Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations [Abstract]

Discontinued Operations

Note 2: Discontinued Operations

On January 20, 2014, the Company announced it had entered into a definitive agreement to sell its Reciprocating Compression business, a division of the Process and Compression Systems (PCS) segment, to General Electric for cash consideration of approximately $550 million, subject to closing adjustments.  The sale is expected to close in the second quarter of 2014.  As a result of this agreement, the Reciprocating Compression business is being reported as a discontinued operation in the Company's results of operations for the three month periods ended March 31, 2014 and 2013.

Summarized financial information for the Reciprocating Compression business is as follows (in millions):

	Three Months Ended March 31,
	2014			2013
Results of Operations:
Revenues	$	47.8		$	56.8
Cost of sales (excluding depreciation and amortization)		37.1			41.1
All other costs		18.0			13.3
Income (loss) before income taxes		(7.3	)		2.4
Income tax benefit (provision)		1.7			(0.5	)
Income (loss) from discontinued operations, net of income taxes	$	(5.6	)	$	1.9
Balance sheet (as of period end):
Receivables, net	$	83.2
Inventories, net		114.9
Other		12.9
Total current assets		211.0
Plant and equipment, net		51.2
Goodwill		213.3
Intangibles, net		1.1
Other assets		6.4
Assets of discontinued operations	$	483.0
Short-term debt	$	0.9
Accounts payable and accrued liabilities		58.0
Total current liabilities		58.9
Long-term debt		1.5
Other long-term liabilities		0.3
Liabilities of discontinued operations	$	60.7