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Discontinued Operations, Divestitures and Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Selected Financial Information of Discontinued Operations | The following table presents selected financial information regarding cash flows of Diversey in the Consolidated Statements of Cash Flows but are within discontinued operations in the Consolidated Statements of Operations:
|  | Year Ended December 31,
(In millions) |  | 2017 |  | 2016
Non-cash items included in net earnings from discontinued operations: |  |  |  |  |  |
Depreciation and amortization |  | $ | 29.3 |  |  | $ | 111.4 |
Share-based incentive compensation |  | 10.2 |  |  | 12.0 |
Profit sharing expense |  | 3.0 |  |  | 2.9 |
Provision for bad debt |  | 2.3 |  |  | 5.0 |
Capital expenditures |  | 11.9 |  |  | 17.8 |
Summary operating results of Diversey were as follows:
|  | Year Ended December 31,
(In millions) |  | 2017 |  | 2016
Net sales |  | $ | 1,669.0 |  |  | $ | 2,567.0 |
Cost of sales |  | 950.4 |  |  | 1,440.3 |
Gross profit |  | 718.6 |  |  | 1,126.7 |
Selling, general and administrative expenses |  | 538.3 |  |  | 859.2 |
Amortization expense of intangible assets acquired |  | 23.9 |  |  | 79.9 |
Operating profit |  | 156.4 |  |  | 187.6 |
Other expense, net |  | (17.0 | ) |  | (9.7 | )
Earnings from discontinued operations before income tax provision (benefit) |  | 139.4 |  |  | 177.9 |
Income tax provision (benefit) from discontinued operations(1) |  | 28.0 |  |  | (16.2 | )
Net earnings from discontinued operations |  | $ | 111.4 |  |  | $ | 194.1 |
(1) | For the year ended December 31, 2017, net earnings from discontinued operations included tax expense of $28.0 million, primarily driven by a change in our repatriation strategy and offset by a favorable earnings mix in jurisdictions with lower rates. For the year ended December 31, 2016, net earnings from discontinued operations were impacted by tax benefits of $16.2 million, primarily related to the release of reserves and favorable earnings mix in jurisdictions with lower tax rates.
Summary of Identifiable intangible Assets, Net and Their Useful Life | The following tables summarizes the identifiable intangible assets, net and their useful life.
|  | Amount |  | Useful life
|  | (in millions) |  | (in years)
Customer relationships |  | $ | 25.4 |  |  | 17
Trademarks and tradenames |  | 10.6 |  |  | 15
Technology |  | 6.1 |  |  | 13
Total intangible assets with definite lives |  | $ | 42.1 |  |  |
The following tables summarizes the identifiable intangible assets, net and their useful life.
|  | Amount |  | Useful life
|  | (in millions) |  | (in years)
Customer relationships |  | $ | 18.6 |  |  | 11
Trademarks and tradenames |  | 4.1 |  |  | 5
Total intangible assets with definite lives |  | $ | 22.7 |  |  |
Summary of Consideration Transferred and Purchase Price Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed.
|  | Preliminary Allocation |  | Measurement Period |  | Final Allocation
(In millions) |  | As of October 2, 2017 |  | Adjustments |  | As of December 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 |
Inventories, net |  | 10.0 |  |  | 0.1 |  |  | 10.1 |
Prepaid expenses and other current assets |  | 8.4 |  |  | — |  |  | 8.4 |
Property and equipment, net |  | 23.3 |  |  | — |  |  | 23.3 |
Identifiable intangible assets, net |  | 41.4 |  |  | 0.7 |  |  | 42.1 |
Goodwill |  | 39.3 |  |  | (1.5 | ) |  | 37.8 |
Total assets |  | $ | 158.1 |  |  | $ | (0.7 | ) |  | $ | 157.4 |
Liabilities: |  |  |  |  |  |
Short-term borrowings |  | 14.0 |  |  | — |  |  | 14.0 |
Accounts payable |  | 6.9 |  |  | — |  |  | 6.9 |
Other current liabilities |  | 15.1 |  |  | (0.1 | ) |  | 15.0 |
Long-term debt, less current portion |  | 3.8 |  |  | — |  |  | 3.8 |
Non-current deferred taxes |  | 11.7 |  |  | (0.2 | ) |  | 11.5 |
Total liabilities |  | $ | 51.5 |  |  | $ | (0.3 | ) |  | $ | 51.2 |
The following table summarizes the consideration transferred to acquire AFP 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 August 1, 2018 |  | Adjustments |  | As of December 31, 2018
Total consideration transferred |  | $ | 70.8 |  |  | $ | 3.3 |  |  | $ | 74.1 |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | 2.9 |  |  | — |  |  | 2.9 |
Trade receivables, net |  | 30.8 |  |  | — |  |  | 30.8 |
Inventories, net |  | 7.1 |  |  | 0.1 |  |  | 7.2 |
Prepaid expenses and other current assets |  | 0.7 |  |  | — |  |  | 0.7 |
Property and equipment, net |  | 3.5 |  |  | (0.4 | ) |  | 3.1 |
Identifiable intangible assets, net |  | 18.6 |  |  | 4.1 |  |  | 22.7 |
Goodwill |  | 21.6 |  |  | (2.0 | ) |  | 19.6 |
Other non-current assets |  | 0.7 |  |  | (0.4 | ) |  | 0.3 |
Total assets |  | $ | 85.9 |  |  | $ | 1.4 |  |  | $ | 87.3 |
Liabilities: |  |  |  |  |  |
Current portion of long-term debt |  | — |  |  | 0.1 |  |  | 0.1 |
Accounts payable |  | 13.8 |  |  | (2.2 | ) |  | 11.6 |
Other current liabilities |  | 1.3 |  |  | — |  |  | 1.3 |
Long-term debt, less current portion |  | — |  |  | 0.2 |  |  | 0.2 |
Total liabilities |  | $ | 15.1 |  |  | $ | (1.9 | ) |  | $ | 13.2 |

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