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Discontinued Operations | 9 Months Ended
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Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations The Company completed an evaluation of its International segment operations and identified certain subsidiaries with low profitability and difficult operating environments with higher operational risk and volatility. As a result of this evaluation, the Company has decided to divest of the net assets of certain subsidiaries in the Latin American region and enter into licensee relationships in those markets. The Company expects to receive royalty payments from these licensee relationships in future years. Certain of the dispositions occurred during the three months ended September 30, 2018, with the remaining actions expected to be taken over the next several months. The total gain on disposition during the three months ended September 30, 2018 was not material to the Company's Condensed Consolidated Financial Statements. The decision to convert these markets in the Latin American region to a licensee model represents a strategic shift in the Company’s business. Accordingly, the Company has classified the Latin American region results of operations and cash flows as discontinued operations in its Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Certain assets and liabilities of the identified subsidiaries not yet disposed as of September 30, 2018 are classified as held for sale in the Company's Condensed Consolidated Balance Sheets. The Company will retain and has agreed to indemnify the buyers for certain liabilities of the disposed subsidiaries arising prior to the closing of the sale, including certain tax and environmental remediation liabilities. These liabilities, which are not material individually or in the aggregate, are included within accrued expenses and other current liabilities at September 30, 2018. Components of amounts reflected in the Condensed Consolidated Statements of Income related to discontinued operations are presented in the following table for each of the periods ended September 30.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Net sales | $ | 6.4 |  |  | $ | 13.3 |  |  | $ | 26.8 |  |  | $ | 37.0 |
Cost of sales | 5.0 |  |  | 8.1 |  |  | 18.9 |  |  | 22.7 |
Gross profit | 1.4 |  |  | 5.2 |  |  | 7.9 |  |  | 14.3 |
Selling and marketing expenses | 2.6 |  |  | 3.4 |  |  | 10.2 |  |  | 10.0 |
General, administrative and other expenses | 1.6 |  |  | 4.5 |  |  | 4.8 |  |  | 6.7 |
Operating loss | (2.8 | ) |  | (2.7 | ) |  | (7.1 | ) |  | (2.4 | )
Interest expense, net and other | (0.3 | ) |  | 10.0 |  |  | 3.8 |  |  | 9.1 |
Loss from discontinued operations before income taxes | (2.5 | ) |  | (12.7 | ) |  | (10.9 | ) |  | (11.5 | )
Income tax (provision) benefit | (0.2 | ) |  | 0.7 |  |  | — |  |  | (1.5 | )
Net loss from discontinued operations, net of tax | $ | (2.7 | ) |  | $ | (12.0 | ) |  | $ | (10.9 | ) |  | $ | (13.0 | )
The following table presents the captions of assets and liabilities of the subsidiaries that are held for sale and presented as discontinued operations within the Company’s Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017.
| September 30, 2018 |  | December 31, 2017
Cash and cash equivalents | $ | 1.3 |  |  | $ | 0.8 |
Accounts receivable, net | 3.5 |  |  | 6.9 |
Inventories | 1.9 |  |  | 3.9 |
Prepaid expenses and other current assets | 0.9 |  |  | 1.4 |
Current assets of discontinued operations | $ | 7.6 |  |  | $ | 13.0 |
Property, plant and equipment, net | $ | 1.0 |  |  | $ | 1.6 |
Other non-current assets | 0.5 |  |  | 1.0 |
Non-current assets of discontinued operations | $ | 1.5 |  |  | $ | 2.6 |
Accounts payable | $ | 3.4 |  |  | $ | 12.9 |
Accrued expenses and other current liabilities | 2.8 |  |  | 11.9 |
Income taxes payable | 0.7 |  |  | 0.9 |
Current liabilities of discontinued operations | $ | 6.9 |  |  | $ | 25.7 |
Other non-current liabilities | $ | 1.1 |  |  | $ | 1.3 |
Non-current liabilities of discontinued operations | $ | 1.1 |  |  | $ | 1.3 |

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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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