DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Nov. 01, 2020

DISCONTINUED OPERATIONS

Schedule of results of operations of discontinued operations, primarily the Construction & Industrial business

The following table provides additional detail related to the results of operations of the discontinued operations, primarily the Construction & Industrial business (amounts in millions):

	Three Months Ended				Nine Months Ended
	November 1,		November 3,		November 1,		November 3,
	2020		2019		2020		2019
Net sales	$	687.9	$	818.0	$	2,193.9	$	2,334.5
Cost of sales		441.0		529.5		1,410.9		1,513.7
Gross Profit		246.9		288.5		783.0		820.8
Operating expenses:
Selling, general and administrative		153.2		195.3		517.9		566.5
Depreciation and amortization		1.0		11.0		21.6		31.8
Restructuring & separation Charges		8.4		2.1		14.6		2.1
Total operating expenses		162.6		208.4		554.1		600.4
Operating Income		84.3		80.1		228.9		220.4
Gain on disposal of discontinued operations		1,767.0		—		1,762.0		—
Income before provision for income taxes		1,851.3		80.1		1,990.9		220.4
Provision for income taxes		278.6		21.6		313.6		59.1
Income from discontinued operations, net of tax	$	1,572.7	$	58.5	$	1,677.3	$	161.3

At November 1, 2020 and February 2, 2020, the carrying amounts of major classes of assets and liabilities of the Construction & Industrial discontinued operations included in the Consolidated Balance Sheets were as follows (amounts in millions):

	November 1,		February 2,
	2020		2020
Current assets:
Receivables, less allowance for credit losses of $- and $11.7	$	—	$	392.5
Inventories		—		344.3
Other current assets		—		11.2
Total current assets		—		748.0
Property and equipment, net		—		119.6
Operating lease right-of-use assets				246.9
Goodwill		—		386.1
Intangible assets, net		—		106.1
Other non-current assets		—		2.8
Total non-current assets		—		861.5
Total assets of discontinued operations	$	—	$	1,609.5
Current Liabilities:
Accounts payable	$	—	$	195.2
Accrued compensation and benefits		—		33.0
Current lease liabilities		—		59.2
Other current liabilities		—		53.8
Total current liabilities		—		341.2
Long-term lease liabilities		—		190.8
Other non-current liabilities		—		13.0
Total non-current liabilities		—		203.8
Total liabilities of discontinued operations	$	—	$	545.0

The following table provides additional detail related to the net cash provided by operating and investing activities of the discontinued operations (amounts in millions):

	Nine Months Ended
	November 1,		November 3,
	2020		2019
Net cash flows provided by operating activities	$	266.5	$	251.5
Cash flows from investing activities:
Capital expenditures		(18.7)		(35.2)
Proceeds from sales of businesses, net		2,845.5		—
Payments for businesses acquired, net		—		2.8
Proceeds from sales of property and equipment, net		0.3		0.4
Net cash flows provided by investing activities	$	2,827.1	$	(32.0)