Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders:

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in millions)	2019			2018			2019 (1)			2018
Net sales	$	—		$	520.9		$	65.3		$	992.5
Cost of sales	—			(312.7		)	(45.5		)	(590.7		)
Selling, technical, general and administrative	(0.8		)	(135.7		)	(37.4		)	(271.9		)
Research and development	—			(14.8		)	(4.6		)	(26.9		)
(Loss) gain on Arysta Sale	(18.8		)	—			2.5			—
Operating (loss) profit	(19.6		)	57.7			(19.7		)	103.0
Other, net	(0.6		)	(40.9		)	8.7			15.8
(Loss) income from discontinued operations, before income taxes	(20.2		)	16.8			(11.0		)	118.8
Income tax benefit (expense)	6.9			44.6			25.1			(10.5		)
(Loss) income from discontinued operations, net of tax	(13.3		)	61.4			14.1			108.3
Net loss (income) from discontinued operations attributable to the non-controlling interests	0.1			(0.4		)	—			0.2
Net (loss) income from discontinued operations attributable to common stockholders	$	(13.2	)	$	61.0		$	14.1		$	108.5

⁽¹⁾  Includes activity through January 31, 2019, when the Arysta Sale was completed, and certain post-closing adjustments relating to, among other things, cash, indebtedness and working capital as of the closing date.

The carrying value of major classes of assets and liabilities related to the Company's discontinued operations were as follows:

	June 30,			December 31,
(dollars in millions)	2019			2018
Assets
Cash and cash equivalents	$	—		$	177.8
Accounts receivable, net	—			919.4
Inventories	—			369.1
Other current assets	9.6		(1)	155.0
Current assets of discontinued operations	$	9.6		$	1,621.3
Property, plant and equipment, net	$	—		$	172.0
Goodwill	—			1,816.9
Intangible assets, net	—			1,797.7
Other assets	6.8			(374.2		)	(2)
Non-current assets of discontinued operations	$	6.8		$	3,412.4
Liabilities
Accounts payable	$	—		$	365.7
Current installments of revolving credit facilities	—			52.5
Accrued expenses and other current liabilities	57.9			408.6
Current liabilities of discontinued operations	$	57.9		$	826.8
Deferred income taxes	$	—		$	369.9
Other liabilities	—			46.3
Non-current liabilities of discontinued operations	$	—		$	416.2

⁽¹⁾  Primarily comprised of a receivable from UPL associated with certain post-closing adjustments.

⁽²⁾ 

Includes the impairment loss of $450 million on discontinued operations at December 31, 2018.