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Acquisitions and Divestitures | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Acquisitions | ACQUISITIONS AND DIVESTITURES During the nine months ended September 30, 2019, we completed the previously announced sale of our 60% interest in a consolidated joint venture within our Performance Coatings segment. On the divestiture, we recorded a pre-tax gain of $0.5 million and a pre-tax loss of $3.4 million in our condensed consolidated statements of operations for the three and nine months ended September 30, 2019, respectively. The joint venture sold was previously recorded as held for sale at March 31, 2019, with the corresponding assets and liabilities recorded at the lower of carrying value and fair value less cost to sell. The $0.5 million gain during the three months ended September 30, 2019 was the result of a change to the carrying value of the net assets divested. Other Activity During the nine months ended September 30, 2019, we purchased additional interests in certain previously consolidated joint ventures within our industrial end-market, increasing our total ownership to 100% for total consideration of $31.1 million. These included the remaining 40% interest in a joint venture in our Asia Pacific region and the remaining 24.5% interest pursuant to the stock purchase agreement for a joint venture acquired during the year ended December 31, 2016. At September 30, 2019, for any business combination completed after September 30, 2018, we have not finalized the related purchase accounting and the amounts recorded represent preliminary values. We expect to finalize our purchase accounting during the respective measurement periods which will be no later than one year following the closing dates.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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