Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

(3)  DISCONTINUED OPERATIONS

In April 2011, the Company entered into a definitive agreement to sell its finishing group of businesses to Graco Inc. in a $650,000,000 cash transaction. The sale is not expected to be completed prior to the fourth quarter of 2011, to accommodate regulatory reviews. The finishing businesses, which were included within the All Other segment, had revenues of approximately $305,000,000 for the year ended December 31, 2010. Additionally, in the second quarter of 2011, the Company’s Board of Directors approved plans to divest a consumer packaging business in the All Other segment and an electronics components business in the Power Systems & Electronics segment, which had combined 2010 revenues of approximately $100,000,000. The Company expects to dispose of both businesses within one year. These businesses are classified as held for sale as of June 30, 2011.

The held for sale finishing, consumer packaging, and electronics components businesses discussed above, along with a flooring business in the Decorative Surfaces segment that was exited in early 2011 and a security printing business in the All Other segment that was sold in the third quarter of 2010, are reported as discontinued operations in the statement of income. All related prior period income statement information has been restated to conform to the current year reporting of these businesses.

Results of the discontinued operations for the second quarter and year-to-date periods of 2011 and 2010 were as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
(In thousands)	2011			2010			2011			2010
Operating revenues	$	121,891		$	113,345		$	237,625		$	218,182
Income before income taxes	$	22,526		$	17,484		$	46,161		$	34,028
Income taxes		(7,625	)		(5,820	)		(14,357	)		(9,855	)
Income from discontinued operations	$	14,901		$	11,664		$	31,804		$	24,173

As of June 30, 2011, the assets and liabilities of the held for sale finishing, consumer packaging, and electronics components businesses discussed above were included in assets and liabilities held for sale in the statement of financial position, as follows:

(In thousands)	June 30, 2011
Trade receivables	$	87,350
Inventories		57,035
Net plant and equipment		49,130
Goodwill and intangible assets		215,320
Other		14,939
Total assets held for sale	$	423,774
Accounts payable	$	23,509
Accrued expenses		50,848
Other		27,818
Total liabilities held for sale	$	102,175