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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Summary of selected financial data of businesses which are classified as discontinued operations
The following selected financial data of various other businesses disposed of prior to 2014, consisting primarily of administrative costs, for the three and six months ended June 30, 2016 and 2015, is presented for informational purposes only and does not necessarily reflect what the results of operations would have been had the businesses operated as stand-alone entities. 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
 
2016
 
2015
 
2016
 
2015
Net sales
 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
Pretax (loss) income from discontinued operations
 
(0.1
)
 
0.1

 
(0.1
)
 
(0.1
)
Provision for taxes on income
 
—

 
0.1

 
—

 
—

Net loss from discontinued operations
 
$
(0.1
)
 
$
—

 
$
(0.1
)
 
$
(0.1
)
The following table presents the financial results of MFS through the date of the Spin-Off for the indicated periods and do not include corporate overhead allocations:
Major classes of line items constituting earnings from discontinued operations before income taxes related to MFS
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
 
2016
 
2015
 
2016
 
2015
Net sales
 
$
—

 
$
407.7

 
$
219.6

 
$
753.1

 
 
 
 
 
 
 
 
 
Cost of sales
 
—

 
280.1

 
141.5

 
518.4

Engineering, selling and administrative expenses
 
—

 
65.2

 
48.3

 
141.1

Amortization expense
 
—

 
7.9

 
5.2

 
15.7

Restructuring expense
 
—

 
(0.5
)
 
0.3

 
0.4

Separation expense
 
0.7

 
8.3

 
27.7

 
9.8

Other
 
—

 
0.5

 
—

 
0.5

Total operating costs and expenses
 
0.7

 
361.5

 
223.0

 
685.9

(Loss) earnings from operations
 
(0.7
)
 
46.2

 
(3.4
)
 
67.2

Other (expense) income
 
—

 
(0.2
)
 
(1.8
)
 
2.2

(Loss) earnings from discontinued operations before income taxes
 
(0.7
)
 
46.0

 
(5.2
)
 
69.4

(Benefit) provision for taxes on earnings
 
—

 
16.4

 
(1.3
)
 
24.7

(Loss) earnings from discontinued operations, net of income taxes
 
$
(0.7
)
 
$
29.6

 
$
(3.9
)
 
$
44.7

 
The assets and liabilities of MFS have been classified as discontinued operations as of December 31, 2015. No assets or liabilities of MFS are reflected on the Company's Condensed Consolidated Balance Sheet as of June 30, 2016. These amounts consisted of the following carrying amounts in each major class at December 31, 2015.
Carrying amounts of major classes of assets and liabilities included as part of discontinued operations related to MFS
 
 
(in millions)
 
 
December 31,
2015
Assets
 
 
 
Cash and temporary investments
 
 
$
31.9

Restricted cash
 
 
0.6

Accounts receivable - net
 
 
63.8

Inventories - net
 
 
145.9

Other current assets
 
 
12.0

Property, plant and equipment - net
 
 
116.3

Goodwill
 
 
845.8

Other intangible assets - net
 
 
519.5

Other long-term assets
 
 
16.2

Long-term assets held for sale
 
 
3.7

Total major classes of assets of discontinued operations
 
 
$
1,755.7

 
 
 
 
Liabilities
 
 
 
Accounts payable and accrued expenses
 
 
$
271.6

Current portion of long-term debt
 
 
0.4

Other current liabilities
 
 
40.0

Long-term debt
 
 
2.3

Deferred income taxes
 
 
167.9

Pension
 
 
29.3

Postretirement health and other benefit obligations
 
 
3.0

Other non-current liabilities
 
 
17.3

Total major classes of liabilities of discontinued operations
 
 
$
531.8