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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Summarized Financial Information of Discontinued Operations | The following table represents income from discontinued operations, net of tax:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Sales | $ | 43.0 |  |  | $ | 37.8 |  |  | $ | 120.6 |  |  | $ | 109.3 |
Cost of sales | 31.3 |  |  | 25.3 |  |  | 87.1 |  |  | 78.5 |
Selling, general and administrative expenses | 6.8 |  |  | 8.6 |  |  | 21.4 |  |  | 25.5 |
Amortization expense | 0.6 |  |  | 0.7 |  |  | 1.8 |  |  | 2.2 |
Operating income (1) | 4.3 |  |  | 3.2 |  |  | 10.3 |  |  | 3.1 |
Other expenses (income), net | 0.4 |  |  | (0.1 | ) |  | 0.6 |  |  | (1.2 | )
Income before income taxes | 3.9 |  |  | 3.3 |  |  | 9.7 |  |  | 4.3 |
Income tax expense (2) | 3.2 |  |  | 1.2 |  |  | 5.0 |  |  | 1.7 |
Income from discontinued operations, net of tax | $ | 0.7 |  |  | $ | 2.1 |  |  | $ | 4.7 |  |  | $ | 2.6 |
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(1) | Includes depreciation expense of $0.4 for both the three months ended September 30, 2018 and 2017. Includes depreciation expense of $1.3 and $1.2 for the nine months ended September 30, 2018 and 2017, respectively.
(2) | Income tax expense of $3.2 and $1.2 for the three months ended September 30, 2018 and 2017, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 82.1% and 36.4%, respectively. Income tax expense of $5.0 and $1.7 in the nine months ended September 30, 2018 and 2017, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 51.5% and 39.5%, respectively.
The effective income tax rate of 82.1% and 51.5% for the three and nine months ended September 30, 2018 differed from the U.S. federal statutory rate of 21% primarily due to the effect of U.S. and foreign tax costs directly related to the Divestiture. The effective income tax rate of 36.4% and 39.5% for the three and nine months ended September 30, 2017 differed from the U.S. federal statutory rate of 35% primarily due to the effect of certain losses recorded in the UK for which no tax benefit is recorded. The following table represents the assets and liabilities from discontinued operations:
| September 30, 2018 |  | December 31, 2017
Accounts receivable, net | $ | 30.4 |  |  | $ | 26.3 |
Inventories, net | 50.5 |  |  | 35.2 |
Unbilled contract revenue | 0.7 |  |  | 0.5 |
Prepaid expenses | 1.2 |  |  | 1.0 |
Other current assets | 3.9 |  |  | 3.7 |
Current assets of discontinued operations | $ | 86.7 |  |  | $ | 66.7 |
Property, plant, and equipment, net | $ | 13.0 |  |  | $ | 12.6 |
Goodwill | 9.1 |  |  | 9.1 |
Identifiable intangible assets, net | 14.3 |  |  | 16.1 |
Other assets | 0.3 |  |  | 0.4 |
Non-current assets of discontinued operations | $ | 36.7 |  |  | $ | 38.2 |
Accounts payable | $ | 20.1 |  |  | $ | 8.6 |
Customer advances and billings in excess of contract revenue | 1.6 |  |  | 0.6 |
Accrued salaries, wages, and benefits | 4.6 |  |  | 2.7 |
Current portion of warranty reserve | 2.2 |  |  | 2.6 |
Other current liabilities | 2.9 |  |  | 1.4 |
Current liabilities of discontinued operations | $ | 31.4 |  |  | $ | 15.9 |
Long-term deferred tax liabilities | $ | 0.4 |  |  | $ | 0.4 |
Other long-term liabilities | 3.0 |  |  | 2.2 |
Non-current liabilities of discontinued operations | $ | 3.4 |  |  | $ | 2.6 |

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- Definition Tabular disclosure of information 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: 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=64827811&loc=d3e1474-107760 Reference 4: 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=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: 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=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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