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Acquisitions and Discontinued Operations | 6 Months Ended
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Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Acquisitions and Discontinued Operations | Acquisitions and Discontinued Operations Acquisitions In February 2019, as part of Filtration Solutions, we completed the acquisitions of Aquion, Inc. (“Aquion”) and Pelican Water Systems (“Pelican”) for $163.4 million and $121.1 million, respectively, in cash, net of cash acquired. For Aquion, the excess of purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $93.9 million, $4.6 million of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired as part of the Aquion acquisition include $15.7 million of indefinite-lived trade name intangible assets and $78.8 million of definite-lived customer relationships with an estimated useful life of 15 years. For Pelican, the excess purchase price over tangible net assets acquired has been preliminarily allocated to goodwill in the amount of $121.0 million, $7.6 million of which is expected to be deductible for income tax purposes. The preliminary purchase price allocation for these acquisitions is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to impacts associated with income taxes and other accruals. The proforma impact of these acquisitions is not material. Discontinued Operation — Electrical Separation On April 30, 2018, we completed the separation of our Electrical business from the rest of Pentair (the “Separation”) by means of a dividend in specie of the Electrical business, which was effected by the transfer of the Electrical business from Pentair to nVent Electric plc (“nVent”) and the issuance by nVent of ordinary shares directly to Pentair shareholders (the “Distribution”). The results of the Electrical business have been presented as discontinued operations. The Electrical business had been previously disclosed as a stand-alone reporting segment. Separation costs related to the Separation and Distribution were $55.3 million and $79.9 million for the three and six months ended June 30, 2018, respectively. These costs are reported in discontinued operations as they represent a cost directly related to the Separation and Distribution and are included within (Loss) income from discontinued operations, net of tax presented below. Operating results of the discontinued operation is summarized below:
| Three months ended |  | Six months ended
In millions | June 30, 2019 | June 30, 2018 |  | June 30, 2019 | June 30, 2018
Net sales | $ | — |  | $ | 155.0 |  |  | $ | — |  | $ | 693.9 |
Cost of goods sold | — |  | 93.8 |  |  | — |  | 424.0 |
Gross profit | — |  | 61.2 |  |  | — |  | 269.9 |
Selling, general and administrative expenses | 0.5 |  | 93.1 |  |  | 0.8 |  | 231.0 |
Research and development expenses | — |  | 3.4 |  |  | — |  | 14.6 |
Operating (loss) income | $ | (0.5 | ) | $ | (35.3 | ) |  | $ | (0.8 | ) | $ | 24.3 |
(Loss) income from discontinued operations before income taxes | $ | (0.4 | ) | $ | (37.9 | ) |  | $ | (1.2 | ) | $ | 19.8 |
Income tax provision (benefit) | 0.4 |  | (1.5 | ) |  | 0.7 |  | 11.7 |
(Loss) income from discontinued operations, net of tax | $ | (0.8 | ) | $ | (36.4 | ) |  | $ | (1.9 | ) | $ | 8.1 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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