DISCONTINUED OPERATIONS

3 Months Ended

Mar. 28, 2015

DISCONTINUED OPERATIONS.

DISCONTINUED OPERATIONS

(3)DISCONTINUED OPERATIONS

As indicated in Note 2, there were no disposal activities in the first quarter of 2015. Prior to January 1, 2015, we reported businesses or asset groups as discontinued operations when, among other things, we terminated the operations of the business or asset group, committed to a plan to divest the business or asset group or actively began marketing the business or asset group, and the sale of the business or asset group was deemed probable within the next twelve months.

During the first quarter of 2014, we sold our Thermal Products Solutions (“TPS”) business for cash consideration of $38.5 and a promissory note of $4.0, resulting in a gain, net of tax, during the quarter of $21.5. The promissory note was paid in full during the fourth quarter of 2014.

In addition to the TPS business, we recognized net losses of $0.4 and $0.5 during the three months ended March 28, 2015 and March 29, 2014, respectively, resulting from adjustments to gains/losses on dispositions of businesses discontinued prior to 2014.

For the first three months of 2015 and 2014, income (loss) from discontinued operations and the related income taxes are shown below:

	Three months ended
	March 28,			March 29,
	2015			2014
Income (loss) from discontinued operations	$	(0.4	)	$	33.9
Income tax provision	—			(12.8		)
Income (loss) from discontinued operations, net	$	(0.4	)	$	21.1

For the first three months of 2015 and 2014, results of operations from our businesses reported as discontinued operations were as follows:

	Three months ended
	March 28,		March 29,
	2015		2014
Revenues	$	—	$	26.0
Pre-tax income	—		—