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Discontinued Operations and Divestitures | 3 Months Ended
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Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Divestitures | Footnote 3 — 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 March 31, |
|  | 2017 |  |  | 2016 |
Net sales |  | $ | — |  |  | $ | — |
Loss from discontinued operations before income taxes |  |  | — |  |  |  | (0.6 | )
Income tax benefit |  |  | — |  |  |  | 0.2 |
Loss from discontinued operations |  |  | — |  |  |  | (0.4 | )
Net gain from sale of discontinued operations, net of tax |  |  | — |  |  |  | 0.6 |
Income from discontinued operations, net of tax |  | $ | — |  |  | $ | 0.2 |
Divestitures On March 9, 2017 the Company completed the sale of its Tools business, including the Irwin®, Lenox® and Hilmor® brands. The selling price was $1.95 billion, subject to customary working capital adjustments. The net assets of the Tools business were approximately $1.1 billion, including approximately $711 million of goodwill, resulting in a pretax gain of $784.0 million, which is included in other (income) expense, net in the Condensed Consolidated Statement of Operations for the three months ended March, 31, 2017. The Tools business generated 3.4% and 13.2% of the Company’s consolidated net sales for the three months ended March 31, 2017 and 2016, respectively. In June 2016, the Company sold its Décor business, including Levolor® and Kirsch® window coverings and drapery hardware, for consideration, net of fees, of $224 million. The Décor business generated 5.7% of the Company’s consolidated net sales for the three months ended March 31, 2016. Held for Sale During 2016, the Company committed to plans 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 Winter Sports business, including the Völkl® and K2® brands and the Zoot® and Squadra® brands, and the fire building business, primarily under the Pine Mountain® brand, and the Lehigh business, primarily ropes, cordage and chains under the Lehigh® brand, all of which are in the Other segment; the humidifiers and fans business with related brands and the stroller business under the Teutonia® brand, both in the Live segment; and the Rubbermaid® consumer storage totes business in the Work segment. 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 March 31, 2017 and December 31, 2016 (in millions):
|  | March 31, 2017 |  |  | December 31, 2016 |
Accounts receivable, net |  | $ | 60.8 |  |  | $ | 164.4 |
Inventories, net |  |  | 174.3 |  |  |  | 311.6 |
Prepaid expenses and other |  |  | 11.1 |  |  |  | 24.3 |
Property, plant and equipment, net |  |  | 102.2 |  |  |  | 224.9 |
Goodwill |  |  | 42.6 |  |  |  | 762.5 |
Other intangible assets, net |  |  | 74.6 |  |  |  | 244.5 |
Other assets |  |  | 1.0 |  |  |  | 13.5 |
Total Assets |  | $ | 466.6 |  |  | $ | 1,745.7 |
Accounts payable |  | $ | 30.1 |  |  | $ | 88.2 |
Accrued compensation |  |  | 18.6 |  |  |  | 35.3 |
Other accrued liabilities |  |  | 32.1 |  |  |  | 81.6 |
Short-term debt and current portion long-term debt |  |  | — |  |  |  | 4.3 |
Other noncurrent liabilities |  |  | 14.3 |  |  |  | 131.1 |
Total Liabilities |  | $ | 95.1 |  |  | $ | 340.5 |
During the three months ended March, 31 2017, the Company entered into agreements to sell the Rubbermaid® consumer storage totes business and stroller business under the Teutonia® brand. The selling prices for these businesses were not significant. The totes transaction closed in the first quarter of 2017 while the Teutonia® sale will close during the second quarter of 2017. During the three months ended March 31, 2017, the Company recorded an impairment charge of $5.5 million related to the writedown of the carrying value of the net assets of the Teutonia® stroller business based on the expected proceeds to be received in the second quarter of 2017. Subsequent Event In May 2017, the Company sold its Lehigh business and its fire building business. The selling prices for these businesses were not significant. The Company sold its fire building business to Royal Oak Enterprises, LLC (“Royal Oak”). Based on the consideration, the Company recorded an impairment charge of $9.2 million during the three months ended March 31, 2017 related to the write down of the carrying value of the net assets to their estimated fair market value. Company Directors Martin E. Franklin and Ian G.H. Ashken are affiliates of Royal Oak.

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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://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 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 Reference 12: 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 13: 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 + Details
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