Management and the Board of Directors periodically conduct strategic reviews of the Company's businesses.

On November 28, 2017, the Company completed the sale of the Timing Device Business, part of the Precision Devices ("PD") segment, to Microsemi Corporation for $130.0 million, plus purchase price adjustments for a net amount of $133.3 million. The Company recorded a gain of $62.3 million as a result of the sale, which included $0.4 million of gain amounts reclassified from Accumulated other comprehensive loss into earnings related to currency translation adjustments. The purchase price includes $10.0 million held in escrow that will be received nine months from the completion of the sale and is recorded in the Prepaid and other current assets line on the Consolidated Balance Sheets.

On July 7, 2016, the Company completed the sale of its speaker and receiver product line ("Speaker and Receiver Product Line").

The results of operations and financial positions of the Timing Device Business and Speaker and Receiver Product Line have been reclassified to discontinued operations for all periods presented as these disposals represent strategic shifts that have a major effect on the Company's results of operations.

Summarized results of the Company's discontinued operations are as follows:



	Three Months Ended March 31,
(in millions)	2018			2017
Revenues	$	—		$	25.4
Cost of goods sold	—			17.1
Gross profit	—			8.3
Research and development expenses	—			2.2
Selling and administrative expenses	—			4.7
Restructuring charges	—			0.1
Operating expenses	—			7.0
Other (income) expense, net	(0.2		)	0.6
Earnings from discontinued operations before taxes ⁽¹⁾	0.2			0.7
Provision for (benefit from) income taxes	0.1			(1.1		)
Earnings from discontinued operations, net of tax	$	0.1		$	1.8

⁽¹⁾The Company's policy is to not allocate interest expense to discontinued operations unless it is directly attributable to the operations. The results of operations of the Timing Device Business and Speaker and Receiver Product Line did not have any such interest expense in the periods presented.

Assets and liabilities of discontinued operations are summarized below:



(in millions)	March 31, 2018		December 31, 2017
Assets of discontinued operations:
Receivables	$	1.8	$	1.2
Prepaid and other current assets	0.1		0.5
Total current assets	1.9		1.7
Total assets⁽¹⁾	$	1.9	$	1.7

Liabilities of discontinued operations:
Accounts payable	$	—	$	0.1
Other current liabilities	2.3		5.5
Total current liabilities	2.3		5.6
Total liabilities⁽¹⁾	$	2.3	$	5.6

⁽¹⁾In connection with the sale of the Timing Device Business, the Company retained certain obligations related to employees of the Timing Device Business. This arrangement results in maintaining asset and liability balances, which are expected to be settled during the current fiscal year.

The following table presents the depreciation, amortization, and capital expenditures related to discontinued operations:



	Three Months Ended March 31,
(in millions)	2018		2017
Depreciation	$	—	$	0.6
Amortization of intangible assets	—		0.3
Capital expenditures	—		0.9

There were capital expenditures of nil and $0.2 million included in accounts payable at March 31, 2018 and 2017, respectively.