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Divestitures and Held for Sale | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Held for Sale | Footnote 2 — Divestitures and Held for Sale Discontinued Operations As part of the Company’s Accelerated Transformation Plan, during 2018, the Company announced it was exploring strategic options for its industrial and commercial product assets, including The Waddington Group, Process Solutions, Rubbermaid Commercial Products, Rexair and Mapa/Spontex businesses, as well as non-core consumer businesses, including Jostens, Pure Fishing, Rawlings, Rubbermaid Outdoor, Closet, Refuse and Garage, Goody Products and U.S. Playing Cards businesses. These businesses are classified as discontinued operations. Prior periods have been reclassified to conform with the current presentation. During 2018, the Company sold Goody Products, Inc. (“Goody”), Jostens, Inc. (“Jostens”), Pure Fishing, Inc. (“Pure Fishing”), the Rawlings Sporting Goods Company, Inc. (“Rawlings”) and Waddington Group, Inc. (“Waddington”) and other related subsidiaries as part of the Accelerated Transformation Plan. The Company currently expects to complete the remaining divestitures by the end of 2019. The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions):
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Net sales |  | $ | 540.9 |  |  | $ | 1,205.9 |
Cost of products sold |  |  | 378.8 |  |  |  | 805.8 |
Selling, general and administrative expenses |  |  | 76.7 |  |  |  | 254.1 |
Restructuring costs, net |  |  | — |  |  |  | 2.5 |
Impairment of goodwill, intangibles and other assets |  |  | 174.7 |  |  |  | — |
Operating income (loss) |  |  | (89.3 | ) |  |  | 143.5 |
Non-operating expense (income) |  |  | (3.2 | ) |  |  | 0.4 |
Income (loss) before income taxes |  |  | (86.1 | ) |  |  | 143.1 |
Income tax expense (benefit) |  |  | (6.7 | ) |  |  | 35.1 |
Net income (loss) |  | $ | (79.4 | ) |  | $ | 108.0 |
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):
|  | March 31, 2019 |  |  | December 31, 2018(1) |
Accounts receivable, net |  | $ | 413.8 |  |  | $ | 411.7 |
Inventories |  |  | 378.2 |  |  |  | 338.7 |
Prepaid expenses and other |  |  | 37.4 |  |  |  | 42.8 |
Property, plant and equipment, net |  |  | 510.8 |  |  |  | 515.9 |
Operating lease assets |  |  | 74.3 |  |  |  | — |
Goodwill |  |  | 877.4 |  |  |  | 942.4 |
Other intangible assets, net |  |  | 1,150.6 |  |  |  | 1,270.8 |
Other assets |  |  | 13.6 |  |  |  | 12.9 |
Current assets held for sale |  | $ | 3,456.1 |  |  | $ | 3,535.2 |
Accounts payable |  | $ | 240.7 |  |  | $ | 256.7 |
Accrued compensation |  |  | 49.3 |  |  |  | 57.0 |
Other accrued liabilities |  |  | 146.5 |  |  |  | 154.4 |
Deferred income taxes |  |  | 219.6 |  |  |  | 250.0 |
Operating lease liabilities |  |  | 78.9 |  |  |  | — |
Other liabilities |  |  | 12.1 |  |  |  | 16.0 |
Current liabilities held for sale |  | $ | 747.1 |  |  | $ | 734.1 |
(1) | See Footnote 1.
Divestitures 2019 Activity On May 1, 2019, the Company sold its Rexair business to investment funds affiliated with Rhône Capital for approximately $235 million, subject to customary working capital and other post-closing adjustments. On May 1, 2019, the Company sold its Process Solutions Business to an affiliate of One Rock Capital Partners, LLC, for approximately $500 million, subject to customary working capital and other post-closing adjustments. During the three months ended March 31, 2019, the Company recorded an impairment charge primarily related to goodwill and intangible assets totaling approximately $ 175 million, which is included in the income (loss) from discontinued operations, primarily related to the write-down of the carrying value of the net assets of certain held for sale businesses based on their estimated fair value. 2018 Activity On June 29, 2018, the Company sold Rawlings, its Team Sports business, to a fund managed by Seidler Equity Partners with a co-investment of Major League Baseball for approximately $400 million, subject to customary working capital and other post-closing adjustments. On June 29, 2018, the Company sold Waddington to Novolex Holdings LLC for approximately $2.3 billion, subject to customary working capital and other post-closing adjustments On August 31, 2018, the Company sold its Goody business, to a fund managed by ACON Investments, L.L.C. for approximately $109 million, subject to customary working capital and other post-closing adjustments. On December 21, 2018, the Company sold Jostens to a fund managed by Platinum Equity, LLC for approximately $1.3 billion, subject to customary working capital and other post-closing adjustments. On December 21, 2018, the Company sold Pure Fishing to a fund managed by Sycamore Partners L.P for approximately $1.3 billion, subject to customary working capital and other post-closing adjustments.

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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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