Discontinued Operations

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Discontinued Operations

On April 28, 2017, we completed the sale of the Valves & Controls business to Emerson Electric Co. for $3.15 billion in cash. The sale resulted in a gain of $181.1 million, net of tax. The results of the Valves & Controls business have been presented as discontinued operations. The Valves & Controls business was previously disclosed as a stand-alone reporting segment. Transaction costs of $11.2 million related to the sale of Valves & Controls were incurred during the three months ended March 31, 2017 and were recorded within (Loss) income from discontinued operations, net of tax presented below.

Operating results of discontinued operations are summarized below:

	Three months ended
In millions	March 31, 2018			March 31, 2017
Net sales	$	—		$	356.5
Cost of goods sold	—			267.9
Gross profit	—			88.6
Selling, general and administrative	—			79.5
Research and development	—			4.2
Operating income	$	—		$	4.9
(Loss) income from discontinued operations before income taxes	$	(0.7	)	$	5.7
Income tax provision (benefit)	0.6			(1.4		)
(Loss) income from discontinued operations, net of tax	$	(1.3	)	$	7.1