Discontinued Operations and Assets and Liabilities Held for Sale (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of income (loss) from discontinued operations and related income taxes

Major classes of line items constituting pre-tax income and after-tax income of SPX FLOW for the years ended December 31, 2015 ⁽¹⁾, 2014 and 2013 are shown below:



	Year ended December 31,
	2015 ⁽¹⁾			2014			2013
Revenues	$	1,775.1		$	2,768.4		$	2,804.5
Costs and expenses:
Costs of products sold	1,179.3			1,831.0			1,906.9
Selling, general and administrative ⁽²⁾	368.2			507.8			522.4
Intangible amortization	17.7			26.1			27.2
Impairment of intangible assets	15.0			11.7			6.7
Special charges	41.2			13.8			14.4
Other income (expense), net ⁽³⁾	1.3			(1.9		)	(5.5		)
Interest expense, net	(32.6		)	(41.1		)	(41.7		)
Income before taxes	122.4			335.0			279.7
Income tax provision	(43.0		)	(75.5		)	(78.2		)
Income from discontinued operations	79.4			259.5			201.5
Less: Net income (loss) attributable to noncontrolling interest	(0.9		)	(2.2		)	1.7
Income from discontinued operations attributable to shareholders	$	80.3		$	261.7		$	199.8


⁽¹⁾	Represents financial results for SPX FLOW through the date of Spin-Off (i.e., the nine months ended September 26, 2015), except for a revision to increase the income tax provision by $1.4 that was recorded during the fourth quarter of 2015.


⁽²⁾	Includes $30.8 and $3.5 for the years ended December 31, 2015 and December 31, 2014, respectively, of professional fees and other costs that were incurred in connection with the Spin-Off.


⁽³⁾	Includes, for the year ended December 31, 2014, $5.0 of costs incurred to obtain the consents required of the holders of our 6.875% senior notes to amend certain provisions of the indenture governing such senior notes, with such consent obtained in connection with the Spin-Off.

Schedule of major classes of assets and liabilities, excluding intercompany balances, of businesses reported as discontinued operations

For the years ended December 31, 2015, 2014 and 2013, selected information regarding the results of operations of our businesses included in discontinued operations, other than SPX FLOW, was as follows:



	Year ended December 31,
	2015		2014			2013
Revenues	$	—	$	27.7		$	148.9
Pre-tax income (loss)	—		(6.1		)	7.0
Income (loss) from discontinued operations, net	—		(5.0		)	5.3

For the years ended December 31, 2015, 2014 and 2013, results of operations from our businesses reported as discontinued operations were as follows:



	Year ended December 31,
	2015 ⁽¹⁾			2014			2013
SPX FLOW
Income from discontinued operations	$	122.4		$	335.0		$	279.7
Income tax provision	(43.0		)	(75.5		)	(78.2		)
Income from discontinued operations, net	79.4			259.5			201.5

All other
Income (loss) from discontinued operations	(8.6		)	22.1			3.6
Income tax (provision) benefit	3.4			(13.8		)	(2.3		)
Income (loss) from discontinued operations, net	(5.2		)	8.3			1.3

Total
Income from discontinued operations	113.8			357.1			283.3
Income tax provision	(39.6		)	(89.3		)	(80.5		)
Income from discontinued operations, net	$	74.2		$	267.8		$	202.8


⁽¹⁾	Represents amounts for SPX FLOW through the date of Spin-Off (i.e., the nine months ended September 26, 2015), except for a revision to increase the income tax provision by $1.4 that was recorded during the fourth quarter of 2015.

The assets and liabilities of SPX FLOW have been reclassified to assets and liabilities of discontinued operations as of December 31, 2014. The components of SPX FLOW’s assets and liabilities as of December 31, 2014 are shown below:



ASSETS:
Cash and equivalents	$	190.4
Accounts receivable, net	593.9
Inventories, net	330.4
Other current assets	106.5
Assets of discontinued operations - current	1,221.2
Property, plant and equipment, net	433.0
Goodwill	1,081.0
Intangibles, net	659.3
Other assets	101.4
Assets of discontinued operations - non current	2,274.7
Total assets - discontinued operations	$	3,495.9

LIABILITIES:
Accounts payable	$	252.0
Accrued expenses	452.1
Income taxes payable	35.4
Short-term debt and current maturities of long-term debt	26.3
Liabilities of discontinued operations - current	765.8
Long-term debt	610.3
Other long-term liabilities (includes $227.1 of "Deferred and other income taxes")	421.9
Liabilities of discontinued operations - non current	1,032.2
Total liabilities - discontinued operations	$	1,798.0

The following table presents selected financial information regarding cash flows of SPX FLOW that are included within discontinued operations in the consolidated statements of cash flows:



	Year ended December 31,
	2015 ⁽¹⁾		2014		2013
Non-cash items included in income from discontinued operations
Depreciation and amortization	$	44.3	$	65.8	$	69.9
Impairment of intangible assets	15.0		11.7		6.7
Capital expenditures	43.1		40.7		23.4
Payment of capital lease obligation	—		60.8		—


⁽¹⁾	Represents financial results for SPX FLOW through the date of Spin-Off (i.e., the nine months ended September 26, 2015).

Schedule of major classes of assets and liabilities held for sale

The major classes of assets and liabilities held for sale as of December 31, 2015 are shown below:



Assets:
Accounts receivable, net	$	49.2
Inventories, net	12.9
Other current assets	13.9
Property, plant and equipment, net	3.3
Goodwill	10.7
Intangibles, net	8.3
Other assets	8.8
Assets held for sale	$	107.1
Liabilities:
Accounts payable	$	13.7
Accrued expenses	25.3
Other long-term liabilities	2.3
Liabilities held for sale	$	41.3

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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