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Discontinued Operations
 9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On July 20, 2018, the Company entered into the Arysta Sale Agreement to sell its Agricultural Solutions business, which consists of Arysta and its subsidiaries, to UPL for $4.20 billion in cash, subject to adjustments. The Announced Arysta Sale is currently targeted to close on December 31, 2018, subject to customary closing conditions and outstanding regulatory clearances. The Company expects the Announced Arysta Sale to maximize long-term value for its stockholders by enabling investors to focus on its specific and differentiated high-quality businesses that serve the specialty chemicals industry.
The Agricultural Solutions business was previously its own reportable segment and has been presented for all periods as discontinued operations in this Quarterly Report as the sale represents a significant strategic shift and was determined to have a major effect on the Company's operations and financial results. Previously allocated corporate costs to the Agricultural Solutions segment have been reallocated to the Performance Solutions segment for all periods presented as these costs are not clearly identifiable as costs of the Agricultural Solutions segment.
In the third quarter of 2018, the Company recorded an estimated asset impairment loss of $376 million as the carrying value of its discontinued operations exceeded the estimated fair value less costs to sell. This estimated impairment loss primarily reflected the recognition of foreign currency translation adjustments that have been recorded in "Accumulated Other Comprehensive Loss" within Stockholders’ Equity. The estimated impairment loss reflects Platform’s best estimate of the amount of the charge at this time. The actual loss on sale will be dependent on a number of factors, including foreign exchange rates on the closing date of the Announced Arysta Sale and other closing adjustments.
The following table details the components comprising Net income (loss) from the Company's discontinued operations attributable to common stockholders:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 (amounts in millions)
2018
 
2017
 
2018
 
2017
Net sales
$
422.1

 
$
423.7

 
1,414.6

 
1,317.2

Cost of sales
(260.0
)
 
(260.8
)
 
(850.7
)
 
(769.4
)
Selling, technical, general and administrative
(103.6
)
 
(123.9
)
 
(375.5
)
 
(385.6
)
Research and development
(12.0
)
 
(12.2
)
 
(38.9
)
 
(36.3
)
Impairment loss
(376.0
)
 
—

 
(376.0
)
 
—

Operating (loss) profit
(329.5
)
 
26.8

 
(226.5
)
 
125.9

Other expense items
(30.3
)
 
(17.1
)
 
(14.5
)
 
(55.7
)
(Loss) income from discontinued operations, before income taxes
(359.8
)
 
9.7

 
(241.0
)
 
70.2

Income tax expense
(41.8
)
 
(39.1
)
 
(52.3
)
 
(47.1
)
(Loss) income from discontinued operations, net of tax
(401.6
)
 
(29.4
)
 
(293.3
)
 
23.1

Net income from discontinued operations attributable to the non-controlling interests
(1.0
)
 
(2.1
)
 
(0.8
)
 
(2.0
)
Net (loss) income from discontinued operations attributable to common stockholders
$
(402.6
)
 
$
(31.5
)
 
$
(294.1
)
 
$
21.1

The carrying value of major classes of assets and liabilities related to the Company's discontinued operations at September 30, 2018 and December 31, 2017 were as follows:
 
September 30,
 
December 31,
 
2018
 
2017
Assets
 
 
 
Cash and cash equivalents
$
151.2

 
$
219.4

Accounts receivable, net
815.4

 
740.5

Inventories
402.1

 
304.0

Other current assets
176.3

 
168.2

Current assets of discontinued operations
$
1,545.0

 
$
1,432.1

 
 
 
 
Property, plant and equipment, net
$
156.2

 
$
164.9

Goodwill
1,784.1

 
1,948.5

Intangible assets, net
1,750.3

 
1,976.5

Other assets (1)
(307.1
)
 
78.7

Non-current assets of discontinued operations
$
3,383.5

 
$
4,168.6

 
 
 
 
Liabilities
 
 
 
Accounts payable
$
329.8

 
$
350.6

Current installments of revolving credit facilities
71.9

 
28.8

Accrued expenses and other current liabilities
440.7

 
385.5

Current liabilities of discontinued operations
$
842.4

 
$
764.9

 
 
 
 
Deferred income taxes
$
357.2

 
$
409.6

Other liabilities
49.2

 
63.0

Non-current liabilities of discontinued operations
$
406.4

 
$
472.6

(1) Includes an estimated impairment loss of $376 million on discontinued operations.