The following is a summary of the operating results of DLW, which are reflected in these Consolidated Financial Statements for periods prior to the Spin-off.
|
|
|
|
|
|
Year Ended December 31, 2016 |
(Loss) on disposal of discontinued operations before income tax |
$ |
(0.1 |
) |
Income tax benefit |
1.8 |
|
Gain on disposal of discontinued operations, net of tax |
$ |
1.7 |
|
The following is a summary of the operating results of the wood business, which are included in discontinued operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Net Sales |
$ |
387.0 |
|
|
$ |
429.6 |
|
|
$ |
483.1 |
|
Cost of goods sold |
330.7 |
|
|
407.5 |
|
|
407.6 |
|
Gross profit |
56.3 |
|
|
22.1 |
|
|
75.5 |
|
Selling, general and administrative expenses |
36.6 |
|
|
39.4 |
|
|
42.3 |
|
Intangible asset impairment |
— |
|
|
12.5 |
|
|
— |
|
Operating earnings (loss) |
19.7 |
|
|
(29.8 |
) |
|
33.2 |
|
Interest expense |
— |
|
|
0.1 |
|
|
— |
|
Other expense, net |
— |
|
|
1.0 |
|
|
0.7 |
|
Earnings (loss) before income tax |
19.7 |
|
|
(30.9 |
) |
|
32.5 |
|
Income tax expense (benefit) |
9.8 |
|
|
(6.2 |
) |
|
8.8 |
|
Net earnings (loss) from discontinued operations |
$ |
9.9 |
|
|
$ |
(24.7 |
) |
|
$ |
23.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Depreciation and Amortization |
$ |
10.3 |
|
|
$ |
40.0 |
|
|
$ |
14.1 |
|
Capital Expenditures |
(8.0 |
) |
|
(12.3 |
) |
|
(11.9 |
) |
The following is a summary of the assets and liabilities of the discontinued operations as of December 31, 2017.
|
|
|
|
|
|
Year Ended December 31, 2017 |
Cash |
$ |
(1.1 |
) |
Accounts and notes receivable, net |
27.1 |
|
Inventories, net |
119.0 |
|
Other assets |
4.5 |
|
Current assets of discontinued operations |
$ |
149.5 |
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
Property plant and equipment, net |
$ |
107.5 |
|
Intangible assets, net |
21.8 |
|
Other noncurrent assets |
1.0 |
|
Noncurrent assets of discontinued operations |
$ |
130.3 |
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
Accounts payable and accrued expenses |
$ |
26.1 |
|
Current liabilities of discontinued operations |
$ |
26.1 |
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
Long-term debt |
$ |
1.0 |
|
Postretirement benefit liabilities |
2.9 |
|
Pension benefit liabilities |
3.4 |
|
Deferred income taxes |
13.1 |
|
Other liabilities |
2.3 |
|
Noncurrent liabilities of discontinued operations |
$ |
22.7 |
|
The following is a summary of the results related to the net loss on disposal of wood business which is included in discontinued operations:
|
|
|
|
|
|
Year Ended December 31, 2018 |
(Loss) on disposal of discontinued operations before income tax |
$ |
(153.8 |
) |
Income tax (benefit) |
— |
|
Net (loss) on disposal of discontinued operations |
$ |
(153.8 |
) |
|