Acquisitions, Divestitures and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Disposal Groups, Including Discontinued Operations

The Company’s results of operations for discontinued operations were:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net sales	$	379,938	$	476,329	$	846,944	$	954,033
Cost of goods sold	277,614		360,452		632,007		722,786
Gross profit	102,324		115,877		214,937		231,247
Operating expenses	89,385		95,947		179,461		190,820
Loss (gain) on disposal	216,133		—		220,318		1,000
Income before income taxes	(203,194)		19,930		(184,842)		39,427
Income taxes (1)	(2,323)		5,019		1,840		9,950
Net (loss) income from discontinued operations	$	(200,871)	$	14,911	$	(186,682)	$	29,477
Basic (loss) earnings per share from discontinued operations	$	(1.39)	$	0.10	$	(1.29)	$	0.20
Diluted (loss) earnings per share from discontinued operations	$	(1.39)	$	0.10	$	(1.29)	$	0.20
Weighted average common shares outstanding	144,262		146,075		144,657		146,029
Weighted average common shares outstanding – assuming dilution	144,262		146,736		144,657		146,713

(1)Income taxes include a $7,125 tax benefit associated with the (loss) gain on the disposal for the three and six months ended June 30, 2020.

The Company’s assets and liabilities for discontinued operations, by major class, were:

	December 31, 2019
Assets
Trade accounts receivable, net	$	194,903
Merchandise inventories, net	387,307
Prepaid expenses and other current assets	132,041
Other intangible assets, less accumulated amortization	76,829
Operating lease assets	80,302
Other assets	91,640
Total assets of discontinued operations	$	963,022
Liabilities
Trade accounts payable	$	158,163
Other current liabilities	59,954
Operating lease liabilities	68,906
Total liabilities of discontinued operations	$	287,023