XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Divestitures | 6 Months Ended
--- | ---
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | : Australia, New Zealand and Asia Divestiture: During the first quarter of 2018, we obtained board approval and signed an agreement with Beijer Ref AB, a Stockholm Stock Exchange-listed company, for the sale of our Australia, New Zealand and Asia business except for the Milperra property. We completed the sale to Beijer Ref AB in the second quarter of 2018. The following table summarizes the net loss recognized in connection with this divestiture:
(Amounts in millions) | For the Six Months Ended June 30, 2018
Cash received from the buyer | $ | 80.1 |
Net assets sold (1) | (83.4 | )
AOCI reclassification adjustments, primarily foreign currency translation | (3.2 | )
Direct costs to sell | (5.5 | )
Loss on sale of business | $ | (12.0 | )
(1) Includes $10.3 million of net assets that were written down during the quarter ended March 31, 2018 based on the expected proceeds from the sale, net of selling costs for the sale for our Australia, New Zealand and Asia business. The Milperra property was sold during the quarter ended June 30, 2018. We received net cash proceeds of $37.2 million net of direct costs to sell of $1.5 million. The net gain recognized in connection with this sale was $23.8 million. Brazil Divestiture: During the second quarter of 2018, we obtained board approval and signed an agreement with Elgin SA, a private Brazilian company, for the sale of our South America business. The sale is subject to Brazilian antitrust approval and is expected to close later this year. The following table presents the assets and liabilities associated with our Brazilian businesses classified as held for sale as of June 30, 2018, which included $19.7 million of foreign currency translation losses reclassified out of AOCI.
(Amounts in millions) | As of June 30, 2018
Assets held for sale |
Accounts and notes receivable, net of allowances | $ | 4.5 |
Inventories, net | 5.0 |
Other assets | 2.1 |
Total assets held for sale | $ | 11.6 |
Liabilities held for sale |
Short-term debt | $ | 1.4 |
Accounts payable | 2.2 |
Accrued expenses | 3.5 |
Income taxes payable | 0.1 |
Other liabilities | 0.2 |
Total liabilities held for sale | $ | 7.4 |
Based on the expected proceeds from the sale, net of selling costs, we recorded a loss on the assets held for sale of $31.4 million during the quarter ended June 30, 2018.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration