Acquisitions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Discontinued Operations [Abstract]

Summary of Results of Discontinued Operations

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

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
2018:
Net sales	$	446.1		$	-		$	446.1
Cost of goods sold		341.4			-			341.4
Gross profit		104.7			-			104.7
Selling, general and administrative expenses		85.8						85.8
Operating income		18.9			-			18.9
Interest expense		1.4			-			1.4
Other non-operating (income), net		(0.3	)		-			(0.3	)
Earnings from discontinued operations before income tax		17.8			-			17.8
Income tax expense		8.2						8.2
Gain from discontinued operations	$	9.6		$	-		$	9.6
(Loss) on expected disposal of discontinued businesses before      income tax (1)	$	(19.3	)	$	-		$	(19.3	)
Income tax (benefit)		-			(6.0	)		(6.0	)
Net (loss) gain on disposal of discontinued businesses	$	(19.3	)	$	6.0		$	(13.3	)
Net (loss) gain from discontinued operations	$	(9.7	)	$	6.0		$	(3.7	)

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
2017:
Net sales	$	436.2		$	-		$	436.2
Cost of goods sold		350.8			-			350.8
Gross profit		85.4			-			85.4
Selling, general and administrative expenses		78.3			-			78.3
Operating income		7.1			-			7.1
Interest expense		1.2			-			1.2
Other non-operating (income), net		(1.9	)		-			(1.9	)
Earnings from discontinued operations before income tax		7.8			-			7.8
Income tax expense		3.6			-			3.6
Gain from discontinued operations	$	4.2		$	-		$	4.2
(Loss) on expected disposal of discontinued businesses before      income tax (1)	$	(74.0	)	$	(0.1	)	$	(74.1	)
Income tax (benefit)		-			(4.1	)		(4.1	)
Net (loss) gain on disposal of discontinued businesses	$	(74.0	)	$	4.0		$	(70.0	)
Net (loss) gain from discontinued operations	$	(69.8	)	$	4.0		$	(65.8	)

(1) Loss on disposal of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction.

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
2016:
Net sales	$	397.2		$	284.4		$	681.6
Cost of goods sold		331.5			237.5			569.0
Gross profit		65.7			46.9			112.6
Selling, general and administrative expenses		69.7			50.5			120.2
Operating (loss)		(4.0	)		(3.6	)		(7.6	)
Interest expense		0.3			-			0.3
Other non-operating expense, net		1.9			0.9			2.8
(Loss) from discontinued operations before      income tax		(6.2	)		(4.5	)		(10.7	)
Income tax (benefit) expense		(0.9	)		0.1			(0.8	)
(Loss) from discontinued operations	$	(5.3	)	$	(4.6	)	$	(9.9	)
Gain on disposal of discontinued businesses before      income tax	$	-		$	0.1		$	0.1
Income tax (benefit)		-			(15.2	)		(15.2	)
Net gain on disposal of discontinued businesses	$	-		$	15.3		$	15.3
Net (loss) gain from discontinued operations	$	(5.3	)	$	10.7		$	5.4

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

	December 31, 2018		December 31, 2017
Assets
Current assets:
Cash and cash equivalents	$	10.0	$	-
Accounts and notes receivable, net		56.2		61.4
Inventories, net		59.8		59.2
Income tax receivable		1.8		3.1
Other current assets		8.2		12.9
Total current assets discontinued operations		136.0		136.6
Property, plant, and equipment, less accumulated depreciation and amortization (1) (2)		103.8		131.3
Prepaid pension costs (1)		28.9		26.1
Goodwill and intangible assets, net (1)		6.8		7.2
Deferred income taxes (1)		3.0		4.0
Other non-current assets (1)		1.0		0.9
Total non-current assets of discontinued operations (1)		143.5		169.5
Total assets of discontinued operations (1)	$	279.5	$	306.1
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	67.1	$	78.6
Income tax payable		1.1		1.3
Total current liabilities		68.2		79.9
Pension benefit liabilities (3)		33.8		34.7
Other long-term liabilities (3)		1.8		1.8
Deferred income taxes (3)		6.5		12.1
Total non-current liabilities of discontinued operations (3)		42.1		48.6
Total liabilities of discontinued operations (3)	$	110.3	$	128.5

⁽¹⁾ Presented as Current assets of discontinued operations on the Consolidated Balance Sheets as of December 31, 2018 and 2017.

⁽²⁾ Includes estimated losses of $19.3 million recorded in 2018 and $74.0 million recorded during the fourth quarter of 2017.

⁽³⁾  Presented as Current liabilities of discontinued operations on the Consolidated Balance Sheets as of December 31, 2018 and 2017.

Summary of Total Depreciation and Amortization and Capital Expenditures

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

	EMEA and Pacific Rim Businesses			Flooring Businesses			Total
2018:
Depreciation and amortization	$	-		$	-		$	-
Estimated loss on sale to Knauf (1)		19.3			-			19.3
Purchases of property, plant and equipment		(7.3	)		-			(7.3	)
2017:
Depreciation and amortization	$	22.2		$	-		$	22.2
Estimated loss on sale to Knauf (1)		74.0			-		$	74.0
Purchases of property, plant and equipment		(12.0	)		-			(12.0	)
2016:
Depreciation and amortization	$	23.0		$	11.4		$	34.4
Purchases of property, plant and equipment		(25.8	)		(12.1	)		(37.9	)

⁽¹⁾ Loss on sale of EMEA and Pacific Rim businesses for the years ended December 31, 2018 and 2017 represents the estimated write-down of EMEA and Pacific Rim assets based on our expected sales proceeds to be received upon closure of the transaction.