Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the Condensed Consolidated Statements of Cash Flows:

	Six Months Ended June 30,
(In millions)	2017		2016
Non-cash items included in net earnings from discontinued    operations:
Depreciation and amortization	$	50.3	$	58.4
Share-based incentive compensation	6.0		5.8
Profit sharing expense	1.5		2.0
Provision for bad debt	1.7		2.4
Capital expenditures	9.7		11.8

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

(In millions)	June 30, 2017		December 31, 2016
Assets:
Cash and cash equivalents	$	30.0	$	30.0
Trade receivables, net	488.1		438.2
Inventories	236.6		203.2
Other receivables	78.4		70.3
Prepaid expenses and other current assets	88.1		80.6
Property and equipment, net	178.8		170.6
Goodwill	1,022.0		972.8
Intangible assets, net	667.3		669.9
Deferred taxes	48.0		50.7
Other non-current assets	178.4		162.0
Total assets held for sale	$	3,015.7	$	2,848.3
Liabilities:
Short-term borrowings	$	22.5	$	9.6
Current portion of long-term debt	30.6		31.1
Accounts payable	398.2		346.5
Other current liabilities	262.3		296.1
Long-term debt	178.9		175.7
Deferred taxes	96.0		56.3
Other non-current liabilities	305.1		269.0
Total liabilities held for sale	$	1,293.6	$	1,184.3

Summary operating results of Diversey were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2017			2016			2017			2016
Net sales	$	651.2		$	688.1		$	1,232.9		$	1,272.8
Cost of sales	369.9			376.4			700.4			707.3
Gross profit	281.3			311.7			532.5			565.5
Selling, general and administrative expenses	206.9			216.7			405.8			428.1
Amortization expense of intangible assets acquired	21.1			24.0			38.8			42.7
Operating profit	53.3			71.0			87.9			94.7
Other expense, net	(5.1		)	(2.5		)	(8.0		)	(6.5		)
Earnings from discontinued operations before income tax       (benefit) provision	48.2			68.5			79.9			88.2
Income tax (benefit) provision from discontinued operations	(11.1		)	20.5			10.0			12.7
Net earnings from discontinued operations	$	59.3		$	48.0		$	69.9		$	75.5