Divestitures and Discontinued Operations

9 Months Ended

Sep. 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 nine months ended September 30 were as follows:

	Three months ended						Nine months ended
In millions	2013			2012			2013			2012
Net revenues	$	—		$	—		$	—		$	—
Pre-tax earnings (loss) from operations	$	(6.0	)	$	(13.6	)	$	(23.4	)	$	(40.4	)
Pre-tax gain (loss) on sale	—			—			—			3.2
Tax benefit (expense)	3.5			1.3			19.2			30.5
Discontinued operations, net of tax	$	(2.5	)	$	(12.3	)	$	(4.2	)	$	(6.7	)

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.