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Discontinued Operations, Divestitures and Acquisitions (Tables) | 9 Months Ended
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Sep. 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:
|  | Nine Months Ended September 30,
(In millions) |  | 2017 |  | 2016
Non-cash items included in net earnings from discontinued operations: |  |  |  |  |  |
Depreciation and amortization |  | $ | 29.3 |  |  | $ | 85.5 |
Share-based incentive compensation |  | 10.2 |  |  | 9.2 |
Profit sharing expense |  | 3.0 |  |  | 3.5 |
Provision for bad debt |  | 2.3 |  |  | 4.0 |
Capital expenditures |  | 11.9 |  |  | 14.7 |
The carrying value of the major classes of assets and liabilities of Diversey were as follows:
(In millions) |  | September 30, 2017 |  | December 31, 2016
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 30.0 |
Trade receivables, net |  | 3.1 |  |  | 438.2 |
Inventories |  | 0.5 |  |  | 203.2 |
Other receivables |  | 11.5 |  |  | 70.3 |
Prepaid expenses and other current assets |  | — |  |  | 80.6 |
Property and equipment, net |  | — |  |  | 170.6 |
Goodwill |  | — |  |  | 972.8 |
Intangible assets, net |  | — |  |  | 669.9 |
Deferred taxes |  | 0.1 |  |  | 50.7 |
Other non-current assets |  | — |  |  | 162.0 |
Total assets held for sale |  | $ | 15.2 |  |  | $ | 2,848.3 |
Liabilities: |  |  |  |
Short-term borrowings |  | $ | — |  |  | $ | 9.6 |
Current portion of long-term debt |  | — |  |  | 31.1 |
Accounts payable |  | — |  |  | 346.5 |
Other current liabilities |  | — |  |  | 296.1 |
Long-term debt |  | — |  |  | 175.7 |
Deferred taxes |  | — |  |  | 56.3 |
Other non-current liabilities |  | — |  |  | 269.0 |
Total liabilities held for sale |  | $ | — |  |  | $ | 1,184.3 |
Summary operating results of Diversey were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Net sales |  | $ | 434.6 |  |  | $ | 651.5 |  |  | $ | 1,667.5 |  |  | $ | 1,924.4 |
Cost of sales |  | 249.1 |  |  | 368.2 |  |  | 949.5 |  |  | 1,075.6 |
Gross profit |  | 185.5 |  |  | 283.3 |  |  | 718.0 |  |  | 848.8 |
Selling, general and administrative expenses(1) |  | 131.0 |  |  | 206.2 |  |  | 537.8 |  |  | 635.1 |
Amortization expense of intangible assets acquired(1) |  | 7.7 |  |  | 19.3 |  |  | 23.9 |  |  | 62.0 |
Operating profit |  | 46.8 |  |  | 57.8 |  |  | 156.3 |  |  | 151.7 |
Other expense, net |  | (9.0 | ) |  | (2.8 | ) |  | (17.0 | ) |  | (9.4 | )
Earnings from discontinued operations before income tax (benefit) provision(1)(2) |  | 37.8 |  |  | 55.0 |  |  | 139.3 |  |  | 142.3 |
Income tax (benefit) provision from discontinued operations |  | 12.1 |  |  | (44.5 | ) |  | 28.0 |  |  | (31.9 | )
Net earnings from discontinued operations |  | $ | 25.7 |  |  | $ | 99.5 |  |  | $ | 111.3 |  |  | $ | 174.2 |
(1) | For the nine months ended September 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Condensed Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. As a result, selling, general and administrative expenses decreased $6.1 million, amortization expenses of intangible assets acquired decreased $16.5 million and income tax provision from discontinued operations increased $6.2 million.
(2) | For the three months and nine months ended September 30, 2017, net earnings from discontinued operations was impacted by a tax expense of $12.1 million and $28.0 million, respectively, driven by a change in the repatriation strategy of foreign earnings offset by a favorable earnings mix in jurisdictions with lower rates. For the three and nine months ended September 30, 2016, net earnings from discontinued operations were impacted by tax benefits of $44.5 million and $31.9 million, respectively, primarily related to the release of reserves, and earnings mix in jurisdictions with lower tax rates.

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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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