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DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 27, 2014
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | (3) DISCONTINUED OPERATIONS As part of our operating strategy, we regularly review and negotiate potential divestitures, some of which are or may be material. We report businesses or asset groups as discontinued operations when, among other things, we terminate the operations of the business or asset group, commit to a plan to divest the business or asset group or we actively begin marketing the business or asset group, and the sale of the business or asset group is deemed probable within the next twelve months. The following businesses, which have been sold or for which operations have been terminated, met these requirements and therefore have been reported as discontinued operations for all periods presented:
Business |  | Quarter Discontinued |  | Quarter of Sale or Termination of Operations |
Fenn LLC (“Fenn”) |  | Q3 2013 |  | Q3 2014 |
SPX Precision Components (“Precision Components”) |  | Q3 2013 |  | Q2 2014 |
Thermal Product Solutions (“TPS”) |  | Q3 2013 |  | Q1 2014 |
Broadcast Antenna System business (“Dielectric”) |  | Q2 2013 |  | Q2 2013 |
Crystal Growing business (“Kayex”) |  | Q1 2013 |  | Q1 2013 |
Fenn — Sold for cash consideration of $3.5 during the third quarter of 2014, resulting in a loss, net of taxes, of $0.4. Precision Components — Sold for cash consideration of $63.0 during the second quarter of 2014, resulting in a loss, net of taxes, of $7.3. During the third quarter of 2014, we reduced the net loss by $0.4, primarily as a result of revisions to certain liabilities related to the sale, and paid $0.4 associated with the working capital settlement. TPS — Sold for cash consideration of $38.5 and a promissory note of $4.0 during the first quarter of 2014, resulting in a gain, net of taxes, of $21.5. During the third quarter of 2014, the amount due under the promissory note was collected in full, and we reduced the net gain on the sale of the business by $0.3 related to revisions of certain retained liabilities associated with the sale. Dielectric — We sold assets of the business during the second quarter of 2013 for cash consideration of $4.7, resulting in a gain of less than $0.1. Kayex — We closed the business during the first quarter of 2013. In connection with the closure, we recorded a loss, net of taxes, of $2.1 during the first quarter of 2013, with such loss related primarily to severance costs and asset impairment charges. During the third quarter of 2013, we recorded a gain, net of taxes, of $3.6 associated primarily with the sale of a perpetual license related to certain of the business’s intangible assets. Proceeds from the sale of the perpetual license totaled $6.9. In addition to the businesses discussed above, we recognized net losses of $2.6 and $1.9 during the three and nine months ended September 27, 2014, respectively, and net losses of $3.4 and $3.8 during the three and nine months ended September 28, 2013, respectively, resulting from adjustments to gains/losses on dispositions of previously discontinued businesses. Refer to the consolidated financial statements contained in our 2013 Annual Report on Form 10-K for the disclosure of all businesses discontinued during 2011, 2012 and 2013. The final sales price for certain of the divested businesses is subject to adjustment based on working capital existing at the respective closing dates. The working capital figures are subject to agreement with the buyers or, if we cannot come to agreement with the buyers, an arbitration or other dispute-resolution process. Final agreement of the working capital figures with the buyers for certain of these transactions has yet to occur. In addition, changes in estimates associated with liabilities retained in connection with a business divestiture (e.g., income taxes) may occur. It is possible that the sales price and resulting gains/losses on these and other previous divestitures may be materially adjusted in subsequent periods. For the three and nine months ended September 27, 2014 and September 28, 2013, income from discontinued operations and the related income taxes are shown below:
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Income from discontinued operations |  | $ | 3.3 |  | $ | 9.0 |  | $ | 36.9 |  | $ | 13.3 |
Income tax provision |  | (4.3 | ) | (3.6 | ) | (20.0 | ) | (4.5 | )
Income (loss) from discontinued operations, net |  | $ | (1.0 | ) | $ | 5.4 |  | $ | 16.9 |  | $ | 8.8 |
For the three and nine months ended September 27, 2014 and September 28, 2013, results of operations for discontinued operations were as follows:
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Revenues |  | $ | 13.4 |  | $ | 50.7 |  | $ | 63.1 |  | $ | 154.2 |
Pre-tax income |  | 3.4 |  | 8.6 |  | 8.0 |  | 15.9 |
The major classes of assets and liabilities, excluding intercompany balances, of the businesses reported as discontinued operations included in the accompanying condensed consolidated balance sheets are as follows:
|  | September 27, |  | December 31, |
|  | 2014 |  | 2013 |
Assets: |  |  |  |  |
Accounts receivable, net |  | $ | 6.6 |  | $ | 22.8 |
Inventories, net |  | 3.6 |  | 37.6 |
Other current assets |  | 0.1 |  | 1.2 |
Property, plant and equipment, net |  | 4.0 |  | 16.3 |
Goodwill and intangibles, net |  | 35.7 |  | 70.4 |
Assets of discontinued operations |  | $ | 50.0 |  | 148.3 |
Liabilities: |  |  |  |  |
Accounts payable |  | $ | 4.4 |  | $ | 13.3 |
Accrued expenses |  | 2.4 |  | 18.6 |
Liabilities of discontinued operations |  | $ | 6.8 |  | $ | 31.9 |

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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 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 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 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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