Discontinued Operations, Danaher Separation And Other Dispositions (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Discontinued Operations

The key components of income from discontinued operations for the years ended December 31 were as follows ($ in millions):

	2015			2014			2013
Sales	$	345.7		$	759.8		$	834.9
Cost of sales	(97.7		)	(209.9		)	(219.3		)
Selling, general and administrative expenses	(152.1		)	(308.0		)	(315.7		)
Research and development expenses	(79.9		)	(157.2		)	(145.5		)
Interest expense	(1.8		)	(3.6		)	(4.7		)
Income from discontinued operations before income taxes	14.2			81.1			149.7
Gain on disposition of discontinued operations before income taxes	760.5			—			—
Earnings from discontinued operations before income taxes	774.7			81.1			149.7
Income taxes	(16.0		)	(25.8		)	(45.3		)
Earnings from discontinued operations, net of income taxes	$	758.7		$	55.3		$	104.4

The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s accompanying Consolidated Balance Sheet as of December 31, 2014 ($ in millions):

Assets:
Trade accounts receivable, net	$	188.0
Inventories	48.7
Property, plant and equipment, net	31.1
Goodwill	1,291.0
Other intangible assets, net	309.7
Other assets	15.0
Total assets, discontinued operations	$	1,883.5
Liabilities:
Trade accounts payable	$	50.0
Accrued expenses and other liabilities	258.0
Other long-term liabilities	159.6
Total liabilities, discontinued operations	$	467.6

Schedule of Sale of Joint Venture

The gain is computed as the difference between the book value of the Company’s investment in Apex at the time of sale and the fair value of the consideration received in exchange, as indicated in the table below ($ in millions):

Fair value of consideration received:
Cash, including $66.6 of dividends received during 2013 prior to closing of sale	$	758.6
Note receivable	38.5
Total fair value of consideration received	797.1
Less: book value of investment in unconsolidated joint venture	545.6
Less: other related costs and expenses	21.7
Pretax gain on sale of unconsolidated joint venture	229.8
Income tax expense	86.2
After-tax gain on sale of unconsolidated joint venture	$	143.6