Divestitures and Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Discontinued Operations

Discontinued Operations

The components of Discontinued operations, net of tax for the three and six months ended June 30 were as follows:

	Three months ended						Six months ended
In millions	2013			2012			2013			2012
Net revenues	$	—		$	—		$	—		$	—
Pre-tax earnings (loss) from operations	$	(7.0	)	$	(13.7	)	$	(17.5	)	$	(26.8	)
Pre-tax gain (loss) on sale	—			3.2			—			3.2
Tax benefit (expense)	12.6			18.3			15.9			29.2
Discontinued operations, net of tax	$	5.6		$	7.8		$	(1.6	)	$	5.6

In November 2007, the Company completed the sale of its Bobcat, Utility Equipment and Attachments businesses (collectively, Compact Equipment) to Doosan Infracore for gross proceeds of approximately $4.9 billion, subject to post-closing purchase price adjustments. Compact Equipment manufactured and sold compact equipment, including skid-steer loaders, compact track loaders, mini-excavators and telescopic tool handlers; portable air compressors, generators and light towers; general-purpose light construction equipment; and attachments. During the second quarter of 2012, Doosan Infracore paid the Company a total of $46.5 million to settle outstanding receivables and disputed post-closing matters.

Discontinued operations, net of tax from previously sold businesses is mainly related to postretirement benefits, product liability, worker's compensation, legal costs (mostly asbestos-related), and tax effects of post-closing purchase price adjustments.