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Discontinued Operations and Divestitures
 9 Months Ended
Sep. 30, 2016
Discontinued Operations [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations and Divestitures
Discontinued Operations
The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Net sales
$
—

 
$
16.2

 
$
—

 
$
48.5

Income (loss) from discontinued operations before income taxes
$
—

 
$
0.4

 
$
(1.3
)
 
$
(3.5
)
Income tax expense (benefit)
—

 
0.2

 
(0.3
)
 
(1.3
)
Income (loss) from discontinued operations
—

 
0.2

 
(1.0
)
 
(2.2
)
Net gain from sale of discontinued operations, net of tax
—

 
—

 
0.6

 
—

Income (loss) from discontinued operations, net of tax
$
—

 
$
0.2

 
$
(0.4
)
 
$
(2.2
)

Divestitures
On June 30, 2016, the Company sold its Décor business, including Levolor® and Kirsch® window coverings and drapery hardware, for net consideration of $232.2 million, subject to customary working capital adjustments expected to be settled during the fourth quarter. The proceeds are net of $2.8 million of transaction expenses and $2.8 million of cash included in the assets sold. The net assets of the Décor business were $72.7 million, including $19.2 million of goodwill, resulting in a pretax gain of $159.5 million, which is included in other (income) expense, net for the nine months ended September 30, 2016.
Held for Sale
In October 2016, the Company announced its intention to divest several businesses and brands to strengthen the portfolio to better align with the long-term growth plan. The affected businesses and brands, which will all be reported in future periods continuing operations, are as follows: the Tools business, including the Irwin®, Lenox®, and hilmor® brands in the Tools segment; the Winter Sports business, including the Völkl® and K2® brands and the Zoot® and Squadra® brands in the Outdoor Solutions segment; the heaters, fans, and humidifiers business with related brands in the Consumer Solutions segment; the Rubbermaid® consumer storage totes business in the Home Solutions segment; the Lehigh business, primarily ropes, cordage and chains under the Lehigh® brand in the Branded Consumables segment; and the stroller business under the Teutonia® brand in the Baby and Parenting segment.
During October 2016, the Company entered into an agreement to sell the Tools business for an estimated price of $1.95 billion, subject to working capital adjustments. The transaction is expected to close in 2017, subject to certain customary conditions, including regulatory approvals, and the Company anticipates this will result in a pretax gain of approximately $1.0 billion. The Tools business generated 4.5% and 12.4% of the Company’s consolidated net sales for the three months ended September 30, 2016 and 2015, respectively and 5.9% and 12.9% for the nine months ended September 30, 2016 and 2015, respectively.
The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 (in millions):
 
September 30, 2016
 
December 31, 2015
Accounts receivable, net
$
90.9

 
$
—

Inventories, net
387.9

 
35.3

Prepaid expenses and other
21.9

 
2.0

Property, plant and equipment, net
204.3

 
18.2

Goodwill
762.7

 
19.2

Other intangible assets, net
242.6

 
23.7

Other assets
1.5

 
—

   Total Assets
$
1,711.8

 
$
98.4

 
 
 
 
 Accounts payable
$
104.1

 
$
34.8

 Accrued compensation
28.6

 
—

 Other accrued liabilities
50.8

 
8.5

 Short-term debt and current portion long-term debt
8.0

 
—

 Other noncurrent liabilities
16.3

 
—

   Total Liabilities
$
207.8

 
$
43.3