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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Discontinued Operations | The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the Condensed Consolidated Statements of Cash Flows:
|  | Six Months Ended June 30,
(In millions) |  | 2017 |  | 2016
Non-cash items included in net earnings from discontinued operations: |  |  |  |  |  |
Depreciation and amortization |  | $ | 50.3 |  |  | $ | 58.4 |
Share-based incentive compensation |  | 6.0 |  |  | 5.8 |
Profit sharing expense |  | 1.5 |  |  | 2.0 |
Provision for bad debt |  | 1.7 |  |  | 2.4 |
Capital expenditures |  | 9.7 |  |  | 11.8 |
The carrying value of the major classes of assets and liabilities of Diversey were as follows:
(In millions) |  | June 30, 2017 |  | December 31, 2016
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 30.0 |  |  | $ | 30.0 |
Trade receivables, net |  | 488.1 |  |  | 438.2 |
Inventories |  | 236.6 |  |  | 203.2 |
Other receivables |  | 78.4 |  |  | 70.3 |
Prepaid expenses and other current assets |  | 88.1 |  |  | 80.6 |
Property and equipment, net |  | 178.8 |  |  | 170.6 |
Goodwill |  | 1,022.0 |  |  | 972.8 |
Intangible assets, net |  | 667.3 |  |  | 669.9 |
Deferred taxes |  | 48.0 |  |  | 50.7 |
Other non-current assets |  | 178.4 |  |  | 162.0 |
Total assets held for sale |  | $ | 3,015.7 |  |  | $ | 2,848.3 |
Liabilities: |  |  |  |
Short-term borrowings |  | $ | 22.5 |  |  | $ | 9.6 |
Current portion of long-term debt |  | 30.6 |  |  | 31.1 |
Accounts payable |  | 398.2 |  |  | 346.5 |
Other current liabilities |  | 262.3 |  |  | 296.1 |
Long-term debt |  | 178.9 |  |  | 175.7 |
Deferred taxes |  | 96.0 |  |  | 56.3 |
Other non-current liabilities |  | 305.1 |  |  | 269.0 |
Total liabilities held for sale |  | $ | 1,293.6 |  |  | $ | 1,184.3 |
Summary operating results of Diversey were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Net sales |  | $ | 651.2 |  |  | $ | 688.1 |  |  | $ | 1,232.9 |  |  | $ | 1,272.8 |
Cost of sales |  | 369.9 |  |  | 376.4 |  |  | 700.4 |  |  | 707.3 |
Gross profit |  | 281.3 |  |  | 311.7 |  |  | 532.5 |  |  | 565.5 |
Selling, general and administrative expenses |  | 206.9 |  |  | 216.7 |  |  | 405.8 |  |  | 428.1 |
Amortization expense of intangible assets acquired |  | 21.1 |  |  | 24.0 |  |  | 38.8 |  |  | 42.7 |
Operating profit |  | 53.3 |  |  | 71.0 |  |  | 87.9 |  |  | 94.7 |
Other expense, net |  | (5.1 | ) |  | (2.5 | ) |  | (8.0 | ) |  | (6.5 | )
Earnings from discontinued operations before income tax (benefit) provision |  | 48.2 |  |  | 68.5 |  |  | 79.9 |  |  | 88.2 |
Income tax (benefit) provision from discontinued operations |  | (11.1 | ) |  | 20.5 |  |  | 10.0 |  |  | 12.7 |
Net earnings from discontinued operations |  | $ | 59.3 |  |  | $ | 48.0 |  |  | $ | 69.9 |  |  | $ | 75.5 |

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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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