Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Results from discontinued operations reflect a loss of $3.9 for the year ended December31, 2014, primarily related to a settlement payment to a former ITT entity. Results from discontinued operations reflect income of $0.8 for the year ended December31, 2013, primarily related to a reversal of warranty reserves and legal-related contingencies associated with previously disposed businesses, partially offset by a net loss of $1.3 related settlement of legacy receivables and payables with a former ITT entity.

During 2012, the Company completed the sale of its shape cutting product lines, including the Kaliburn and Burny brands as well as the web tension control products and custom engineered systems sold under the Cleveland Motion Controls brand (collectively referred to herein as the Shape Cutting Businesses). The sale was completed on November 13, 2012, resulting in net proceeds from the sale of $38.4 which is included in investing activities on our Consolidated Statement of Cash Flows. Subsequent to this divestiture, we do not have any significant continuing involvement in the operations of these businesses, nor do we expect significant continuing cash flows. Accordingly, the results of operations of the Shape Cutting Businesses are reported as a discontinued operation for 2012.

Summarized operating results from the Shape Cutting Businesses presented within earnings from discontinued operations are provided in the tables below. Interest expense was not allocated to the divested businesses for any of the periods presented. Amounts presented in the “Other” column within the tables below relate to various divested ITT businesses accounted for as discontinued operations in the year of divestiture for which legacy liabilities remain, as well as certain transformation costs which were directly related to the Distribution and provided no future benefit to the Company.

Year Ended 2012	Shape Cutting Businesses		Other			Total
Revenue	$	30.2	$	—		$	30.2
Earnings from discontinued operations before income taxes	0.6		0.4			1.0
Gain on sale before tax	9.0		—			9.0
Income tax benefit	—		(5.9		)	(5.9		)
Earnings from discontinued operations, net of tax	$	9.6	$	6.3		$	15.9