Divestitures Divestitures (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations

The major components of Loss from discontinued operations (net of tax) for the three-month and six-month periods ended June 30, 2016 were as follows (in thousands):

	Three Months Ended   June 30, 2016			Six Months Ended   June 30, 2016
Net sales	$	218,355		$	426,542
Cost of goods sold	120,448			233,771
Operating expenses, net	69,595			132,448
Interest and financing expenses(a)	9,911			20,048
Other income, net	(832		)	(1,770		)
Income before income taxes	19,233			42,045
Income tax expense(b)	417,573			423,073
Loss from discontinued operations (net of tax)	$	(398,340	)	$	(381,028	)

(a) Interest and financing expenses included the allocation of interest expense not directly attributable to other operations as well as interest expense related to debt to be assumed by the buyer. The allocation of interest expense to discontinued operations was based on the ratio of net assets held for sale to the sum of total net assets plus consolidated debt.

(b) Income tax expense for the three-month and six-month periods ended June 30, 2016 includes a discrete non-cash charge of $381.5 million due to a change in the Company’s assertion over book and tax basis differences related to a U.S. entity being sold, as well as a discrete non-cash charge of $35.2 million related to a change in the Company’s assertion over reinvestment of foreign undistributed earnings.

Depreciation and amortization and capital expenditures from discontinued operationsfor the six-month period ended June 30, 2016 were as follows (in thousands):

	Six Months Ended   June 30, 2016
Depreciation and amortization	$	35,194
Capital expenditures	$	10,371