|12 Months Ended|
Dec. 31, 2017
|Discontinued Operations [Abstract]|
NOTE 3. DISCONTINUED OPERATIONS
As discussed above in Note 1, the Company completed the sale of certain assets to Samsonite LLC comprising Gregory Mountain Product’s business during the year ended December 31, 2014. The Company performed certain transition services related to the sale of GMP and received $0, $0, and $232, which were recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements during the years ended December 31, 2017, 2016, and 2015, respectively.
Additionally, as discussed above in Note 1, on October 7, 2015, the Company sold POC. The Company received $63,639 in cash for the POC Disposition and paid $2,946 in transaction fees for net proceeds of $60,693. $739 of cash was sold as part of the transaction. Also, as of December 31, 2015, there was an unsettled working capital adjustment of $921 owed to Dainese which was paid during the three months ended March 31, 2016. The Company recognized a pre-tax gain on such sale of $8,436. The Company performed certain transition services related to the POC Disposition and received $0, $324, and $270 during the years ended December 31, 2017, 2016, and 2015, respectively, which was recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements for such periods.
Summarized results of discontinued operations for POC are as follows:
There was no interest allocated to discontinued operations in our consolidated financial statements for the year ended December 31, 2015.
Summarized cash flow information for POC discontinued operations are as follows:
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef