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Discontinued Operations | 9 Months Ended
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Sep. 30, 2016
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On August 18, 2016, we entered into a Share Purchase Agreement (the "Purchase Agreement") to sell our Valves & Controls business to Emerson Electric Co. for a purchase price of $3.15 billion in cash, subject to certain customary adjustments. We expect the sale to close in late 2016 or early 2017, subject to customary regulatory approvals and closing conditions. We have concluded, as a result of the signing of the Purchase Agreement, that the Valves & Controls business has met the criteria to be held for sale. The results of the Valves & Controls business have been presented as discontinued operations and the related assets and liabilities have been reclassified as held for sale for all periods presented. The Valves & Controls business was previously disclosed as a stand-alone reporting segment. In addition, during the first and second quarters of 2015, we sold the remaining portions of the Water Transport business in Australia and received cash proceeds of $59.0 million. The results of the Water Transport business have been presented as discontinued operations. Transaction costs of $15.6 million related to the sale of Valves & Controls were incurred during the nine months ended September 30, 2016. Operating results of discontinued operations are summarized below:
| Three months ended |  | Nine months ended
In millions | September 30, 2016 | September 26, 2015 |  | September 30, 2016 | September 26, 2015
Net sales | $ | 410.9 |  | $ | 440.9 |  |  | $ | 1,231.6 |  | $ | 1,385.2 |
Cost of goods sold | 287.6 |  | 295.6 |  |  | 886.7 |  | 934.6 |
Gross profit | 123.3 |  | 145.3 |  |  | 344.9 |  | 450.6 |
Selling, general and administrative | 87.4 |  | 113.3 |  |  | 267.6 |  | 316.3 |
Research and development | 4.3 |  | 5.1 |  |  | 14.2 |  | 16.7 |
Operating income | $ | 31.6 |  | $ | 26.9 |  |  | $ | 63.1 |  | $ | 117.6 |
Income from discontinued operations before income taxes | $ | 32.0 |  | $ | 27.4 |  |  | $ | 63.6 |  | $ | 117.6 |
Provision for income taxes | 9.1 |  | 6.9 |  |  | 15.0 |  | 29.0 |
Income from discontinued operations, net of tax | $ | 22.9 |  | $ | 20.5 |  |  | $ | 48.6 |  | $ | 88.6 |
|  |  |  |  | — |
Gain (loss) from sale of discontinued operations before income taxes | $ | 0.6 |  | $ | — |  |  | $ | 0.6 |  | $ | (4.8 | )
Provision for income taxes | — |  | — |  |  | — |  | — |
Gain (loss) from sale of discontinued operations, net of tax | $ | 0.6 |  | $ | — |  |  | $ | 0.6 |  | $ | (4.8 | )
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 30, 2016 | December 31, 2015
Accounts and notes receivable, net | $ | 382.8 |  | $ | 394.5 |
Inventories | 562.1 |  | 609.6 |
Other current assets | 97.8 |  | 89.3 |
Current assets held for sale | $ | 1,042.7 |  | $ | 1,093.4 |
Property, plant and equipment, net | $ | 381.5 |  | $ | 403.1 |
Goodwill | 996.4 |  | 996.4 |
Intangibles, net | 708.7 |  | 742.7 |
Asbestos-related insurance receivable | 109.3 |  | 111.0 |
Other non-current assets | 91.9 |  | 95.4 |
Non-current assets held for sale | $ | 2,287.8 |  | $ | 2,348.6 |
Accounts payable | $ | 145.0 |  | $ | 175.0 |
Employee compensation and benefits | 58.5 |  | 100.3 |
Other current liabilities | 160.4 |  | 157.7 |
Current liabilities held for sale | $ | 363.9 |  | $ | 433.0 |
Pension and other post-retirement compensation and benefits | $ | 36.3 |  | $ | 42.6 |
Deferred tax liabilities | 174.3 |  | 173.9 |
Asbestos-related liabilities | 231.2 |  | 237.9 |
Other non-current liabilities | 98.1 |  | 90.8 |
Non-current liabilities held for sale | $ | 539.9 |  | $ | 545.2 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: 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=64862545&loc=d3e2941-110230 Reference 7: 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=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: 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=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
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