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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 30, 2017
Major Component of Discontinued Operations, Net of Tax | Completion of the sale of the Company’s Australian and New Zealand business operations may be for amounts different from the current estimates and will be evaluated each reporting period until the dispositions are complete. The major components of Discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations are presented below. The 2016 amounts include the results of the European Business, which was sold at the end of 2016.
|  | Third Quarter |  |  | Year-to-Date |
(In millions) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Sales |  | $ | 111 |  |  | $ | 583 |  |  | $ | 398 |  |  | $ | 1,886 |
Cost of goods sold and occupancy costs |  |  | 89 |  |  |  | 462 |  |  |  | 322 |  |  |  | 1,489 |
Operating expenses |  |  | 25 |  |  |  | 139 |  |  |  | 79 |  |  |  | 435 |
Asset impairments |  |  | — |  |  |  | 90 |  |  |  | — |  |  |  | 90 |
Restructuring charges |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 10 |
Interest income |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | )
Other income (expense), net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Net (increase) reduction of loss on discontinued operations held for sale |  |  | — |  |  |  | (155 | ) |  |  | 45 |  |  |  | (155 | )
Net gain on sale of discontinued operations |  |  | 1 |  |  |  | — |  |  |  | 4 |  |  |  | — |
Income tax expense (benefit) |  |  | 4 |  |  |  | (126 | ) |  |  | 7 |  |  |  | (123 | )
Discontinued operations, net of tax |  | $ | (6 | ) |  | $ | (137 | ) |  | $ | 38 |  |  | $ | (175 | )
Assets and liabilities of discontinued operations presented in the Condensed Consolidated Balance Sheets as of September 30, 2017, and December 31, 2016, are included in the following table. As the sale of the European Business was completed before year-end 2016, the assets and liabilities of that business are not included in either period presented below. Additionally, the sale of the South Korean and mainland China businesses were completed in April 2017 and July 2017, respectively, and therefore the assets and liabilities of those businesses are not included in the September 30, 2017 period presented below.
(In millions) |  | September 30, 2017 |  |  | December 31, 2016 |
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 36 |  |  | $ | 44 |
Receivables, net |  |  | 55 |  |  |  | 88 |
Inventories |  |  | 67 |  |  |  | 82 |
Prepaid expenses and other current assets |  |  | 5 |  |  |  | 4 |
Property and equipment, net |  |  | 31 |  |  |  | 31 |
Other assets |  |  | 2 |  |  |  | 6 |
Valuation allowance |  |  | (55 | ) |  |  | (113 | )
Current assets of discontinued operations |  | $ | 141 |  |  | $ | 142 |
Liabilities |  |  |  |  |  |  |  |
Trade accounts payable |  | $ | 43 |  |  | $ | 60 |
Accrued expenses and other current liabilities |  |  | 20 |  |  |  | 27 |
Income taxes payable |  |  | — |  |  |  | 2 |
Short-term borrowings and current maturities of long-term debt |  |  | — |  |  |  | 9 |
Deferred income taxes and other long-term liabilities |  |  | 5 |  |  |  | 6 |
Current liabilities of discontinued operations |  | $ | 68 |  |  | $ | 104 |
Schedule of Error Corrections | Additionally, this correcting adjustment is provided below and impacts the same captioned line items in various disclosures of the third quarter financial statements by the same amount.
|  | Third Quarter 2016 |  |  | Year-to-Date Third Quarter 2016 |
($ in Millions, except per share) |  | As Reported |  |  | Adjustment |  |  | As Corrected |  |  | As Reported |  |  | Adjustment |  |  | As Corrected |
Discontinued operations, net of tax |  | $ | (286 | ) |  | $ | 149 |  |  | $ | (137 | ) |  | $ | (324 | ) |  | $ | 149 |  |  | $ | (175 | )
Net income |  | $ | 44 |  |  | $ | 149 |  |  | $ | 193 |  |  | $ | 300 |  |  | $ | 149 |  |  | $ | 449 |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations |  | $ | (0.54 | ) |  | $ | 0.28 |  |  | $ | (0.26 | ) |  | $ | (0.60 | ) |  | $ | 0.28 |  |  | $ | (0.32 | )
Net earnings |  | $ | 0.08 |  |  | $ | 0.28 |  |  | $ | 0.36 |  |  | $ | 0.55 |  |  | $ | 0.27 |  |  | $ | 0.82 |
Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations |  | $ | (0.54 | ) |  | $ | 0.29 |  |  | $ | (0.25 | ) |  | $ | (0.60 | ) |  | $ | 0.28 |  |  | $ | (0.32 | )
Net earnings |  | $ | 0.08 |  |  | $ | 0.27 |  |  | $ | 0.35 |  |  | $ | 0.54 |  |  | $ | 0.27 |  |  | $ | 0.81 |

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- Definition Tabular disclosure of information 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 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: 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 5: 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 Reference 6: 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=84176398&loc=SL51724579-110230 Reference 7: 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 8: 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 9: 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=84176398&loc=d3e2941-110230 Reference 10: 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 11: 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 12: 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 13: 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 + Details
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