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Discontinued Operations, Divestitures and Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Discontinued Operations | Summary operating results of Diversey were as follows:
|  | Three Months Ended March 31,
(In millions) |  | 2017
Net sales |  | $ | 581.7 |
Cost of sales |  | 330.5 |
Gross profit |  | 251.2 |
Selling, general and administrative expenses |  | 198.9 |
Amortization expense of intangible assets acquired |  | 17.7 |
Operating profit |  | 34.6 |
Other expense, net |  | (2.9 | )
Earnings from discontinued operations before income tax provision(1) |  | 31.7 |
Income tax provision from discontinued operations |  | 21.2 |
Net earnings from discontinued operations |  | $ | 10.5 |
(1) | For the three months ended March 31, 2017, net earnings from discontinued operations was impacted by a tax expense of $19.5 million related to a change in the repatriation strategy of foreign earnings.
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:
|  | Three Months Ended March 31,
(In millions) |  | 2017
Non-cash items included in net earnings from discontinued operations: |  |  |
Depreciation and amortization |  | $ | 23.4 |
Share-based incentive compensation |  | 3.3 |
Profit sharing expense |  | 1.0 |
Provision for bad debt |  | 1.3 |
Capital expenditures |  | 3.4 |
Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Fagerdala and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.
|  | Preliminary Allocation | Measurement Period | Revised Preliminary Allocation
(In millions) |  | As of October 2, 2017 | Adjustments | As of March 31, 2018
Total consideration transferred |  | $106.6 | $(0.4) | $106.2
Assets: |  |  |  |
Cash and cash equivalents |  | $13.3 |  | $13.3
Trade receivables, net |  | 22.4 |  |  | 22.4 |
Inventory, net |  | 10.0 |  |  | 10.0 |
Prepaid expenses and other current assets |  | 8.4 |  |  | 8.4 |
Property and equipment, net |  | 23.3 |  |  | 23.3 |
Intangible assets, net |  | 41.4 |  | 0.7 |  | 42.1 |
Goodwill |  | 39.3 |  | (0.2 | ) | 39.1 |
Assets |  | $158.1 | $0.5 | $158.6
Liabilities: |  |  |  |
Short-term borrowings |  | $14.0 |  | $14.0
Accounts payable |  | 6.9 |  |  | 6.9 |
Other current liabilities |  | 15.1 |  | 0.9 |  | 16.0 |
Long-term debt, less current portion |  | 3.8 |  |  | 3.8 |
Non-current deferred taxes |  | 11.7 |  |  | 11.7 |
Liabilities |  | $51.5 | $0.9 | $52.4

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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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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