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Divestitures Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The carrying amounts of the major classes of assets and liabilities of these businesses classified as held for sale at December 31, 2015, were as follows (in thousands):
| December 31,
| 2015
Assets |
Current assets | $ | 156,421 |
Net property, plant and equipment | 115,865 |
Goodwill | 46,794 |
Other intangibles, net of amortization | 66,324 |
All other noncurrent assets | 19,081 |
Assets held for sale | $ | 404,485 |
Liabilities |
Current liabilities | $ | 72,756 |
Deferred income taxes | 24,947 |
All other noncurrent liabilities | 31,003 |
Liabilities held for sale | $ | 128,706 |
The major components of Income (loss) from discontinued operations (net of tax) for the three-month and nine-month periods ended September 30, 2016 and 2015 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net sales | $ | 211,347 |  |  | $ | 211,877 |  |  | $ | 637,889 |  |  | $ | 617,163 |
Cost of goods sold | 100,061 |  |  | 118,712 |  |  | 333,832 |  |  | 368,381 |
Operating expenses, net | 70,604 |  |  | 66,280 |  |  | 203,052 |  |  | 187,536 |
Interest and financing expenses(a) | 9,864 |  |  | 12,763 |  |  | 29,912 |  |  | 38,792 |
Other expenses (income), net | 134 |  |  | (656 | ) |  | (1,636 | ) |  | (3,011 | )
Income before income taxes | 30,684 |  |  | 14,778 |  |  | 72,729 |  |  | 25,465 |
Income tax expense(b) | 7,499 |  |  | 3,748 |  |  | 430,572 |  |  | 6,391 |
Income (loss) from discontinued operations (net of tax) | $ | 23,185 |  |  | $ | 11,030 |  |  | $ | (357,843 | ) |  | $ | 19,074 |
(a) | Interest and financing expenses included the allocation of interest expense not directly attributable to other operations as well as interest expense related to debt to be assumed by the buyer. The allocation of interest expense to discontinued operations was based on the ratio of net assets held for sale to the sum of total net assets plus consolidated debt.
(b) | Income tax expense for the nine-month period ended September 30, 2016 included a discrete non-cash charge of ($381.5) million due to a change in the Company’s assertion over book and tax basis differences related to a U.S. entity being sold. In addition, Income tax expense for the three-month and nine-month periods ended September 30, 2016 included discrete non-cash benefits (charges) of $5.4 million and ($29.8) million, respectively, related to a change in the Company’s assertion over reinvestment of foreign undistributed earnings. The associated liability of $411.3 million has been recorded in Deferred income taxes on the condensed consolidated balance sheets as of September 30, 2016. Upon completion of the sale, the buyer will not assume these outside basis differences, thus the liability is ultimately the responsibility of the Company, and as such, this amount is not recorded as a Liability held for sale. The sale is expected to close in the fourth quarter of 2016, at which time any difference between the sales price and the proportionate carrying value of the interests being sold would be recognized.
The carrying amounts of the major classes of assets and liabilities for the Chemetall Surface Treatment business classified as held for sale at September 30, 2016 and December 31, 2015, were as follows (in thousands):
| September 30, |  | December 31,
| 2016 |  | 2015
Assets |  |  |
Current assets | $ | 255,577 |  |  | $ | 237,447 |
Net property, plant and equipment | 164,860 |  |  | 163,643 |
Goodwill | 1,456,214 |  |  | 1,433,259 |
Other intangibles, net of amortization | 1,328,799 |  |  | 1,349,179 |
All other noncurrent assets | 25,143 |  |  | 25,374 |
Assets held for sale | $ | 3,230,593 |  |  | $ | 3,208,902 |
Liabilities |  |  |
Current liabilities | $ | 135,735 |  |  | $ | 200,892 |
Deferred income taxes | 355,368 |  |  | 351,465 |
All other noncurrent liabilities | 111,319 |  |  | 112,742 |
Liabilities held for sale | $ | 602,422 |  |  | $ | 665,099 |
Depreciation and amortization and capital expenditures from discontinued operations for the nine-month periods ended September 30, 2016 and 2015 were as follows (in thousands):
| Nine Months Ended September 30,
| 2016 |  | 2015
Depreciation and amortization | $ | 35,194 |  |  | $ | 57,567 |
Capital expenditures | $ | 15,525 |  |  | $ | 11,521 |

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- Definition Tabular disclosure of information 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 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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