CROSS A T CO

 

 

 

 

 

NOTE D – Discontinued Operations

On September 6, 2013, the Company completed the sale of its Cross Accessory Division to a newly-formed affiliate of Clarion Capital Partners, LLC (the "Purchaser"). In accordance with the agreement, dated July 13, 2013, the Purchaser assumed substantially all of the liabilities associated with the CAD Business, except those related to the U.S. defined benefit pension plan, certain pre-closing environmental matters and certain other liabilities, which were retained by the Company. Under the terms of the Asset Purchase Agreement the purchase price is subject to a post-closing adjustment for the final working capital sold.

 

The operating results of CAD, prior to the sale are reported within (loss) income from discontinued operations, net of tax, in the consolidated statement of income. The assets and liabilities sold with the business are listed below.

 

The following table sets forth summary information relating to Cross Accessory Division:

 

 

There was $2.9 million of cumulative translation losses which were reclassified from accumulated other comprehensive income to the income statement as part of the loss from discontinued operations.  

 

The CAD assets and liabilities that were sold represent those reported as the CAD segment of the Company’s financial statements and were as follows: