DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

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 this divestiture, reporting of the truck business has been included in discontinued operations for all periods presented. Cash flows from the Company’s discontinued operations are included in the Consolidated Statements of Cash Flows.

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

	Year Ended December 31,
	2014			2013			2012
Net sales	$	94.8		$	225.8		$	366.2
Income (loss) from discontinued operations before income taxes	$	1.7		$	10.3		$	30.5
(Provision for) benefit from income taxes	(0.3		)	4.1			(2.1		)
Income (loss) from discontinued operations – net of tax	$	1.4		$	14.4		$	28.4
Gain (loss) on disposition of discontinued operations	$	66.1		$	3.5		$	(0.1	)
(Provision for) benefit from income taxes	(7.5		)	(0.9		)	0.5
Gain (loss) on disposition of discontinued operations – net of tax	$	58.6		$	2.6		$	0.4

During the year ended December 31, 2014, the Company recorded a gain of $57.1 million related to the sale of its truck business. During the years ended December 31, 2014, 2013, and 2012 the Company recorded a $1.5 million, $2.6 million and $2.3 million gain, respectively, primarily 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 year ended December 31, 2012, the Company recorded a $1.9 million loss related to the settlement of a dispute with Bucyrus International, Inc.

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

	December 31
	2014		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