Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2016

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations

The results of operations of GCP and other effects of the Separation are presented as discontinued operations as summarized below:

	Nine Months Ended September 30,
(In millions, except per share amounts)	2016			2015
Net sales	$	99.6		$	1,089.4
Cost of goods sold	62.6			689.5
Gross profit	37.0			399.9
Selling, general and administrative expenses	21.6			184.3
Research and development expenses	1.7			17.0
Loss in Venezuela	—			60.8
Repositioning expenses	22.0			28.2
Interest expense and related financing costs	0.7			1.1
Other expense, net	4.4			11.2
Total costs and expenses	50.4			302.6
(Loss) Income from discontinued operations before income taxes	(13.4		)	97.3
Benefit from (provision for) income taxes	2.6			(69.3		)
(Loss) Income from discontinued operations after income taxes	(10.8		)	28.0
Less: Net income attributable to noncontrolling interests	(0.1		)	(0.6		)
Net (loss) income from discontinued operations	$	(10.9	)	$	27.4

The carrying amounts of the major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2015, related to GCP consisted of the following:

(In millions)	December 31, 2015
ASSETS
Current Assets
Cash and cash equivalents	$	98.6
Trade accounts receivable, net	203.6
Inventories	105.3
Other current assets	38.9
Total Current Assets	446.4
Properties and equipment, net of accumulated depreciation and amortization	217.5
Goodwill	102.5
Technology and other intangible assets, net	33.3
Deferred income taxes	32.0
Overfunded defined benefit pension plans	26.1
Other assets	9.5
Total Assets	$	867.3
LIABILITIES AND EQUITY
Current Liabilities
Debt payable within one year	$	25.7
Accounts payable	109.0
Other current liabilities	121.7
Total Current Liabilities	256.4
Deferred income taxes	8.7
Unrecognized tax benefits	11.1
Underfunded and unfunded defined benefit pension plans	79.0
Other liabilities	8.6
Total Liabilities	$	363.8