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Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2017
Discontinued Operations And Disposal Groups [Abstract] |
Summary of Operating Results and Carrying Value of Major Classes of Assets and Liabilities | Summary operating results of Diversey were as follows:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Net sales |  | $ | 581.7 |  |  | $ | 584.7 |
Cost of sales |  |  | 330.5 |  |  |  | 330.9 |
Gross profit |  |  | 251.2 |  |  |  | 253.8 |
Selling, general and administrative expenses |  |  | 198.9 |  |  |  | 211.4 |
Amortization expense of intangible assets acquired |  |  | 17.7 |  |  |  | 18.7 |
Operating profit |  |  | 34.6 |  |  |  | 23.7 |
Other expense, net |  |  | (2.9 | ) |  |  | (4.0 | )
Earnings from discontinued operations before income tax provision (benefit) |  |  | 31.7 |  |  |  | 19.7 |
Income tax provision (benefit) |  |  | 21.1 |  |  |  | (7.8 | )
Net earnings from discontinued operations |  | $ | 10.6 |  |  | $ | 27.5 |
For the three months ended March 31, 2017, net earnings from discontinued operations was negatively impacted by $19.5 million of tax expense related to a change in the repatriation strategy of foreign earnings. For the three months ended March 31, 2016, net earnings from discontinued operations was favorably impacted by $9.3 million primarily from a benefit related to repatriation strategy and the release of reserves. The carrying value of the major classes of assets and liabilities of Diversey were as follows:
|  | March 31, |  |  | December 31, |
(In millions) |  | 2017 |  |  | 2016 |
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 30.0 |  |  | $ | 30.0 |
Receivables, net |  |  | 436.2 |  |  |  | 438.2 |
Inventories |  |  | 227.9 |  |  |  | 203.2 |
Other receivables |  |  | 82.8 |  |  |  | 70.3 |
Prepaid expenses and other current assets |  |  | 87.8 |  |  |  | 80.6 |
Property and equipment, net |  |  | 172.6 |  |  |  | 170.6 |
Goodwill |  |  | 986.8 |  |  |  | 972.8 |
Intangible assets, net |  |  | 653.9 |  |  |  | 669.9 |
Non-current deferred tax assets |  |  | 43.0 |  |  |  | 50.7 |
Other non-current assets |  |  | 167.4 |  |  |  | 162.0 |
Total assets held for sale |  | $ | 2,888.4 |  |  | $ | 2,848.3 |
Liabilities: |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 20.6 |  |  | $ | 9.6 |
Current portion of long-term debt |  |  | 30.5 |  |  |  | 31.1 |
Accounts payable |  |  | 359.9 |  |  |  | 346.5 |
Other current liabilities |  |  | 260.0 |  |  |  | 296.1 |
Long term debt |  |  | 175.5 |  |  |  | 175.7 |
Deferred tax liabilities |  |  | 107.7 |  |  |  | 56.3 |
Other non-current liabilities |  |  | 261.2 |  |  |  | 269.0 |
Total liabilities held for sale |  | $ | 1,215.4 |  |  | $ | 1,184.3 |
Summary of Selected Financial Information | The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the consolidated statements of cash flows:
|  | Three Months Ended |
|  | March 31, |
(In millions) |  | 2017 |  |  | 2016 |
Non-cash items included in net earnings from discontinued operations: |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 23.4 |  |  | $ | 25.7 |
Share-based incentive compensation |  |  | 3.3 |  |  |  | 2.8 |
Profit sharing expense |  |  | 1.0 |  |  |  | 0.8 |
Provision for bad debt |  |  | 1.3 |  |  |  | 1.4 |
Capital expenditures |  |  | 3.4 |  |  |  | 7.8 |

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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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