Assets and Liabilities Held for Sale

3 Months Ended

Mar. 31, 2018

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

In 2017, the Company started exploring strategic options for non-core emission product lines in the Engine segment and launched an active program to locate a buyer and initiated all other actions required to complete the plan to sell the non-core pipes and thermostat product lines. The Company determined that the assets and liabilities of the pipes and thermostat product lines met the held for sale criteria as of December, 2017. In the first quarter of 2018, the Company continued its efforts to locate a buyer for this business. As of March 31, 2018 and December 31, 2017, assets of $69.6 million and $67.3 million, including allocated goodwill of $7.5 million and $7.3 million, and liabilities of $37.8 million and $29.5 million, respectively, were reclassified as held for sale on the Consolidated Balance Sheets. The fair value of the assets and liabilities, less costs to sell, was determined to be less than the carrying value, therefore, the Company recorded an asset impairment expense of $71.0 million in the year ended December 31, 2017 in Other expense, net to adjust the net book value of this business to its fair value less cost to sell. There was no asset impairment expense recorded in the three months ended March 31, 2018. The business did not meet the criteria to be classified as a discontinued operation.

The assets and liabilities classified as held for sale are as follows:



	March 31,			December 31,
(millions of dollars)	2018			2017
Receivables, net	$	25.6		$	21.0
Inventories, net	28.5			30.4
Prepayments and other current assets	12.0			10.3
Property, plant and equipment, net	46.8			47.7
Goodwill	7.5			7.3
Other intangible assets, net	21.7			21.1
Other assets	0.4			0.5
Impairment of carrying value	(72.9		)	(71.0		)
Total assets held for sale	$	69.6		$	67.3

Accounts payable and accrued expenses	$	30.5		$	24.6
Other liabilities	7.3			4.9
Total liabilities held for sale	$	37.8		$	29.5