(in Millions) | Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||
Revenue | $ | 328.8 | $ | 338.4 | $ | 341.6 | |||||
Income from discontinued operations before income taxes (1) | 24.2 | 25.5 | 23.4 | ||||||||
Provision for income taxes | 9.4 | 13.7 | 11.5 | ||||||||
Discontinued operations of FMC Peroxygens, net of income taxes, before divestiture related costs (2) | $ | 14.8 | $ | 11.8 | $ | 11.9 | |||||
Divestiture related costs of discontinued operations of FMC Peroxygens, net of income taxes | (3.8 | ) | — | — | |||||||
Adjustment to assets held for sale, net of income taxes (3) | (122.1 | ) | — | — | |||||||
Total Discontinued operations of FMC Peroxygens, net of income taxes | $ | (111.1 | ) | $ | 11.8 | $ | 11.9 |
(1) | Includes allocated interest expense $4.7 million, $4.5 million and $3.9 million for the years ended ended December 31, 2013, 2012 and 2011. Interest was allocated in accordance with relevant discontinued operations accounting guidance. |
(2) | In accordance with the held for sale accounting criteria effective July 2013 we stopped amortizing and depreciating all assets classified as held for sale. |
(3) | Assets held for sale be reported at the lower of carrying value or fair value less costs to sell. During the year ended December 31, 2013 we recorded an impairment charge of $156.7 million ($122.1 million after tax) to adjust the carrying value based on our evaluation. |
December 31, | |||||||
(in Millions) | 2013 | 2012 | |||||
Assets | |||||||
Current assets of discontinued operations held for sale (primarily trade receivables and inventories) | $ | 94.8 | $ | 92.4 | |||
Property, plant & equipment | 61.1 | 180.0 | |||||
Goodwill | — | 16.9 | |||||
Intangible assets, net | 2.7 | 9.9 | |||||
Other non-current assets | 39.7 | 37.4 | |||||
Noncurrent assets of discontinued operations held for sale (1) | 103.5 | 244.2 | |||||
Total Assets | 198.3 | 336.6 | |||||
Liabilities | |||||||
Current liabilities of discontinued operations held for sale | 43.0 | 54.1 | |||||
Noncurrent liabilities of discontinued operations held for sale (1) | 5.2 | 3.3 | |||||
Total Liabilities | 48.2 | 57.4 | |||||
Net Assets (2) | $ | 150.1 | $ | 279.2 |
(in Millions) | Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||
Adjustment for workers’ compensation, product liability, and other postretirement benefits, net of income tax benefit (expense) of ($0.3), $0.2 and ($0.3), respectively | $ | 0.6 | $ | (0.3 | ) | $ | 0.7 | ||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $14.2, $7.8 and $9.6, respectively (1) | (23.1 | ) | (12.6 | ) | (15.8 | ) | |||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $5.5, $10.6, and $10.3, respectively (2) | (9.0 | ) | (17.3 | ) | (16.7 | ) | |||||
Provision for restructuring charges, net of income tax benefit of $0.5, $1.5 and $7.9, respectively (3) | (16.7 | ) | (9.1 | ) | (18.2 | ) | |||||
Discontinued operations of FMC Peroxygens, net of income tax benefit (expense) of $25.1, ($13.7) and ($11.5), respectively | (111.1 | ) | 11.8 | 11.9 | |||||||
Discontinued operations, net of income taxes | $ | (159.3 | ) | $ | (27.5 | ) | $ | (38.1 | ) |
(1) | See a roll forward of our environmental reserves as well as discussion on significant environmental issues that occurred during the year in Note 10. |
(2) | Includes a gain of $13.9 million in 2013 associated with an insurance recovery related to previously discontinued operations legal matters. No such gain existed in 2012 or 2011. |
(3) | See roll forward of our restructuring reserves in Note 7. |
(in Millions) | December 31, | ||||||
2013 | 2012 | ||||||
Workers’ compensation and product liability reserve | $ | 6.7 | $ | 4.9 | |||
Postretirement medical and life insurance benefits reserve | 9.6 | 8.3 | |||||
Reserves for legal proceedings | 36.9 | 31.2 | |||||
Reserve for discontinued operations (1) | $ | 53.2 | $ | 44.4 |
(1) | Included in “Other long-term liabilities” on the consolidated balance sheets. Also refer to Note 7 for discontinued restructuring reserves and Note 10 for discontinued environmental reserves. |