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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Selected Financial Data of Businesses Which are Classified as Discontinued Operations
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
 
 
 
 
 
 
(in millions)
 
2016
 
2015
 
2014
Net sales
 
$
219.6

 
$
1,570.1

 
$
1,581.3

 
 
 
 
 
 
 
Cost of sales
 
141.5

 
1,065.6

 
1,070.7

Engineering, selling and administrative expenses
 
48.3

 
271.3

 
284.2

Amortization of intangible assets
 
5.2

 
31.4

 
31.8

Asset impairment expense
 
—

 
9.0

 
1.1

Restructuring expense
 
0.3

 
4.6

 
2.5

Separation expense
 
27.7

 
39.4

 
—

Other
 
—

 
0.9

 
0.4

Total operating costs and expenses
 
223.0

 
1,422.2

 
1,390.7

Operating (loss) income
 
(3.4
)
 
147.9

 
190.6

Other (expense) income
 
(2.2
)
 
23.4

 
(1.7
)
(Loss) income from discontinued operations before income taxes
 
(5.6
)
 
171.3

 
188.9

Provision for taxes on income
 
0.6

 
35.9

 
26.5

(Loss) income from discontinued operations, net of income taxes (1)
 
$
(6.2
)
 
$
135.4

 
$
162.4

 
(1)
For the year ended December 31, 2016, 2015 and 2014, the Company recorded net (losses) income of $(1.0) million, $0.0 million and $(1.0) million, respectively, from various other businesses disposed of prior to 2014. This 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.
No assets or liabilities of MFS are reflected on the Company's Consolidated Balance Sheet as of December 31, 2016. The assets and liabilities of MFS have been classified as discontinued operations and are reflected as such on the Company's Consolidated Balance Sheet as of December 31, 2015. 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 cash equivalents
 
 
$
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 non-current 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 obligation
 
 
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