Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In 2007 and 2008, we completed the sale of the majority of our non core businesses; however, we continue to incur legal fees, settlements and other expenses based on provisions in the purchase agreements.

For the quarter ended September 30, 2012, total income from discontinued operations net of income taxes was $0.1 million. This included $0.2 million for reduction in anticipated legal and environmental charges and settlements, partially offset by $0.1 million of operating expenses for our Grafton facility. (See Note 11, “Income Taxes”, for additional information).

For the quarter ended September 30, 2011, total loss from discontinued operations net of income taxes was $1.1 million. This included $0.3 million for increase in anticipated claims related to workers’ compensation and product liability, $0.4 million for environmental accruals and $0.4 million of legal fees and settlements for sold businesses.

For the nine months ended September 30, 2012, total income from discontinued operations net of income taxes netted to zero. It included $0.2 million for an increase in anticipated claims related to workers’ compensation and product liability, $0.7 million related to environmental and legal charges and settlements and $0.3 million in operating costs for our Grafton facility, offset by $0.8 million of legal fee reimbursements for the Platinum lawsuit received under our Directors and Officers insurance and $0.4 million of income due to a portion of a mutual release agreement that we signed during the second quarter. (See Note 14, “Commitments and Contingencies”, for additional information).

For the nine months ended September 30, 2011, total loss from discontinued operations net of income taxes was $1.0 million. This included $1.1 million of legal fees and settlements for sold businesses, $0.4 million for environmental accruals and $0.1 million related to our Grafton facility for operating costs, partially offset by $0.6 million for a reduction in anticipated claims related to workers' compensation and product liability.

Our Grafton facility is classified as held for sale on our consolidated balance sheet under the caption “Other current assets” in the amount of $0.5 million.