Acquisition and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2018

Discontinued Operations [Abstract]

Summary of Results of Discontinued Operations

The following tables detail the businesses and line items that comprise discontinued operations on the Condensed Consolidated Statements of Earnings and Comprehensive Income.

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
Three months ended June 30, 2018:
Net sales	$	114.6		$	-		$	114.6
Cost of goods sold		87.3			-			87.3
Gross profit		27.3			-			27.3
Selling, general and administrative expenses		19.7			-			19.7
Operating income		7.6			-			7.6
Interest expense		0.5			-			0.5
Other non-operating expense, net		1.4			-			1.4
Earnings from discontinued operations before income tax		5.7			-			5.7
Income tax expense		0.2			-			0.2
Net earnings from discontinued operations, net of tax	$	5.5		$	-		$	5.5
(Loss) on disposal of discontinued businesses, before income tax	$	(5.7	)	$	-		$	(5.7	)
Income tax expense		-			0.1			0.1
(Loss) on disposal of discontinued businesses, net of tax	$	(5.7	)	$	(0.1	)	$	(5.8	)
Net (loss) from discontinued operations	$	(0.2	)	$	(0.1	)	$	(0.3	)

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
Six months ended June 30, 2018:
Net sales	$	219.0		$	-		$	219.0
Cost of goods sold		165.1			-			165.1
Gross profit		53.9			-			53.9
Selling, general and administrative expenses		41.7			-			41.7
Operating income		12.2			-			12.2
Interest expense		0.9			-			0.9
Other non-operating expense, net		0.2			-			0.2
Earnings from discontinued operations before income tax		11.1			-			11.1
Income tax expense		1.7			-			1.7
Net earnings from discontinued operations, net of tax	$	9.4		$	-		$	9.4
(Loss) on disposal of discontinued businesses, before income tax	$	(23.4	)	$	-		$	(23.4	)
Income tax (benefit)		-			(0.3	)		(0.3	)
(Loss) on disposal of discontinued businesses, net of tax	$	(23.4	)	$	0.3		$	(23.1	)
Net (loss) income from discontinued operations	$	(14.0	)	$	0.3		$	(13.7	)

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
Three months ended June 30, 2017:
Net sales	$	105.2		$	-		$	105.2
Cost of goods sold		84.4			-			84.4
Gross profit		20.8			-			20.8
Selling, general and administrative expenses		19.5			-			19.5
Operating income		1.3			-			1.3
Interest expense		0.3			-			0.3
Other non-operating (income), net		(0.5	)		-			(0.5	)
Earnings from discontinued operations before income tax		1.5			-			1.5
Income tax expense		3.7			-			3.7
(Loss) from discontinued operations, net of tax	$	(2.2	)	$	-		$	(2.2	)
(Loss) on disposal of discontinued businesses, before income tax	$	-		$	-		$	-
Income tax expense		-			0.2			0.2
(Loss) on disposal of discontinued business, net of tax	$	-		$	(0.2	)	$	(0.2	)
Net (loss) from discontinued operations	$	(2.2	)	$	(0.2	)	$	(2.4	)

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
Six months ended June 30, 2017:
Net sales	$	200.8		$	-		$	200.8
Cost of goods sold		164.1			-			164.1
Gross profit		36.7			-			36.7
Selling, general and administrative expenses		37.6			-			37.6
Operating (loss)		(0.9	)		-			(0.9	)
Interest expense		0.6			-			0.6
Other non-operating (income), net		(1.1	)		-			(1.1	)
(Loss) from discontinued operations before income tax		(0.4	)		-			(0.4	)
Income tax expense		6.5			-			6.5
(Loss) from discontinued operations, net of tax	$	(6.9	)	$	-		$	(6.9	)
(Loss) on disposal of discontinued businesses, before income tax	$	-		$	(0.1	)	$	(0.1	)
Income tax expense		-			0.5			0.5
(Loss) on disposal of discontinued business, net of tax	$	-		$	(0.6	)	$	(0.6	)
Net (loss) from discontinued operations	$	(6.9	)	$	(0.6	)	$	(7.5	)

The following is a summary of the carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations as of June 30, 2018 and December 31, 2017 related to our EMEA and Pacific Rim businesses.

	June 30, 2018		December 31, 2017
Assets
Current assets:
Cash and cash equivalents	$	10.0	$	-
Accounts and notes receivable, net		62.4		61.4
Inventories, net		71.0		59.2
Income tax receivable		5.3		3.1
Other current assets		8.8		12.9
Total current assets discontinued operations		157.5		136.6
Property, plant, and equipment, less accumulated depreciation and amortization (1) (2)		103.4		131.3
Prepaid pension costs (1)		26.2		26.1
Goodwill and intangible assets, net (1)		7.1		7.2
Deferred income taxes (1)		2.7		4.0
Other non-current assets (1)		1.0		0.9
Total non-current assets of discontinued operations (1)		140.4		169.5
Total assets of discontinued operations (1)	$	297.9	$	306.1
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	70.6	$	78.6
Income tax payable		2.8		1.3
Total current liabilities		73.4		79.9
Pension benefit liabilities (3)		34.4		34.7
Other long-term liabilities (3)		1.7		1.8
Deferred income taxes (3)		5.4		12.1
Total non-current liabilities of discontinued operations (3)		41.5		48.6
Total liabilities of discontinued operations (3)	$	114.9	$	128.5

(1) Presented as Current assets of discontinued operations on the Condensed Consolidated Balance Sheets.

(2) Includes pre-tax impairment charge of $23.4 million recorded in the first six months of 2018 and $74.0 million recorded in the fourth quarter of 2017.

(3) Presented as Current liabilities of discontinued operations on the Condensed Consolidated Balance Sheets.

Summary of Total Depreciation and Amortization and Capital Expenditures

The following is a summary of total depreciation and amortization and capital expenditures presented as discontinued operations and included as components of operating and investing cash flows on our Condensed Consolidated Statements of Cash Flows:

	EMEA and Pacific Rim Businesses
Three months ended June 30, 2018:
Fixed asset impairment		5.7
Purchases of property, plant and equipment		(2.0	)
Six months ended June 30, 2018:
Fixed asset impairment		23.4
Purchases of property, plant and equipment		(3.2	)
Three months ended June 30, 2017:
Depreciation and amortization		5.6
Purchases of property, plant and equipment		(2.9	)
Six months ended June 30, 2017:
Depreciation and amortization		10.8
Purchases of property, plant and equipment		(6.8	)