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Divestitures and Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Amounts Included in Discontinued Operations

The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions):

 

     Three months ended
June 30,		      Six months ended
June 30,		  
     2018      2017      2018      2017  

Net sales (2)

    $ 1,525.7      $ 1,527.2      $ 2,730.3      $ 2,702.9  

Cost of products sold (2)

      933.3        929.1        1,738.1        1,695.8  

Selling, general and administrative expenses

      260.0        261.7        514.1        524.2  

Restructuring costs, net

      2.5        6.9        5.0        10.9  

Impairment of goodwill, intangibles and other assets

      454.0        0.7        454.0        0.7  
  

 

 

     

 

 

     

 

 

     

 

 

  

Operating income (loss)

      (124.1 )       328.8        19.1        471.3  

Non-operating expense (income) (1)

      (461.4 )       3.3        (461.0 )       4.1  
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income taxes

      337.3        325.5        480.1        467.2  

Income tax expense

      129.5        119.1        164.6        167.7  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 207.8      $ 206.4      $ 315.5      $ 299.5  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

The three and six months ended June 30, 2018, include a $462 million gain on sale of discontinued operations.
(2)

The three and six months ended June 30, 2018, includes a reclassification from cost of sales to net sales of $14.0 million and $23.3 million, respectively, related to the adoption of Topic 606. See Footnotes 1 and 2 for additional information regarding the Company’s adoption of Topic 606.
Schedule of Major Classes of Assets and Liabilities Held for Sale

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):

 

     June 30, 2018      December 31, 2017  

Accounts receivable, net

    $ 750.5      $ 794.7  

Inventories, net

      633.2        836.4  

Prepaid expenses and other

      77.1        87.9  

Property, plant and equipment, net (1) (2)

      607.1        310.1  

Goodwill (1)

      2,370.7        2,189.6  

Other intangible assets, net (1)

      2,915.5        2,652.1  

Other assets (1)

      14.2        23.8  
  

 

 

     

 

 

  

Current assets held-for-sale

    $ 7,368.3      $ 6,894.6  
  

 

 

     

 

 

  

Property, plant and equipment, net

      —          429.0  

Goodwill

      —          1,497.5  

Other intangible assets, net

      —          1,384.3  

Other assets

      —          1.8  
  

 

 

     

 

 

  

Noncurrent assets held-for-sale

    $ —        $ 3,312.6  
  

 

 

     

 

 

  

Accounts payable

    $ 444.0      $ 534.8  

Accrued compensation

      76.8        101.6  

Other accrued liabilities

      307.7        438.8  

Deferred income taxes (1)

      3.3        197.9  

Other liabilities (1)

      70.6        66.3  
  

 

 

     

 

 

  

Current liabilities held-for-sale

    $ 902.4      $ 1,339.4  
  

 

 

     

 

 

  

Deferred income taxes

      —          —    

Other liabilities

      —          12.8  
  

 

 

     

 

 

  

Noncurrent liabilities held-for-sale

    $ —        $ 12.8  
  

 

 

     

 

 

  

 

(1)

Classification as current or long-term based on management’s best estimate as to the timing of the disposal of the underlying asset or liability as of the respective dates indicated.
(2)

Balance at December 31, 2017, includes a $4.0 million building held for sale that is not included in discontinued operations. This building was sold during the second quarter of 2018.