Discontinued Operations and Divestitures Discontinues Operations and Divestitures

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

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 third quarter of 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs ("Level 3" fair value measurements). In addition, during the first quarter of 2014 and fourth quarter of 2013, we sold portions of our Water Transport business in Australia and New Zealand, respectively, resulting in losses of $5.6 million, net of a $2.4 million tax benefit, and $0.8 million, net of a $0.3 million tax benefit, respectively.

During 2015, we sold the remainder of our Water Transport business and received cash proceeds of $59.0 million. 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:

	Years ended December 31
In millions	2015			2014			2013
Net sales	$	18.6		$	295.8		$	490.1
Cost of goods sold	18.1			250.2			387.4
Gross profit	$	0.5		$	45.6		$	102.7
Income (loss) from discontinued operations before income taxes	$	(7.1	)	$	1.5		$	33.0
Income tax benefit (provision)	2.4			(7.9		)	(7.1		)
Income (loss) from discontinued operations, net of tax	$	(4.7	)	$	(6.4	)	$	25.9
Loss from sale / impairment of discontinued operations before income taxes	$	(6.7	)	$	(400.4	)	$	(1.1	)
Income tax benefit	—			14.7			0.3
Loss from sale / impairment of discontinued operations, net of tax	$	(6.7	)	$	(385.7	)	$	(0.8	)

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

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

Divestitures

During 2013, we sold businesses that were part of Technical Solutions and Flow & Filtration Solutions for a cash purchase price of $30.1 million and $13.4 million, respectively, net of transaction costs, resulting in a gain of $16.8 million and $4.0 million, respectively. Goodwill of $5.3 million and $5.7 million was included in the assets of the business sold for Technical Solutions and Flow & Filtration Solutions, respectively.