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Subsequent Events | 6 Months Ended
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Jun. 30, 2019
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events As part of the Company’s Accelerated Transformation Plan, during 2018, the Company approved a plan to market for sale its Rubbermaid Commercial Products, Rubbermaid Outdoor, Closet, Refuse, Garage and Cleaning businesses (the “Rubbermaid Business”). This business has been classified as held for sale in the Company's Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 and as a discontinued operation in the Company’s Condensed Consolidated Statement of Operations for both the three and six month periods ended June 30, 2019 and June 30, 2018. Due to a change in strategy, management recommended and the Company’s Board of Directors approved the decision in July 2019 not to continue pursuing the sale of the majority of the Rubbermaid Business. The decision to keep the business was based on the strength of the Rubbermaid Commercial Products brand, its competitive position in a large and growing category, and its track record of cash flow generation, revenue growth and margin expansion. The current management team believes that retaining this business will further enhance the value creation opportunity for the Company. Commencing in the third quarter of 2019, the Rubbermaid Business to be retained will no longer be classified as held for sale in the Company's Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 nor be presented as discontinued operations in the Company’s Condensed Consolidated Statement of Operations for the three-and nine-month periods ended September 30, 2019 and September 30, 2018. The Company anticipates recording a charge of approximately $40 million in the third quarter of 2019 relating to the amount of depreciation and amortization expense that would have been recorded had the asset been continuously classified as held and used. The Rubbermaid Business to be retained generated revenue of $243 million and $459 million and operating income of $49.1 million and $95.8 million for the three and six month periods ended June 30, 2019, respectively, which were presented in income (loss) from discontinued operations, net of tax within the Company’s Condensed Consolidated Statements of Operations. As of June 30, 2019, the Rubbermaid Business to be retained had assets of $1.3 billion and liabilities of $162 million, which were classified in assets and liabilities held for sale in the Company’s Condensed Consolidated Balance Sheet. The Company is still evaluating the segment in which the retained Rubbermaid Business will be included. The Company continues to explore possible divestiture of the Quickie® cleaning tools business (“Quickie”), which was formerly part of the same disposal group as the Rubbermaid Business and is expected to remain classified in discontinued operations. A divestiture of Quickie could result in an additional charge in the range of $70 million to $110 million. However, the ultimate amount of the charge will depend on a number of factors including the selling price and expected form of sale.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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