Divestitures and Planned Divestitures

12 Months Ended

Dec. 31, 2015

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestitures and Planned Divestitures

Based on the Company’s strategy to allocate resources to its businesses relative to their growth potential and those with the greater right to win in the marketplace, the Company determined that certain businesses as described below did not align with the Company’s long-term growth plans, which led to the decisions to divest or cease operations of these businesses.

Discontinued Operations

During 2014, the Company’s Endiciaand Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment in 2014 to sell the businesses. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. The Endicia business provides on-line postage solutions. The Culinary electrics business sells kitchen electrics and accessories to retailers, and the retail business sells cookware products and accessories through outlet stores. During 2015, the Company sold Endicia for net proceeds of $208.7 million, subject to customary working capital adjustments, resulting in a pretax gain of $154.2 million. The proceeds are net of $5.2 million of transaction expenses and $5.6 million of cash included in the assets sold. The $60.1 million of Endicia assets sold (which includes the Endicia cash sold) included $50.0 million of goodwill. During 2015, the Company ceased operations in its Culinary electrics and retail businesses.

On September 10, 2013, the Company sold its Hardware business, including the Levolor^®-branded and private label drapery hardware business, for net cash consideration of $182.9 million, of which $2.5 million was received in January 2014. The products sold by the Hardware business included convenience and window hardware, manual paint applicators, and drapery and cabinet hardware. The proceeds are net of $3.9 million of transaction expenses and $2.6 million of cash included in the assets sold. The net assets of the Hardware business were $72.8 million, including $21.2 million of goodwill, resulting in a pretax gain of $110.1 million. In addition, the Company retained approximately $27.0 million of accounts receivable, net of customer-related liabilities, associated with the Hardware business.

On July 12, 2013, the Company completed the sale of its Teach business, which provided interactive teaching technology solutions. The Company recorded $22.7 million of pretax losses during 2013 relating to the impairments of goodwill, intangibles and other long-lived assets and write-downs of working capital associated with the Teach business.

The following table provides a summary of amounts included in discontinued operations, which primarily relate to the Hardware, Teach, Endicia and Culinary electrics and retail businesses (in millions):

	2015			2014		2013
Net sales	$	56.5		$	83.4	$	280.2
(Loss) income from discontinued operations before income taxes	$	(7.7	)	$	2.2	$	0.5
Income tax (benefit) expense	(2.8		)	0.8		1.1
(Loss) income from discontinued operations	(4.9		)	1.4		(0.6		)
Net gain on disposal(1)	95.6			3.4		58.9
Income from discontinued operations, net of tax	$	90.7		$	4.8	$	58.3

(1) 2015 includes pretax gains of $154.2 million (related tax expense of $58.6 million) relating to the sale of the Endicia business. 2014 includes pretax gains of $2.2 million (related tax benefit of $1.2 million) relating to the recognition of $4.8 million of previously deferred gains on the sale of the international Hardware businesses, offset by $2.6 million of impairments relating to the Culinary businesses. 2013 includes pretax gains of $87.4 million (related tax expense of $28.5 million) relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital.

Divestitures

During 2015, the Company divested its Rubbermaid medical cart business, which focuses on optimizing nurse work flow and medical records processing in hospitals and was included in the Commercial Products segment. The Company sold substantially all of the assets of the Rubbermaid medical cart business in August 2015. The consideration exchanged was not material. The Rubbermaid medical cart business was included in the consolidated results from continuing operations (in the Commercial Products segment), including net sales of $26.5 million in 2015, until it was sold in August 2015. The Rubbermaid medical cart business generated 0.4%, 1.2% and 1.3% of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively.

Held for Sale

In October 2015, the Company determined that the Levolor^® and Kirsch^® window coverings brands (“Décor”) did not align with the Company’s long-term growth plans and therefore, announced its intention to divest the Décor business. The Décor business did not meet the criteria for reporting the business as discontinued operations; thus, the Company has continued to include the Décor business in continuing operations as part of the Home Solutions segment. The Company expects to complete the sale of Décor during 2016 and anticipates realizing net proceeds greater than the net assets upon sale. The Décor business generated 5.1%, 5.5% and 5.7% of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. The following table presents information related to the major classes of Décor’s assets and liabilities that were classified as assets and liabilities held for sale in the Consolidated Balance Sheet as of December 31, 2015 (in millions):

	2015
Inventories, net	$	35.3
Prepaid expenses and other	2.0
Property, plant and equipment, net	18.2
Goodwill	19.2
Other intangible assets, net	23.7
Total Assets	$	98.4
Accounts payable	$	34.8
Other accrued liabilities	8.5
Total Liabilities	$	43.3