Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 2. Discontinued Operations

In 2007 and 2008, we completed the sale of the majority of our noncore businesses; however, we continue to incur legal fees, settlements and other expenses as purchasers of these businesses continue to seek adjustments to purchase price through provisions in the agreements.

For the quarter ended September 30, 2011, total loss from discontinued operations net of income taxes was $1.1 million. This included $0.3 million for anticipated claims related to workers’ compensation and product liability, $0.4 million for environmental accruals and $0.4 million of legal fees and settlements for sold businesses. See Note 12 for a discussion of income taxes included in discontinued operations.

For the quarter ended September 30, 2010, total loss from discontinued operations before income taxes was $0.5 million. This included $0.2 million related to our Grafton facility (formerly of the Engine and Power Train Group) for environmental accruals ($0.1 million) and operating costs ($0.1 million) and $0.3 million for legal fees and settlements for other sold businesses.

For the nine months ended September 30, 2011, total loss from discontinued operations net of income taxes was $1.0 million. This included $1.1 million of legal fees and settlements for sold businesses, $0.4 million for environmental accruals and $0.1 million related to our Grafton facility (formerly of the Engine and Power Train Group) for operating costs, partially offset by $0.6 million for a reduction in anticipated claims related to workers’ compensation and product liability. See Note 12 for a discussion of income taxes included in discontinued operations.

For the nine months ended September 30, 2010, total income from discontinued operations before income taxes was $4.6 million, which primarily relates to a non-cash curtailment gain of $6.6 million as a result of terminating post retirement benefits for a sold business, partially offset by $1.2 million related to our Grafton facility (formerly of the Engine and Power Train Group) for environmental accruals ($0.5 million) and operating costs ($0.7 million) and $0.8 million for legal fees and settlements for other sold businesses.

Our Grafton facility, an asset held from our former Engine and Power Train Group, is classified as held for sale on our consolidated balance sheet under the caption “other current assets” in the amount of $0.5 million.