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DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
 9 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

As part of a strategic portfolio review conducted in 2014, the Corporation identified certain businesses it considered non-core. The Corporation considers businesses non-core when the business’ products or services do not complement its existing businesses and where the long-term growth and profitability prospects are below the Corporation’s expectations. As part of this initiative, through October 2015, the Corporation has divested all five businesses that were previously classified as held for sale. The results of operations of these businesses are reported as discontinued operations within our Condensed Consolidated Statements of Earnings and prior year amounts have been restated to conform to the current year presentation.

Discontinued Operations

The aggregate financial results of all discontinued operations for the three and nine months ended September 30, were as follows:

 
 
Three Months Ended
 
Nine Months Ended
(In thousands)
 
September 30,
 
September 30,
 
 
2015
 
2014
 
2015
 
2014
Net sales
 
$
727

 
$
80,210

 
$
58,011

 
$
279,026

Loss from discontinued operations before income taxes (1)
 
(872
)
 
(19,750
)
 
(40,831
)
 
(24,691
)
Income tax benefit / (expense)
 
(1,231
)
 
5,510

 
7,725

 
6,991

Loss on sale of businesses (2)
 
(2,155
)
 
(5,105
)
 
(12,768
)
 
(9,529
)
Loss from discontinued operations
 
$
(4,258
)
 
$
(19,345
)
 
$
(45,874
)
 
$
(27,229
)


(1) Loss from discontinued operations before income taxes includes approximately $41 million of held for sale impairment expense recorded in the three months ended March 31, 2015.

(2) Net of tax benefit for the three and nine months ended September 30, 2015 of $3.0 million, respectively.


Divestitures

In October 2015 and August 2015, the Corporation sold its two surface technology treatment facilities for an immaterial amount, that were previously classified as held for sale.

In July 2015, the Corporation sold the assets and liabilities of its Engineered Packaging business for approximately $14 million and recognized a pre-tax gain of $2.3 million.

In May 2015, the Corporation completed the divestiture of its Downstream oil and gas business for $19 million, net of transaction costs. The business had previously been classified within assets held for sale and had recorded impairment charges of $40 million during the first quarter. In connection with the second quarter sale, the Corporation realized an additional pre-tax loss on divestiture of $14 million and in the third quarter realized an additional pretax loss of $4.3 million related to a working capital adjustment.

In January 2015, the Corporation sold the assets of its Aviation Ground support business for £3 million ($4 million).

During the year ended December 31, 2014, the Corporation disposed of four businesses aggregating to cash proceeds of $153 million. The divestitures resulted in aggregate pre-tax losses in excess of $29 million, and tax benefits of approximately $7 million. During 2014, the Corporation also closed three international manufacturing facilities in its Surface Technologies business.