Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2017

Discontinued Operations And Disposal Groups [Abstract]

Summary of Operating Results and Carrying Value of Major Classes of Assets and Liabilities

Summary operating results of Diversey were as follows:

	Three Months Ended
	March 31,
(In millions)	2017			2016
Net sales	$	581.7		$	584.7
Cost of sales		330.5			330.9
Gross profit		251.2			253.8
Selling, general and administrative expenses		198.9			211.4
Amortization expense of intangible assets acquired		17.7			18.7
Operating profit		34.6			23.7
Other expense, net		(2.9	)		(4.0	)
Earnings from discontinued operations before income tax    provision (benefit)		31.7			19.7
Income tax provision (benefit)		21.1			(7.8	)
Net earnings from discontinued operations	$	10.6		$	27.5

For the three months ended March 31, 2017, net earnings from discontinued operations was negatively impacted by $19.5 million of tax expense related to a change in the repatriation strategy of foreign earnings. For the three months ended March 31, 2016, net earnings from discontinued operations was favorably impacted by $9.3 million primarily from a benefit related to repatriation strategy and the release of reserves.

The carrying value of the major classes of assets and liabilities of Diversey were as follows:

	March 31,		December 31,
(In millions)	2017		2016
Assets:
Cash and cash equivalents	$	30.0	$	30.0
Receivables, net		436.2		438.2
Inventories		227.9		203.2
Other receivables		82.8		70.3
Prepaid expenses and other current assets		87.8		80.6
Property and equipment, net		172.6		170.6
Goodwill		986.8		972.8
Intangible assets, net		653.9		669.9
Non-current deferred tax assets		43.0		50.7
Other non-current assets		167.4		162.0
Total assets held for sale	$	2,888.4	$	2,848.3
Liabilities:
Short-term borrowings	$	20.6	$	9.6
Current portion of long-term debt		30.5		31.1
Accounts payable		359.9		346.5
Other current liabilities		260.0		296.1
Long term debt		175.5		175.7
Deferred tax liabilities		107.7		56.3
Other non-current liabilities		261.2		269.0
Total liabilities held for sale	$	1,215.4	$	1,184.3

Summary of Selected Financial Information

The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the consolidated statements of cash flows:

	Three Months Ended
	March 31,
(In millions)	2017		2016
Non-cash items included in net earnings from discontinued operations:
Depreciation and amortization	$	23.4	$	25.7
Share-based incentive compensation		3.3		2.8
Profit sharing expense		1.0		0.8
Provision for bad debt		1.3		1.4
Capital expenditures		3.4		7.8