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Discontinued Operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
The Company completed the sale of its Reciprocating Compression business to General Electric, effective June 1, 2014, and the sale of its Centrifugal Compression business to Ingersoll Rand on January 1, 2015. The gross cash consideration from the sale of both businesses was $1.4 billion, subject to pending closing adjustments.
Summarized financial information showing the results of operations of these discontinued operations was as follows:
 
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(dollars in millions)
2015
2014
2015
2014
 
 
 
 
 
Revenues
$
—

$
64

$
—

$
348

Cost of sales (excluding depreciation and amortization)
—

(43
)
—

(246
)
All other (costs) gains
(1
)
(17
)
(2
)
(75
)
Gain on sale of Compression businesses, before tax
—

—

681

95

 
 
 
 
 
Income before income taxes
(1
)
4

679

122

Income tax provision
—

(1
)
(248
)
(91
)
Income from discontinued operations, net of income taxes
$
(1
)
$
3

$
431

$
31

The gain on the sale of the Compression businesses was determined as follows:
(dollars in millions)
Sale of Centrifugal Compression
Sale of Reciprocating Compression
Sales price
$
850

$
550

Net assets sold
(160
)
(442
)
Transaction and other costs associated with the sale
(9
)
(13
)
Pre-tax gain
681

95

Tax provision
(248
)
(85
)
Gain on sale
$
433

$
10


The tax provision associated with the pre-tax gain on the Reciprocating Compression business was impacted by nondeductible goodwill of approximately $192 million included in the total net assets sold.