Discontinued Operations and Divestitures

6 Months Ended

Jun. 27, 2015

Business Combinations [Abstract]

Discontinued Operations and Divestitures

Discontinued Operations

On July 28, 2014, our Board of Directors approved a decision to exit our Water Transport business in Australia. During the first and second quarters of 2015, we sold portions of the Water Transport business and received cash proceeds of $59.0 million. In addition, during the first quarter of 2014 we sold a portion of our Water Transport business resulting in a loss of $5.6 million, net of a $2.4 million tax benefit. We expect to dispose of the remainder of the Water Transport business by the end of 2015. The results of the Water Transport business have been presented as discontinued operations and the assets and liabilities of the Water Transport business have been reclassified as held for sale for all periods presented.

Operating results of discontinued operations are summarized below:

	Three months ended					Six months ended
In millions	June 27, 2015			June 28, 2014		June 27, 2015			June 28, 2014
Net sales	$	—		$	78.0	$	18.6		$	160.6
Cost of goods sold	—			65.4		18.1			133.8
Gross profit	$	—		$	12.6	$	0.5		$	26.8
Income (loss) from discontinued operations before income taxes	$	(1.6	)	$	1.8	$	(7.1	)	$	0.1
Income tax benefit	0.3			0.5		1.5			0.9
Income (loss) from discontinued operations, net of tax	$	(1.3	)	$	2.3	$	(5.6	)	$	1.0
Loss from sale / impairment of discontinued operations before income taxes	$	(4.8	)	$	—	$	(4.8	)	$	(8.0	)
Income tax benefit	—			—		—			2.4
Loss from sale / impairment of discontinued operations, net of tax	$	(4.8	)	$	—	$	(4.8	)	$	(5.6	)

The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows:

In millions	June 27, 2015		December 31, 2014
Cash and cash equivalents	$	—	$	7.0
Accounts and notes receivable, net	—		28.8
Inventories	—		30.1
Other current assets	0.7		14.7
Current assets held for sale	$	0.7	$	80.6
Property, plant and equipment, net	$	17.1	$	18.5
Other non-current assets	—		6.4
Non-current assets held for sale	$	17.1	$	24.9
Accounts payable	—		12.2
Employee compensation and benefits	0.5		11.3
Other current liabilities	2.6		11.6
Current liabilities held for sale	$	3.1	$	35.1
Long-term debt	$	—	$	4.0
Pension and other post-retirement compensation and benefits	—		2.5
Deferred tax liabilities	0.5		—
Non-current liabilities held for sale	$	0.5	$	6.5