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Divestitures | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | : 2019 Divestiture: During the first quarter of 2019, we obtained Board of Directors' approval and signed an agreement with EPTA S.p.A., a private Italian company, for the sale of our Kysor Warren business. The sale was completed on March 29, 2019. The following table summarizes the net loss recognized in connection with this divestiture:
(Amounts in millions) | For the Three Months Ended March 31, 2019
Cash received from the buyer | $ | 49.0 |
Net assets sold | (50.0 | )
AOCI reclassification adjustments, primarily foreign currency translation | (2.1 | )
Direct costs to sell | (5.4 | )
Loss on sale of business | $ | (8.5 | )
2018 Divestitures: Australia, New Zealand and Asia Divestiture During the first quarter of 2018, we obtained Board of Directors' 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 that was sold during the second quarter of 2018. We completed the sale to Beijer Ref AB in the second quarter of 2018 with the final post-completion adjustment being recorded in the third quarter of 2018. The following table summarizes the net loss recognized in connection with this divestiture:
(Amounts in millions) | For the Year Ended December 31, 2018
Cash received from the buyer | $ | 82.9 |
Net assets sold (1) | (87.2 | )
AOCI reclassification adjustments, primarily foreign currency translation | (3.2 | )
Direct costs to sell | (5.8 | )
Loss on sale of business | $ | (13.3 | )
(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. South America Divestiture During the second quarter of 2018, we obtained Board of Directors' approval and signed an agreement with Elgin SA, a private Brazilian company, for the sale of our South America business. The sale was subject to Brazilian antitrust approval. We obtained antitrust approval and completed the sale to Elgin SA in the third quarter of 2018. The following table summarizes the net loss recognized in connection with this divestiture:
(Amounts in millions) | For the Year Ended December 31, 2018
Cash received from the buyer | $ | 4.2 |
Net assets sold (2) | (14.1 | )
AOCI reclassification adjustments, primarily foreign currency translation | (24.7 | )
Direct costs to sell | (2.9 | )
Loss on sale of business | $ | (37.5 | )
(2) Includes $1.2 million of net assets that were written down during the quarter ended June 30, 2018 based on the expected proceeds from the sale, net of selling costs for the sale for our Brazil business. The total Loss (gain), net on sale of businesses and related property in our Consolidated Statements of Operations for year ended December 31, 2018 of $27.0 million is comprised of the $13.3 million loss on the sale of our Australia, New Zealand and Asia business, the $23.8 million gain on the sale of our Milperra property, and the $37.5 million loss on the sale of our Brazil business.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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