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DISPOSITIONS AND SPECIAL CHARGES | 12 Months Ended
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Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND SPECIAL CHARGES | DISPOSITIONS AND SPECIAL CHARGES For 2017 and prior year periods the Company’s discontinued operations include the results of the SARL Businesses sold in March 2017 and the NATG business sold in December 2015 (See Note 1). The loss on the sale of the SARL Businesses totaled $23.7 million for the year ended December 31, 2017, which included an $8.2 million loss on the sale of net assets, $14.4 million of cumulative translation adjustments, $1.1 million of legal, professional and other costs, $0.8 million recovery from settlement of an outstanding obligation related to the sale, $0.3 million of severance and other personnel costs and $0.5 million of costs related to a transitional services agreement. Of these charges previously mentioned, $1.4 million required the use of cash. NATG discontinued operations incurred special charges of approximately $6.9 million throughout the year ended December 31, 2017, of which $6.2 million primarily related to updating our future lease cash flows and $0.7 million related to ongoing restitution proceedings against certain former NATG executives. Below is a summary of the impact on net sales and net loss and loss per share from discontinued operations for the years ended December 31, 2017, 2016 and 2015. A reconciliation of pretax loss of Discontinued operations to the Net loss of discontinued operations is as follows:
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Net sales | $ | 117.0 |  |  | $ | 521.6 |  |  | $ | 1,664.6 |
Cost of sales | 102.9 |  |  | 461.6 |  |  | 1,516.8 |
Gross profit | 14.1 |  |  | 60.0 |  |  | 147.8 |
Selling, distribution and administrative expenses | 22.1 |  |  | 96.9 |  |  | 221.0 |
Special charges, net | 30.6 |  |  | 11.5 |  |  | 2.6 |
Operating loss from discontinued operations | (38.6 | ) |  | (48.4 | ) |  | (75.8 | )
Foreign currency exchange loss | 0.8 |  |  | — |  |  | 1.8 |
Interest and other expense (income), net | — |  |  | 0.3 |  |  | 0.3 |
Loss of discontinued operations before income taxes | (39.4 | ) |  | (48.7 | ) |  | (77.9 | )
Provision (benefit) for income tax | (3.7 | ) |  | 0.8 |  |  | (2.1 | )
Net loss from discontinued operations | $ | (35.7 | ) |  | $ | (49.5 | ) |  | $ | (75.8 | )
Net loss per share - basic and diluted | $ | (0.96 | ) |  | $ | (1.33 | ) |  | $ | (2.04 | )
In September 2016 the Company sold the operating business of Misco Germany and in December 2016 the Company sold its rebate processing business. These divestitures were not considered a major strategic shift and the results of these businesses are reflected in continuing operations. In 2017 the Company incurred special charges of $30.9 million, of which $0.3 million is included in continuing operations within the NATG segment and $30.6 million is included in discontinued operations within the ETG and NATG segments. The Company expects that total additional charges related to the sale of the SARL Businesses will be less than $1.0 million which will be presented in discontinued operations. The Company’s NATG segment incurred special charges for the year ended December 31, 2017 of approximately $7.2 million, with approximately $6.5 million related to updating our future lease cash flows expectations related to previously exited retail stores of which $0.3 million is included in continuing operations, and $6.2 million in discontinued operations as these charges related to the distribution center and the NATG corporate headquarters, and $0.7 million related to ongoing restitution proceedings against certain former NATG executives which is included in discontinued operations. Amounts that are unpaid at December 31, 2017 are recorded in Accrued expenses and other current liabilities and Other liabilities in the accompanying consolidated balance sheets. The following table details the associated liabilities related to the ETG segment's severance and other costs recorded within discontinued operations, other restructuring charges that remain for the sale of Germany business in 2016 that is included in continuing operations and the NATG segment's lease liabilities and other costs and (in millions):
| ETG - Severance and other costs |  | ETG – Lease liabilities and other costs |  | NATG – Workforce reductions |  | NATG – Lease liabilities and other exit costs |  | Total
Balance January 1, 2017 | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 19.3 |  |  | $ | 20.5 |
Charged to expense | 0.3 |  |  | — |  |  | — |  |  | 6.5 |  |  | 6.8 |
Paid or otherwise settled | (0.3 | ) |  | — |  |  | — |  |  | (6.8 | ) |  | (7.1 | )
Balance December 31, 2017 | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 19.0 |  |  | $ | 20.2 |
The following table details the associated liabilities incurred related to the Technology Products segments special charges (in millions) for 2016:
| ETG - Workforce Reductions and Personnel Costs |  | ETG – Lease liabilities and other costs |  | NATG- Workforce Reductions |  | NATG – Lease liabilities and other exit costs |  | Total
Balance, January 1, 2016 | $ | 0.3 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 16.3 |  |  | $ | 19.3 |
Charged to expense | — |  |  | 1.9 |  |  | 0.2 |  |  | 16.9 |  |  | 19.0 |
Paid or otherwise settled | (0.3 | ) |  | (0.7 | ) |  | (2.9 | ) |  | (13.9 | ) |  | (17.8 | )
Balance, December 31, 2016 | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 19.3 |  |  | $ | 20.5 |

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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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