DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2013

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

Note 12:          DISCONTINUED OPERATIONS

            In September 2013 we committed to divest our health and beauty (HBS) operations within our performance materials segment.  The results of these operations have been reclassified and recorded net of income tax within Income (loss) on discontinued operations within our condensed consolidated statements of operations.

The following table presents amounts of HBS's net sales and pretax income reported in discontinued operations during the three and nine months ended September 30, 2013:

HBS	Nine Months Ended September 30,					Three Months Ended September 30,
	2013			2012		2013				2012
Net Sales	$	11.4		$	14.7		$	3.7			$	4.3
Pre-tax income		(5.3	)		0.8			(6.1	)			(0.4	)

            In accordance with ASC Topic 360, Impairment and Disposal of Long Lived Assets, the assets of HBS met the held for sale criteria and we adjusted the carrying value of HBS's net asset held-for-sale to their fair value less cost to sell, $12.0. This fair value adjustment resulted in a $6.6 loss, of which $4.2 related to impairment charges against HBS's long-lived assets (see Note 11) and $2.44 related to establishing a valuation allowance against HBS's net assets.  The total loss of $6.6, offset by a $2.4 income tax benefit, for the three and nine months ended September 30, 2013 is recorded within Income (loss) on discontinued operations within our condensed consolidated statements of operations.