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Discontinued Operations and Divestitures | 9 Months Ended
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Sep. 27, 2014
Business Combinations [Abstract] |
Discontinued Operations and Divestitures | Discontinued Operations and Divestitures Discontinued Operations On July 28, 2014, our Board of Directors approved a decision to exit our Water Transport business in Australia. We expect to dispose of the Water Transport business by early to mid-2015. The results of the Water Transport business have been presented as discontinued operations and the assets and liabilities of the Water Transport business have been reclassified as held for sale for all periods presented. During the quarter ended September 27, 2014, we recognized an impairment charge related to allocated amounts of goodwill, intangible assets, property, plant & equipment and other non-current assets totaling $380.1 million, net of a $12.3 million tax benefit, representing our estimated loss on disposal of the Water Transport business. The impairment charge was determined using significant unobservable inputs (Level 3 fair value measurements). In addition, during the first quarter of 2014 we sold a portion of our Water Transport business in Australia resulting in a loss of $5.6 million, net of a $2.4 million tax benefit. Operating results of discontinued operations are summarized below:
| Three months ended |  | Nine months ended
In millions | September 27, 2014 | September 28, 2013 |  | September 27, 2014 | September 28, 2013
Net sales | $ | 74.8 |  | $ | 116.7 |  |  | $ | 235.4 |  | $ | 403.0 |
Income from discontinued operations before income taxes | $ | 0.2 |  | $ | 10.3 |  |  | $ | 0.3 |  | $ | 40.0 |
Income tax benefit (provision) | 1.4 |  | (2.5 | ) |  | 2.3 |  | (10.2 | )
Income from discontinued operations, net of tax | $ | 1.6 |  | $ | 7.8 |  |  | $ | 2.6 |  | $ | 29.8 |
Loss from sale / impairment of discontinued operations before income taxes | $ | (392.4 | ) | $ | — |  |  | $ | (400.4 | ) | $ | — |
Income tax benefit | 12.3 |  | — |  |  | 14.7 |  | — |
Loss from sale / impairment of discontinued operations, net of tax | $ | (380.1 | ) | $ | — |  |  | $ | (385.7 | ) | $ | — |
The carrying amounts of major classes of assets and liabilities that were classified as held for sale on the Condensed Consolidated Balance Sheets were as follows:
In millions | September 27, 2014 | December 31, 2013
Cash and cash equivalents | $ | 10.6 |  | $ | 9.1 |
Accounts and notes receivable, net | 40.7 |  | 49.3 |
Inventories | 45.0 |  | 48.2 |
Other current assets | 32.9 |  | 27.8 |
Current assets held for sale | $ | 129.2 |  | $ | 134.4 |
Property, plant and equipment, net | $ | 22.8 |  | $ | 125.7 |
Goodwill | — |  | 273.5 |
Intangibles, net | — |  | 26.2 |
Other non-current assets | 13.4 |  | 40.9 |
Non-current assets held for sale | $ | 36.2 |  | $ | 466.3 |
Accounts payable | 22.4 |  | 19.7 |
Employee compensation and benefits | 17.4 |  | 34.7 |
Other current liabilities | 20.7 |  | 18.1 |
Current liabilities held for sale | $ | 60.5 |  | $ | 72.5 |
Long-term debt | $ | 4.5 |  | $ | 4.7 |
Pension and other post-retirement compensation and benefits | 3.2 |  | 4.6 |
Deferred tax liabilities | 3.7 |  | 23.6 |
Other non-current liabilities | 0.5 |  | 1.0 |
Non-current liabilities held for sale | $ | 11.9 |  | $ | 33.9 |
Divestitures During the first quarter of 2013 we sold a business that was part of Technical Solutions for a cash purchase price of $30.0 million, net of transaction costs, resulting in a gain of $16.7 million. Goodwill of $5.3 million was included in the assets of the business sold. The sales price was subject to a working capital adjustment and we received an additional $0.1 million cash in the third quarter of 2013 as a result.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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