DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2017

Major Component of Discontinued Operations, Net of Tax

Completion of the sale of the Company’s Australian and New Zealand business operations may be for amounts different from the current estimates and will be evaluated each reporting period until the dispositions are complete.

The major components of Discontinued operations, net of tax presented in the Condensed Consolidated Statements of Operations are presented below. The 2016 amounts include the results of the European Business, which was sold at the end of 2016.

	Third Quarter						Year-to-Date
(In millions)	2017			2016			2017		2016
Sales	$	111		$	583		$	398	$	1,886
Cost of goods sold and occupancy costs		89			462			322		1,489
Operating expenses		25			139			79		435
Asset impairments		—			90			—		90
Restructuring charges		—			—			2		10
Interest income		—			—			1		—
Interest expense		—			—			—		(4	)
Other income (expense), net		—			—			—		(1	)
Net (increase) reduction of loss on discontinued operations held for sale		—			(155	)		45		(155	)
Net gain on sale of discontinued operations		1			—			4		—
Income tax expense (benefit)		4			(126	)		7		(123	)
Discontinued operations, net of tax	$	(6	)	$	(137	)	$	38	$	(175	)

 Assets and liabilities of discontinued operations presented in the Condensed Consolidated Balance Sheets as of September 30, 2017, and December 31, 2016, are included in the following table. As the sale of the European Business was completed before year-end 2016, the assets and liabilities of that business are not included in either period presented below. Additionally, the sale of the South Korean and mainland China businesses were completed in April 2017 and July 2017, respectively, and therefore the assets and liabilities of those businesses are not included in the September 30, 2017 period presented below.

(In millions)	September 30, 2017			December 31, 2016
Assets
Cash and cash equivalents	$	36		$	44
Receivables, net		55			88
Inventories		67			82
Prepaid expenses and other current assets		5			4
Property and equipment, net		31			31
Other assets		2			6
Valuation allowance		(55	)		(113	)
Current assets of discontinued operations	$	141		$	142
Liabilities
Trade accounts payable	$	43		$	60
Accrued expenses and other current liabilities		20			27
Income taxes payable		—			2
Short-term borrowings and current maturities of long-term debt		—			9
Deferred income taxes and other long-term liabilities		5			6
Current liabilities of discontinued operations	$	68		$	104

Schedule of Error Corrections

Additionally, this correcting adjustment is provided below and impacts the same captioned line items in various disclosures of the third quarter financial statements by the same amount.

	Third Quarter 2016								Year-to-Date Third Quarter 2016
($ in Millions, except per share)	As  Reported			Adjustment		As Corrected			As  Reported			Adjustment		As Corrected
Discontinued operations, net of tax	$	(286	)	$	149	$	(137	)	$	(324	)	$	149	$	(175	)
Net income	$	44		$	149	$	193		$	300		$	149	$	449
Basic earnings (loss) per share
Discontinued operations	$	(0.54	)	$	0.28	$	(0.26	)	$	(0.60	)	$	0.28	$	(0.32	)
Net earnings	$	0.08		$	0.28	$	0.36		$	0.55		$	0.27	$	0.82
Diluted earnings per share
Discontinued operations	$	(0.54	)	$	0.29	$	(0.25	)	$	(0.60	)	$	0.28	$	(0.32	)
Net earnings	$	0.08		$	0.27	$	0.35		$	0.54		$	0.27	$	0.81