Disposed and Discontinued Operations (Notes)

3 Months Ended

Mar. 31, 2020

Disposal Groups, Including Discontinued Operations, Disclosure

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


(in millions)	Three Months Ended March 31, 2020
Revenues	$	—
Cost of goods sold	—


Gross profit	—



Operating income	—


Earnings from discontinued operations before taxes ⁽¹⁾	—
Benefit from income taxes ⁽²⁾	(3.7)
Earnings from discontinued operations, net of tax	$	3.7

⁽¹⁾The Company's policy is to not allocate interest expense to discontinued operations unless it is directly attributable to the operations. The discontinued operations did not have any such interest expense in the periods presented.

⁽²⁾The Company recorded a tax benefit for a refund received during the first quarter of 2020 related to the Timing Device Business.

Assets and liabilities of discontinued operations are summarized below:


(in millions)	March 31, 2020		December 31, 2019
Liabilities of discontinued operations:
Other liabilities ⁽¹⁾	$	0.6	$	0.6
Total liabilities	$	0.6	$	0.6

⁽¹⁾ The Company recorded an unrecognized tax benefit related to the Speaker and Receiver Product Line during the fourth quarter of 2019.

Discontinued operations had no impact on the Company's results of operations for three months ended March 31, 2019. There was no depreciation, amortization of intangible assets, or capital expenditures related to discontinued operations during the three months ended March 31, 2020 and 2019.