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Discontinued Operations
 6 Months Ended
Jun. 30, 2015
Discontinued Operations [Abstract]  
Discontinued Operations
Note 2: 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
June 30,
  
Six Months Ended
June 30,
 
(dollars in millions)
 
2015
  
2014
  
2015
  
2014
 
         
Revenues
 
$
–
  
$
134
  
$
–
  
$
284
 
Cost of sales (excluding depreciation and amortization)
  
–
   
(93
)
  
–
   
(203
)
All other (costs) gains(1)
  
4
   
(25
)
  
(1
)
  
(58
)
Gain on sale of Compression businesses, before tax
  
–
   
95
   
681
   
95
 
                 
Income before income taxes
  
4
   
111
   
680
   
118
 
Income tax provision
  
(1
)
  
(88
)
  
(248
)
  
(90
)
Income from discontinued operations, net of income taxes
 
$
3
  
$
23
  
$
432
  
$
28
 

(1)– Includes post-closing adjustments during the three months ended June 30, 2015.
 
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.