Discontinued Operations, Divestitures and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the Consolidated Statements of Cash Flows:

	Year Ended December 31,
(In millions)	2017		2016		2015
Non-cash items included in net earnings from discontinued operations:
Depreciation and amortization	$	29.3	$	111.4	$	112.5
Share-based incentive compensation	10.2		12.0		10.1
Profit sharing expense	3.0		2.9		4.5
Provision for bad debt	2.3		5.0		3.1
Capital expenditures	11.9		17.8		37.1

The amounts disclosed in the tables above have been excluded from disclosures unless otherwise noted.

Summary operating results of Diversey were as follows:

	Year Ended December 31,
(In millions)	2017			2016			2015
Net sales	$	1,669.0		$	2,567.0		$	2,621.2
Cost of sales	950.4			1,440.3			1,489.8
Gross profit	718.6			1,126.7			1,131.4
Selling, general and administrative expenses	538.3			859.2			907.8
Amortization expense of intangible assets acquired	23.9			79.9			77.6
Operating profit	156.4			187.6			146.0
Other expense, net	(17.0		)	(9.7		)	(11.4		)
Earnings from discontinued operations before income tax (benefit) provision	139.4			177.9			134.6
Income tax (benefit) provision from discontinued operations(1)	28.0			(16.2		)	(42.0		)
Net earnings from discontinued operations	$	111.4		$	194.1		$	176.6

⁽¹⁾  For the year ended December 31, 2017, net earnings from discontinued operations included tax expense of $28.0 million, primarily driven by a change in our repatriation strategy and offset by a favorable earnings mix in jurisdictions with lower rates. For the year ended December 31, 2016, net earnings from discontinued operations were impacted by tax benefits of $16.2 million, primarily related to the release of reserves and favorable earnings mix in jurisdictions with lower tax rates. For the year ended December 31, 2015, net earnings from discontinued operations were impacted by tax benefits of $42.0 million, primarily related to the release of reserves and favorable earnings mix in jurisdictions with lower tax rates.

The carrying value of the major classes of assets and liabilities of Diversey were as follows:

(In millions)	December 31, 2016
Assets:
Cash and cash equivalents	$	30.0
Trade receivables, net	438.2
Inventories	203.2
Other receivables	70.3
Prepaid expenses and other current assets	80.6
Property and equipment, net	170.6
Goodwill	972.8
Intangible assets, net	669.9
Deferred taxes(1)	39.8
Other non-current assets	162.0
Total assets held for sale	$	2,837.4
Liabilities:
Short-term borrowings	$	9.6
Current portion of long-term debt	31.1
Accounts payable	346.5
Other current liabilities	296.1
Long-term debt	175.7
Deferred taxes(1)	72.5
Other non-current liabilities	269.0
Total liabilities held for sale	$	1,200.5

⁽¹⁾  As of December 31, 2016, $27.2 million of amounts which were previously classified as $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets since the amounts were not transferred as part of the sale of Diversey.

Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the consideration transferred to acquire Fagerdala and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.  

	Preliminary Allocation
(In millions)	As of October 2, 2017
Total consideration transferred	$	106.6
Assets:
Cash and cash equivalents	$	13.3
Trade receivables, net	22.4
Inventory, net	10.0
Prepaid expenses and other current assets	8.4
Property and equipment, net	23.3
Intangible assets, net	41.4
Goodwill	39.3
Assets	$	158.1
Liabilities:
Short-term borrowings	$	14.0
Accounts payable	6.9
Other current liabilities	15.1
Long-term debt, less current portion	3.8
Non-current deferred taxes	11.7
Liabilities	$	51.5