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Discontinued Operations (Notes) | 9 Months Ended
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Sep. 28, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On May 6, 2019, the Company announced that it reached an agreement to sell its Fitness business to KPS Capital Partners, LP. On June 27, 2019, the Company completed the sale. The sale resulted in net proceeds of $473.7 million and an after-tax loss of $45.0 million. In connection with the sale of its Fitness business, the Company retained assets of $26.4 million primarily related to VAT receivables, and retained liabilities of $45.1 million primarily related to VAT payables, product warranty liabilities and certain employee benefits. As of September 28, 2019, retained assets and liabilities were $26.4 million and $42.6 million, respectively. In connection with the sale of the Fitness business, the Company entered into a Transition Services Agreement (TSA) with the purchaser to provide certain support functions for a period of up to twelve months following the sale. The TSA is not material to the Company's condensed consolidated financial statements. The Company does not have or anticipate having any significant continuing net cash flows associated with the Fitness business. The Company determined that the sale of its Fitness business represented a strategic shift that had a major effect on the Company's operations and financial results. The Company no longer participates in the fitness industry and now solely focuses on its global marine portfolio. As a result, the Company classified the assets and liabilities of the Fitness business as held for sale on the Condensed Consolidated Balance Sheets for all prior periods. Additionally, this business, which was previously reported in the Company's Fitness segment, is being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows for all periods presented. The following table discloses the results of operations of the business reported as discontinued operations for the three months and nine months ended September 28, 2019 and September 29, 2018, respectively:
| Three Months Ended |  | Nine Months Ended
(in millions) | Sep 28, 2019 |  | Sep 29, 2018 |  | Sep 28, 2019 |  | Sep 29, 2018
Net sales | $ | — |  |  | $ | 254.0 |  |  | $ | 448.3 |  |  | $ | 750.6 |
Cost of sales | — |  |  | 187.4 |  |  | 334.6 |  |  | 548.6 |
Selling, general and administrative expense (C) | 3.2 |  |  | 58.3 |  |  | 112.3 |  |  | 153.0 |
Earnings (loss) from discontinued operations before income taxes (B) (C) | $ | (3.2 | ) |  | $ | (7.0 | ) |  | $ | (149.2 | ) |  | $ | 17.5 |
Income tax provision (benefit) | (0.3 | ) |  | (1.8 | ) |  | (40.7 | ) |  | 2.7 |
Earnings (loss) from discontinued operations, net of tax (B) (C) | (2.9 | ) |  | (5.2 | ) |  | (108.5 | ) |  | 14.8 |
Loss on disposal of discontinued operations, net of tax (A) | (3.5 | ) |  | — |  |  | (45.0 | ) |  | — |
Net earnings (loss) from discontinued operations, net of tax | $ | (6.4 | ) |  | $ | (5.2 | ) |  | $ | (153.5 | ) |  | $ | 14.8 |
(A) The Loss on disposal of discontinued operations for the three months ended September 28, 2019 includes a pre-tax loss of $4.7 million and a tax benefit of $1.2 million. The Loss on disposal of discontinued operations for the nine months ended September 28, 2019 includes a pre-tax loss of $52.4 million and a net tax benefit of $7.4 million. (B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, Earnings (loss) from discontinued operations, net of tax, includes a $137.2 million ($103.0 million after tax) goodwill impairment charge for the nine months ended September 29, 2019. (C) The Company recorded $2.5 million and $8.7 million, for the three months ended September 28, 2019 and September 29, 2018, respectively, and recorded $13.4 million and $12.9 million for the nine months ended September 28, 2019 and September 29, 2018, respectively, of net costs incurred in connection with the Fitness business separation. There were no assets and liabilities held for sale related to discontinued operations as of September 28, 2019. The following table reflects the summary of assets and liabilities held for sale as of December 31, 2018 and September 29, 2018 primarily related to the Fitness business included in discontinued operations:
(in millions) | December 31, 2018 |  | September 29, 2018
Accounts and notes receivable, net | $ | 198.9 |  |  | $ | 185.3 |
Net inventory | 169.7 |  |  | 174.2 |
Prepaid expenses and other | 8.6 |  |  | 10.5 |
Current assets held for sale | 377.2 |  |  | 370.0 |
Net property (A) | 110.9 |  |  | 114.7 |
Goodwill | 389.8 |  |  | 390.8 |
Other intangibles, net | 60.6 |  |  | 76.2 |
Other long-term assets | 49.0 |  |  | 41.3 |
Long-term assets held for sale | 610.3 |  |  | 623.0 |
Assets held for sale | $ | 987.5 |  |  | $ | 993.0 |
Accounts payable | $ | 69.7 |  |  | $ | 62.0 |
Accrued expenses | 185.3 |  |  | 183.1 |
Current liabilities held for sale | 255.0 |  |  | 245.1 |
Other liabilities | 99.6 |  |  | 96.1 |
Long-term liabilities held for sale | 99.6 |  |  | 96.1 |
Liabilities held for sale | $ | 354.6 |  |  | $ | 341.2 |
(A) As of December 31, 2018 and September 29, 2018, the Company had $8.9 million and $9.1 million, respectively, of net long-term assets classified as held for sale that were not related to the business reported as discontinued operations.

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- Definition The entire disclosure 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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