Discontinued Operations

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Discontinued Operations

Discontinued Operations

On June 19, 2012, the Company sold Azonix Corporation (“Azonix”), which was part of the former Controls segment, to Cooper Industries for $44.8 million, of which $0.9 million and $0.5 million were recorded in the third and fourth quarters of 2012, respectively, resulting in an after tax gain of $14.5 million. As a result, the Consolidated Statement of Operations presents Azonix as a discontinued operation.

On June 28, 2012, the Company sold certain assets and operations of the Company’s valve service center in Houston, Texas, which was formerly part of the Fluid Handling segment, to Furmanite Corporation for $9.3 million, resulting in an after tax gain of $4.6 million. As a result, the Consolidated Statement of Operations presents the Company’s valve service center in Houston, Texas as a discontinued operation.

The operating results of the discontinued operations for the years ended December 31, 2014, 2013 and 2012 were as follows:

(in thousands) For year ended December 31,	2014		2013		2012
Net Sales	$	—	$	—	$	25,544
Income from discontinued operations before income taxes	$	—	$	—	$	3,777
Provision for income taxes	—		—		(1,321		)
Income from discontinued operations, net of income taxes	$	—	$	—	$	2,456