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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2012
Assets and Liabilities from Discontinued Operations

The major classes of assets and liabilities related to our disposition of the Shape Cutting Businesses at December 31, 2011 are provided in the table below. These amounts are presented as assets of discontinued operations within Other Assets and Other Liabilities on our Consolidated Balance Sheet.

 

Receivables, net

    $ 5.6   

Inventories, net

      5.8   

Other current assets

      1.0   

Total current assets

      12.4   

Plant, property and equipment, net

      2.6   

Goodwill

      12.9   

Other intangible assets

      11.2   

Total assets

    $ 39.1   

Total liabilities

    $ 9.4   

 
Results of Discontinued Operations

Summarized operating results from the Shape Cutting Businesses presented within earnings from discontinued operations are provided in the tables below. 

 

Year Ended 2012    Shape
Cutting
Businesses		      Other     Total  

Revenue

    $ 30.2       $ –      $ 30.2   

Earnings from discontinued operations before income taxes

      0.6         0.4        1.0   

Gain on sale before tax

      9.0         –        9.0   

Income tax expense (benefit)

      –         (5.9 )      (5.9 ) 

Earnings from discontinued operations, net of tax

    $ 9.6       $ 6.3      $ 15.9   

 

Year Ended 2011    Exelis      Xylem      Shape
Cutting
Businesses		     Other     Total  

Revenue

    $ 4,916.1       $ 3,107.5       $ 33.5      $ –      $ 8,057.1   

Transformation costs

      31.2         74.8         –        134.1        240.1   

Earnings from discontinued operations before income taxes

      473.0         321.5         (2.5 )      (108.9 )      683.1   

Income tax expense (benefit)

      193.6         70.3         (1.1 )      (26.7 )      236.1   

Earnings (loss) from discontinued operations, net of tax

    $ 279.4       $ 251.2       $ (1.4 )    $ (82.2 )    $ 447.0   

 

 

 

Year Ended 2010    Exelis      Xylem      CAS     Shape
Cutting
Businesses		     Other     Total  

Revenue

    $ 5,893.1       $ 3,191.7       $ 159.8      $ 17.6      $ –      $ 9,262.2   

Earnings from discontinued operations before income taxes

      718.2         395.5         13.4        (3.2 )      10.7        1,134.6   

Gain on sale before tax

      –         –         125.8        –        (0.2 )      125.6   

Income tax expense (benefit)

      250.6         51.6         (0.2 )      (1.1 )      24.6        325.5   

Earnings (loss) from discontinued operations, net of tax

    $ 467.6       $ 343.9       $ 139.4      $ (2.1 )    $ (14.1 )    $ 934.7