Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Summary of Financial Results of Discontinued Operations, Carrying Value of Assets and Liabilities Reclassified as Discontinued Operations and Significant Non-Cash Items of Discontinued Operations

The financial results of Veoneer are presented as loss from discontinued operations, net of income taxes in the unaudited Condensed Consolidated Statements of Income. The following table presents the financial results of Veoneer (dollars in millions).

	Three months ended					Nine months ended
	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
Net sales	$	—	$	547.9		$	1,122.9		$	1,675.3
Cost of sales		—		(438.5	)		(898.4	)		(1,331.9	)
Gross profit		—		109.4			224.5			343.4
Selling, general and administrative expenses		—		(22.3	)		(59.7	)		(67.1	)
Research, development and engineering expenses, net		—		(89.4	)		(224.0	)		(275.7	)
Amortization of intangibles		—		(6.1	)		(10.5	)		(29.7	)
Other income (expense), net		—		(0.1	)		(53.4	)		12.5
Operating loss		—		(8.5	)		(123.1	)		(16.6	)
Loss from equity method investments		—		(9.9	)		(29.9	)		(17.7	)
Interest income		—		—			0.7			—
Interest expense		—		—			(0.4	)		(0.1	)
Other non-operating items, net		—		0.2			0.5			(0.1	)
Loss before income taxes		—		(18.2	)		(152.2	)		(34.5	)
Income tax (expense) benefit		—		0.2			(43.6	)		2.5
Loss from discontinued operations, net of income taxes		—		(18.0	)		(195.8	)		(32.0	)
Less: Net loss attributable to non-controlling interest		—		(3.1	)		(8.3	)		(7.2	)
Net loss from discontinued operations	$	—	$	(14.9	)	$	(187.5	)	$	(24.8	)

The following table summarizes the carrying value of major classes of assets and liabilities of Veoneer, reclassified as assets and liabilities of discontinued operations at December 31, 2017 (dollars in millions).

	December 31, 2017
ASSETS
Receivables, net	$	460.5
Inventories, net		154.8
Other current assets		31.9
Total current assets, discontinued operations		647.2
Property, plant and equipment, net		364.2
Investments and other non-current assets		177.5
Goodwill		291.8
Intangible assets, net		122.2
Total non-current assets, discontinued operations	$	955.7
LIABILITIES
Accounts payable	$	323.5
Accrued expenses		199.1
Other current liabilities		45.6
Total current liabilities, discontinued operations		568.2
Long-term debt		11.0
Pension liability		19.1
Other non-current liabilities		34.0
Total non-current liabilities, discontinued operations	$	64.1

The following table presents depreciation, amortization, capital expenditures, acquisition of businesses and significant non-cash items of the discontinued operations related to Veoneer (dollars in millions).

	Nine months ended
	September 30, 2018			September 30, 2017
Depreciation	$	44.8		$	61.0
Amortization of intangible assets		10.5			29.7
Capital expenditures		71.1			69.9
Acquisition in affiliate, net		71.0			110.1
M/A-COM earn-out adjustment		(14.0	)		(12.7	)
Undistributed loss from equity method investment		29.9			17.7