DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Summary of Activities in Consolidated Statements of Income for Discontinued Operations

The following table displays summarized activity in our consolidated statements of operations for discontinued operations during the years ended December 31, 2014, 2013 and 2012.



	2014										2013									2012
	Coatings			Distribution Product Line		Pre- Acquisition Umeco		Total			Coatings			Distribution Product Line			Total			Coatings			Total
Net sales	$	—		$	—	$	—	$	—		$	368.0		$	—		$	368.0		$	1,487.4		$	1,487.4
Earnings from operations of discontinued businesses before income taxes⁽¹⁾⁽³⁾	$	—		$	—	$	—	$	—		$	48.1		$	—		$	48.1		$	190.9		$	190.9
Income tax expense on operations⁽²⁾⁽³⁾	—			—		—		—			(16.5		)	—			(16.5		)	(73.5		)	(73.5		)
(Loss) gain on sale of discontinued operations	(6.1		)	0.2		3.6		(2.3		)	17.9			(12.5		)	5.4			21.3			21.3
Income tax benefit (expense) on (loss) gain on sale	12.0			—		—		12.0			(34.8		)	—			(34.8		)	(12.7		)	(12.7		)
Adjustment to fair value, less cost to sell	—			—		—		—			—			—			—			(27.5		)	(27.5		)
Income tax benefit on adjustment	—			—		—		—			—			—			—			2.8			2.8
Earnings from discontinued operations, net of tax	$	5.9		$	0.2	$	3.6	$	9.7		$	14.7		$	(12.5	)	$	2.2		$	101.3		$	101.3


(1)	Included in earnings of discontinued operations before income tax expenses for the year ended December 31, 2012 were expenses of $23.4 related to the Coatings sale process. For the year ending December 31, 2012, includes net restructuring charges of $1.6 and environmental charges of $1.7.


(2)	Income tax expense on discontinued operations for the year ended December 31, 2012 includes a $7.6 of tax expense on estimated unrepatriated earnings of international subsidiaries from the anticipated sale of Coatings.


(3)	The assets and liabilities of the Coatings business were reclassified to held-for-sale effective June 30, 2012. Accordingly, depreciation and amortization were no longer recorded on these assets beginning July 1, 2012.

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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