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Divestitures and Held for Sale | 3 Months Ended
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Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Held for Sale | Footnote 4 — Divestitures and Held for Sale Held for Sale During 2018, the Company announced it is exploring strategic options for its industrial and commercial product assets, including The Waddington Group, Process Solutions, Rubbermaid Commercial Products and Mapa businesses, as well as non-core consumer businesses, including Jostens, Rawlings, Goody, Pure Fishing, Rubbermaid Outdoor, Closet, Refuse and Garage, and U.S. Playing Cards businesses. Of these businesses and brands, the Team Sports business including the Rawlings® brand in the Play segment, The Waddington Group business in the Work segment, and the Beauty businesses including the Goody® brand in the Other segment are classified as held for sale at March 31, 2018. 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 the dates indicated (in millions):
|  | March 31, 2018 |  |  | December 31, 2017 |
Accounts receivable, net |  | $ | 247.8 |  |  | $ | — |
Inventories, net |  |  | 235.6 |  |  |  | — |
Prepaid expenses and other |  |  | 17.3 |  |  |  | — |
Property, plant and equipment, net |  |  | 165.2 |  |  |  | 4.0 |
Goodwill |  |  | 911.4 |  |  |  | — |
Other intangible assets, net |  |  | 1,066.4 |  |  |  | — |
Other assets |  |  | 10.4 |  |  |  | — |
Total Assets |  | $ | 2,654.1 |  |  | $ | 4.0 |
Accounts payable |  | $ | 101.1 |  |  | $ | — |
Accrued compensation |  |  | 13.1 |  |  |  | — |
Other accrued liabilities |  |  | 81.6 |  |  |  | — |
Short-term debt and current portion long-term debt |  |  | 0.3 |  |  |  | — |
Other noncurrent liabilities |  |  | 13.2 |  |  |  | — |
Total Liabilities |  | $ | 209.3 |  |  | $ | — |
Divestitures On July 14, 2017, the Company sold its Winter Sports business for a selling price of approximately $240 million, subject to working capital adjustments. For the three months ended March 31, 2017 net sales from the Winter Sports business were not material. During 2017, the Company sold its Rubbermaid® consumer storage totes business, its stroller business under the Teutonia® brand, its Lehigh business, its firebuilding business and its triathlon apparel business under the Zoot® and Squadra® brands. The selling prices for these businesses were not significant. During the three months ended March 31, 2017, Company recorded an impairment charge of $9.2 million related to the write down of the carrying value of the net assets of the fire building business, which included goodwill and certain fixed assets, to their estimated fair market value. Martin E. Franklin and Ian G.H. Ashken are affiliates of Royal Oak, the purchaser of the fire building assets, and were company directors at the time of the transaction. In March 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. As a result, during the three months ended March 31, 2017, the Company recorded a pretax gain of $784 million, which is included in other (income) expense, net. For the three months ended March 31, 2017, the Tools business generated 3.4% of the Company’s consolidated net sales. Subsequent Event On May 4, 2018, the Company announced that it had entered into a definitive agreement to sell The Waddington Group to Novolex Holdings LLC for approximately $2.3 billion, subject to customary adjustments for working capital and other items. The Company expects the transaction to be completed in the third quarter of 2017, subject to certain customary conditions including regulatory approvals. The Company anticipates that the proceeds will be applied to deleveraging and share repurchase. The Waddington business generated 6.9% and 5.5% of the Company’s consolidated net sales for the three months ended March 31, 2018 and 2017.

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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 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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