DIVESTITURE

6 Months Ended

Jun. 30, 2014

Divestitures [Abstract]

Divestiture

Note 3.Divestiture

In January 2014, the Company entered into a definitive agreement to sell its Friction Materials business to Federal Mogul Corporation for $155 million. The Company closed the sale of its Friction Materials business on July 11, 2014.The Company recognized a pre-tax and after-tax loss of$33 million (of which $5 million was recognized in 2014). The sale of Friction Materials, which has been part of the Transportation Systemssegment, is consistent with the Company's strategic focus on its portfolio of differentiated global technologies.

Following the closing of the sale, the Company announced that it will realign its Transportation Systems business segment with its Aerospace business segment. Under the realigned segment reporting structure, the Company will have three business segments: Aerospace, Automation and Control Solutions and Performance Materials and Technologies. This realignment has no impact on the Company's historical consolidated financial position, results of operations or cash flows. Effective with the reporting of third quarter 2014 results, the Company will report its financial performance based on the inclusion of Transportation Systems in Aerospace.