Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v2.4.0.8
Discontinued Operations (Tables)
 12 Months Ended
Aug. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures
The following is a summary of the August 31, 2013 assets and liabilities of the Electrical segment (in thousands):

Accounts receivable, net
 
$
41,247

Inventories, net
 
55,142

Property, plant & equipment, net
 
9,545

Goodwill
 
76,877

Other intangible assets, net
 
84,387

Other assets
 
5,408

Assets of discontinued operations
 
$
272,606

 
 
 
Trade accounts payable
 
$
19,824

Other current liabilities
 
12,984

Deferred income taxes
 
9,376

Other long-term liabilities
 
10,896

Liabilities of discontinued operations
 
$
53,080

The following table summarizes the results of the Electrical segment for each of the last three fiscal years (in thousands):
 
Year Ended August 31,
 
2013
 
2012
 
2011
 
Net sales
$
286,308

 
$
328,821

 
$
335,318

 
 
 
 
 
 
 
 
Operating profit
34,536

 
28,148

 
20,029

 
Impairment charge
(159,104
)
 
(62,464
)
 
—

 
Net loss on disposal (1)
—

 
—

 
(15,829
)
 
Income tax benefit (expense)
7,039

 
(3,670
)
 
(2,829
)
 
Income (loss) from discontinued operations, net of taxes
$
(117,529
)
 
$
(37,986
)
 
$
1,371

 

(1) During the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million, including an $11.4 million charge to cover future lease payments on an unfavorable real estate lease used by the divested business.