Discontinued Operations

Sale of Fluid Handling Business

The Company sold its Fluid Handling business to CIRCOR International, Inc. (“CIRCOR”) on December 11, 2017. The key components of Loss from discontinued operations for the three months ended March 29, 2019 and March 30, 2018 were as follows:



	Three Months Ended
	March 29, 2019			March 30, 2018
	(In thousands)
Selling, general and administrative expense⁽¹⁾	$	2,307		$	2,471
Divestiture-related expense, net⁽²⁾	126			1,075
Loss from discontinued operations before income taxes	(2,433		)	(3,546		)
Income tax expense (benefit)	1,012			(709		)
Loss from discontinued operations, net of taxes	$	(3,445	)	$	(2,837	)

(1) Pursuant to the purchase agreement, the Company retained its asbestos-related contingencies and insurance coverages. However, as the Company did not retain an interest in the ongoing operations of the business subject to the contingencies, the Company has classified asbestos-related activity in its Condensed Consolidated Statements of Operations as part of Loss from discontinued operations. See Note 15, “Commitments and Contingencies” for further information.

(2) Primarily related to professional and consulting fees associated with the divestiture including due diligence and preparation of regulatory filings, as well as employee benefit arrangements and other disposition-related activities.

The Company did not have material cash flows for discontinued operations during the three months ended March 29, 2019 and March 30, 2018.