Divestitures Divestitures (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations

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

	Three Months Ended   September 30, 2016		Nine Months Ended   September 30, 2016
Net sales	$	211,347	$	637,889
Cost of goods sold	100,061		333,832
Operating expenses, net	70,604		203,052
Interest and financing expenses(a)	9,864		29,912
Other expenses (income), net	134		(1,636		)
Income before income taxes	30,684		72,729
Income tax expense(b)	7,499		430,572
Income (loss) from discontinued operations (net of tax)	$	23,185	$	(357,843	)

(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 nine-month period ended September 30, 2016included 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. In addition, Income tax expense for the three-month and nine-month periods ended September 30, 2016 included discrete non-cash benefits (charges) of $5.4 million and ($29.8) million, respectively, 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 nine-month period ended September 30, 2016 were as follows (in thousands):

	Nine Months Ended   September 30, 2016
Depreciation and amortization	$	35,194
Capital expenditures	$	15,525