Divestitures

12 Months Ended

Jun. 30, 2011

Divestitures

Divestitures

NOTE 4.  DIVESTITURES

On March 24, 2010, the Company completed its sale of the non-core Commercial Systems business (the "Commercial business") for approximately $21.6 million in cash.  The Commercial business was previously reported in the Dealer Services segment.  In connection with the disposal of this business, the Company has classified the results of this business as discontinued operations for all periods presented.  Additionally, in fiscal 2010, the Company reported a gain of $5.6 million, or $1.0 million after taxes, within earnings from discontinued operations on the Statements of Consolidated Earnings.

During fiscal 2010, the Company recorded net charges of $0.5 million within earnings from discontinued operations related to a change in estimated taxes on the divestitures of businesses of $0.8 million, partially offset by a change in professional fees incurred in connection with the divestitures of businesses of $0.3 million.  During fiscal 2009, the Company recorded a net gain of $2.8 million, net of taxes, within earnings from discontinued operations related to a change in estimated taxes on the divestitures of business of $2.6 million and a change in professional fees incurred in connection with the divestitures of businesses of $0.2 million. 

On January 23, 2007, the Company completed the sale of Sandy Corporation, a business within the Dealer Services segment, and classified the results of operations of this business as discontinued operations for all periods presented.  In March 2008 and April 2009, the Company received two payments of $2.5 million during each period, which represented purchase price adjustments, and recorded these additional gains of $2.5 million, or $1.6 million net of tax, within earnings from discontinued operations during both fiscal 2008 and fiscal 2009. 

There were no revenues and earnings from discontinued operations during fiscal 2011. The following table summarizes the revenues and expenses from discontinued operations as reported for the period indicated:

Years ended June 30,	2010	2009
Revenues	$               17.2	$               28.7
Earnings from discontinued operations before income taxes	5.2	4.6
Provision for income taxes	1.6	1.5
Net earnings from discontinued operations before gain
on disposal of discontinued operations	3.6	3.1
Gain on disposal of discontinued operations, net of
provision (benefit) for income taxes of $5.4 and
$(0.8) for fiscal 2010 and 2009, respectively	0.5	4.4
Net earnings from discontinued operations	$                 4.1	$                 7.5

There were no assets or liabilities of discontinued operations as of June 30, 2011 or June 30, 2010.