ASSETS HELD FOR SALE

3 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

2. ASSETS HELD FOR SALE

During the third quarter of 2013, the Company’s Board of Directors approved the initiation of a process to sell that portion of the Company’s Utility Solutions business segment represented by its subsidiary Aclara Technologies LLC (Aclara). Aclara is a supplier of special purpose fixed-network communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. Aclara’s assets and liabilities constitute a disposal group to be classified as held for sale and Aclara constitutes a component of the Company with operations and cash flows that are clearly distinguishable, operationally and for financial reporting purposes, from the rest of the entity. The results of operations of a component of an entity that either has been disposed of or is classified as held for sale shall be reported in discontinued operations. Accordingly, Aclara is reflected as discontinued operations and/or assets/liabilities held for sale in the financial statements and related notes for all periods presented.

Aclara’s pretax earnings (loss) recorded in discontinued operations was $3.7 million and $(7.7) million for the three-month periods ended December 31, 2013 and 2012, respectively. Aclara’s net sales were $51.9 million and $34.7 million for the three-month periods ended December 31, 2013 and 2012, respectively. Aclara’s operations were included within the Company's USG segment prior to the classification as discontinued operations.

The major classes of Aclara assets and liabilities held for sale included in the Consolidated Balance Sheets at December 31, 2013 and September 30, 2013 are shown below (in millions).

	December 31,
	2013		September 30, 2013
Assets:
Accounts receivable, net	$	62.3	55.5
Inventories		33.3	34.9
Other current assets		23.9	18.5
Current assets		119.5	108.9
Net property, plant & equipment		15.2	14.5
Intangible assets, net		67.1	66.0
Goodwill		57.9	57.9
Other assets		11.6	11.8
Total assets	$	271.3	259.1
Liabilities:
Accounts payable	$	17.1	22.2
Accrued expenses and other current liabilities		44.5	41.4
Current liabilities		61.6	63.6
Other liabilities		14.9	16.0
Total liabilities	$	76.5	79.6