Discontinued Operations, Divestitures and Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

Summary operating results of Diversey were as follows:

	Three Months Ended March 31,
(In millions)	2017
Net sales	$	581.7
Cost of sales	330.5
Gross profit	251.2
Selling, general and administrative expenses	198.9
Amortization expense of intangible assets acquired	17.7
Operating profit	34.6
Other expense, net	(2.9		)
Earnings from discontinued operations before income tax provision(1)	31.7
Income tax provision from discontinued operations	21.2
Net earnings from discontinued operations	$	10.5

⁽¹⁾  For the three months ended March 31, 2017, net earnings from discontinued operations was impacted by a tax expense of $19.5 million related to a change in the repatriation strategy of foreign earnings.

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:

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

Summary of Consideration transferred and the Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire Fagerdala and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.  

	Preliminary Allocation	Measurement Period		Revised Preliminary Allocation
(In millions)	As of October 2, 2017	Adjustments		As of March 31, 2018
Total consideration transferred	$106.6	$(0.4)		$106.2
Assets:
Cash and cash equivalents	$13.3			$13.3
Trade receivables, net	22.4			22.4
Inventory, net	10.0			10.0
Prepaid expenses and other current assets	8.4			8.4
Property and equipment, net	23.3			23.3
Intangible assets, net	41.4	0.7		42.1
Goodwill	39.3	(0.2	)	39.1
Assets	$158.1	$0.5		$158.6
Liabilities:
Short-term borrowings	$14.0			$14.0
Accounts payable	6.9			6.9
Other current liabilities	15.1	0.9		16.0
Long-term debt, less current portion	3.8			3.8
Non-current deferred taxes	11.7			11.7
Liabilities	$51.5	$0.9		$52.4