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Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations
Discontinued Operations
FMC Peroxygens:
On February 28, 2014, we completed the previously disclosed sale of our FMC Peroxygens business for $199.1 million in cash to One Equity Partners (OEP), the private investment arm of J.P. Morgan Chase & Co. The sale resulted in approximately $193.0 million in after-tax proceeds and an additional pre-tax loss of $10.1 million ($39.0 million net of tax) for the three months ended March 31, 2014. The net of tax loss of $39.0 million was driven by the final allocation of the $199.1 million of proceeds which was agreed to between us and OEP on February 28, 2014. The majority of the proceeds were allocated to higher taxing jurisdictions (i.e. United States) which resulted in tax expense within those jurisdictions, that were not offset by tax benefits from other taxing jurisdictions. We did not benefit the tax losses produced in those other taxing jurisdictions, as we do not expect the losses produced in those jurisdictions to be recoverable. The loss was recorded in discontinued operations, net of income taxes in our condensed consolidated income statements for the three months ended March 31, 2014.
The results of our discontinued FMC Peroxygens operations are summarized below:
(in Millions)
Three Months Ended March 31
2014
 
2013
Revenue
$
55.5

 
$
79.5

 
 
 
 
(Loss) income from discontinued operations before income taxes (1)
(10.7
)
 
4.5

Provision for income taxes
29.3

 
2.1

Total discontinued operations of FMC Peroxygens, net of income taxes
$
(40.0
)
 
$
2.4

____________________
(1)
Includes allocated interest expense of $0.8 million and $1.2 million for the three months ended March 31, 2014 and 2013, respectively. Interest was allocated in accordance with relevant discontinued operations accounting guidance. Interest expense allocated in 2014 was prior to the completed sale. Income from discontinued operations before income taxes for 2014 includes the pre-tax loss of $10.1 million discussed in the preceding paragraph.

The following table presents the major classes of assets and liabilities of the FMC Peroxygens business as of December 31, 2013:
(in Millions)
December 31, 2013
Assets
 
Current assets of discontinued operations held for sale (primarily trade receivables and inventories)
$
94.8

Property, plant & equipment
61.1

Goodwill
—

Intangible assets, net
2.7

Other non-current assets
39.7

Noncurrent assets of discontinued operations held for sale (1)
103.5

Total Assets
198.3

 
 
Liabilities
 
Current liabilities of discontinued operations held for sale
43.0

Noncurrent liabilities of discontinued operations held for sale (1)
5.2

Total Liabilities
48.2

Net Assets (2)
$
150.1

____________________
(1)
Presented as "Current assets\liabilities of discontinued operations held for sale" on the condensed and consolidated balance sheet as of December 31, 2013.
(2)
Excludes the net cumulative translation adjustment (CTA) losses of our foreign FMC Peroxygens operations. See Note 14 for the CTA loss recognized upon the divestiture of FMC Peroxygens.
In addition to our discontinued FMC Peroxygens business our other discontinued operations include adjustments to retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities.
Our discontinued operations comprised the following:
(in Millions)
Three Months Ended March 31
2014
 
2013
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit (expense) of zero and ($0.1) for the three months ended March 31, 2014 and 2013, respectively
$
(0.1
)
 
$
0.1

Provision for environmental liabilities, net of recoveries, net of income tax benefit of $2.7 and $1.3 for the three months ended March 31, 2014 and 2013, respectively (1)
(4.8
)
 
(2.0
)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $2.3 and $2.0 for the three months ended March 31, 2014 and 2013, respectively
(3.8
)
 
(3.3
)
Provision for restructuring charges, net of income tax benefit (expense) of zero and $0.2 for the three months ended March 31, 2014 and 2013, respectively (2)
(1.4
)
 
(0.4
)
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of ($29.3) and $2.1 for the three months ended March 31, 2014 and 2013, respectively
(40.0
)
 
2.4

Discontinued operations, net of income taxes
$
(50.1
)
 
$
(3.2
)

____________________
(1)
See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the 2014 in Note 11.
(2)
See roll forward of our restructuring reserves in Note 7.