Acquisitions, Divestitures and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Disposal Groups, Including Discontinued Operations

The Company’s results of operations for discontinued operations were:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net sales	$	—	$	489,739	$	846,944	$	1,443,772
Cost of goods sold	—		370,546		632,007		1,093,332
Gross profit	—		119,193		214,937		350,440
Operating and non-operating expenses	—		98,539		179,461		289,359
Loss on divestiture	3,165		—		223,483		1,000
(Loss) income before income taxes	(3,165)		20,654		(188,007)		60,081
Income taxes (1)	2,222		5,423		4,062		15,373
Net (loss) income from discontinued operations	$	(5,387)	$	15,231	$	(192,069)	$	44,708

(1)     The effective income tax rate was negative 2.2% for the nine months ended September 30, 2020, compared to 25.6% for the same period in 2019. The rate decrease for the nine months ended September 30, 2020 is primarily due to a non-deductible loss on divestiture.

The Company’s assets and liabilities for discontinued operations, by major class, were:

	December 31, 2019
Assets
Trade accounts receivable, net	$	194,903
Merchandise inventories, net	387,307
Prepaid expenses and other current assets	132,041
Other intangible assets, less accumulated amortization	76,829
Operating lease assets	80,302
Other assets	91,640
Total assets of discontinued operations	$	963,022
Liabilities
Trade accounts payable	$	158,163
Other current liabilities	59,954
Long-term liabilities	68,906
Total liabilities of discontinued operations	$	287,023