The results of the Asia Pacific operations were previously presented as discontinued operations; however, in the third quarter of 2016, management determined that the sale of these businesses within one year was uncertain, and therefore determined that the held for sale criteria was no longer met for the group of components in the remaining Asia Pacific operations. As a result and because the businesses that have been sold to date including India, Thailand, Fiji, Keystone and the Philippines, in the aggregate, are not considered a strategic shift; the Asia Pacific operations are no longer be presented as discontinued operations in the financial statements for all periods presented. The Company's results from the Asia Pacific operations are presented in continuing operations for all periods disclosed in this report.

The Company reclassified the remaining Asia Pacific operations' assets and liabilities previously presented as held for sale to held and used on its Consolidated Balance Sheets as of December 31, 2015. The remaining Asia Pacific operations are measured at the carrying amount before the assets were classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the assets been continuously classified as held for use. The adjustments in the year ended December 31, 2016 are not material.

The sales of Thailand and PDP and PDEP are considered disposals of an individually significant component of an entity per ASC 205. The pre-tax loss of Thailand in the years ended December 31, 2015 and 2014 was $7.6 million and $84.1 million, respectively. The pre-tax loss attributable to the Company in the years ended December 31, 2015 and 2014 was $5.7 million and $63.5 million, respectively. The pre-tax profit of PDP and PDEP in the year ended December 31, 2014 was $10.4 million and the pre-tax profit attributable to the Company in the ended December 31, 2014 was $6.2 million.

Africa

The Company's Africa businesses, and disposals of related operations to date, are not considered a strategic shift that has or will have a major effect on the Company's operations and financial results. The Company has completed the following as of December 31, 2016 (in millions):



Entity	Sale / Closure	Sale / Closure Date	Gross Proceeds		Pre-tax Gain (Loss)⁽¹⁾
South Africa - Durban⁽²⁾	Closure	Fourth Quarter 2016	$	—	$	1.6
South Africa - National Cables⁽²⁾	Closure	Fourth Quarter 2016	—		(29.4		)
Zambia	Sale	Third Quarter 2016	9.8		(14.4		)
Egypt ⁽³⁾	Sale	Second Quarter 2016	5.8		(8.4		)


(1)	The pre-tax gain / (loss) for each sale was recorded in the SG&A expenses caption of the Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) included the reclassification of foreign currency translation adjustments upon sale of the entity.


(2)	The gain (loss) represents foreign currency translation adjustments reclassified from accumulated other comprehensive income upon liquidation.


(3)	Prior to the sale, the Company recorded a long-lived asset impairment loss in cost of sales of $6.0 million in the first quarter of 2016.

As of December 31, 2016, the Company determined that the remaining Africa businesses did not meet the held for sale criteria set forth in ASC 360. Management’s belief is that the probability of a sale within one year is uncertain.

Venezuela Divestiture

In the third quarter of 2016, the Company completed the sale of its Venezuelan subsidiary for cash consideration of approximately $6 million. The pre-tax gain recognized in the year ended December 31, 2016 was $5.9 million, and is included in the SG&A expenses caption in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the Europe segment (based on the legal entity structure).