Sale of Business

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

3.	SALE OF BUSINESS

On March 29, 2019, the Company completed the sale of its global Fluid Pressure & Controls [“FP&C”] business to Hanon Systems for total consideration of $1.23 billion. The business was included in the Company’s Power & Vision segment and did not meet the criteria to be classified as a discontinued operation.

The following table summarizes the carrying value of the major classes of assets and liabilities of the FP&C business which were reflected as held for sale in the consolidated balance sheets at December 31, 2018:


	December 31, 2018
Accounts receivable	$	258
Inventories		140
Prepaid expenses and other		4
Investments		4
Fixed assets, net		320
Goodwill		157
Deferred tax assets		17
Other assets		11
Intangibles		38

Assets held for sale	$	949

Accounts payable	$	226
Accrued salaries and wages		30
Other accrued liabilities		76
Income taxes payable		6
Long-term employee benefit liabilities		62
Other long-term liabilities		3
Deferred tax liabilities		5

Liabilities held for sale	$	408

During 2019, the Company recognized a gain on the sale within other expense, net as follows:


Proceeds on disposal, net of transaction costs	$	1,180
Net assets disposed		656

Gain included in other expense, net [note 4]		524
Income taxes		77

Gain on divestiture, net of ta x	$	447