DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On May 30, 2014, the Company sold its truck business, which was consolidated in the Construction segment, to Volvo Construction Equipment for approximately $160 million. The truck business manufactured and sold off-highway rigid and articulated haul trucks. Included in the transaction was the manufacturing facility in Motherwell, Scotland.

Due to the divestiture of this business and the Atlas business described below, reporting of these businesses has been included in discontinued operations for all periods presented. Cash flows from the Company’s discontinued operations are included in the Condensed Consolidated Statement of Cash Flows.

The following amounts related to the discontinued operations were derived from historical financial information and have been segregated from continuing operations and reported as discontinued operations in the Condensed Consolidated Statement of Comprehensive Income (in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Net sales	$	—		$	53.6		$	94.8		$	169.8
Income (loss) from discontinued operations before income taxes	$	—		$	2.8		$	1.7		$	6.4
(Provision for) benefit from income taxes	—			7.5			(0.3		)	6.4
Income (loss) from discontinued operations – net of tax	$	—		$	10.3		$	1.4		$	12.8
Gain (loss) on disposition of discontinued operations	$	(0.8	)	$	—		$	66.7		$	3.5
(Provision for) benefit from income taxes	6.3			(0.4		)	(8.2		)	(0.9		)
Gain (loss) on disposition of discontinued operations – net of tax	$	5.5		$	(0.4	)	$	58.5		$	2.6

During the three and nine months ended September 30, 2014 the Company recorded a gain of $5.5 million and $57.0 million, respectively, related to the sale of its truck business. During the three months ended September 30, 2014, the Company recorded a benefit from income taxes of $5.8 million to correct the amount recorded in the second quarter related to the sale of its truck business. During the nine months ended September 30, 2014 and 2013 the Company recorded a gain of $1.5 million and $3.0 million, respectively, related to the sale of its Atlas heavy construction equipment and knuckle-boom cranes businesses based on contractually obligated earnings based payments from the purchaser. During the three and nine months ended September 30, 2013 the Company recorded a $0.4 million tax provision related to the sale of the Company’s Mining business.

The following table provides the amounts of assets and liabilities reported in discontinued operations in the Condensed Consolidated Balance Sheet (in millions) related to the truck business:

	September 30, 2014		December 31, 2013
Trade receivables, net	$	—	$	49.7
Inventories	—		73.6
Other current assets	—		6.0
Current assets – discontinued operations	$	—	$	129.3
Property, plant and equipment - net	$	—	$	9.5
Other assets	—		6.1
Non-current assets – discontinued operations	$	—	$	15.6
Trade accounts payable	$	—	$	35.9
Other current liabilities	—		10.2
Current liabilities – discontinued operations	$	—	$	46.1
Non-current liabilities – discontinued operations	$	—	$	5.7