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Divestitures and Planned Divestitures
 12 Months Ended
Dec. 31, 2016
Discontinued Operations and Disposal Groups [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 Endicia and 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.
The following table provides a summary of amounts included in discontinued operations, which primarily relate to the Endicia and Culinary electrics and retail businesses (in millions):
 
2016
 
2015
 
2014
Net sales
$
—

 
$
56.5

 
$
83.4

Income (loss) from discontinued operations before income taxes
$
(1.9
)
 
$
(7.7
)
 
$
2.2

Income tax expense (benefit)
(0.6
)
 
(2.8
)
 
0.8

Income (loss) from discontinued operations
(1.3
)
 
(4.9
)
 
1.4

Net gain from sale of discontinued operations, net of tax (1) 
0.6

 
95.6

 
3.4

Income (loss) from discontinued operations, net of tax
$
(0.7
)
 
$
90.7

 
$
4.8



(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.
Divestitures
On June 30, 2016, the Company sold its Décor business, including Levolor® and Kirsch® window coverings and drapery hardware, for consideration, net of fees, of $223.5 million. The net assets of the Décor business were $63.3 million, including $19.2 million of goodwill, resulting in a pretax gain of $160.2 million, which is included in other (income) expense, net, for the year ended December 31, 2016. The Décor business was included in the Company’s consolidated results from continuing operations, including net sales of $141.4 million, until it was sold in June 2016.
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% and 1.2% of the Company’s consolidated net sales for the years ended December 31, 2015 and 2014, respectively.
Held for Sale
During 2016, the Company committed to plans to divest several businesses and brands to strengthen the portfolio to better align with the long-term growth plan. The affected businesses and brands, which will all be reported in future periods continuing operations, are as follows: the Tools business, including the Irwin®, Lenox®, and hilmorTM brands in the Tools segment; the Winter Sports business, including the Völkl® and K2® brands and the Zoot® and Squadra® brands in the Outdoor Solutions segment; the heaters, fans, and humidifiers business with related brands in the Consumer Solutions segment; the Rubbermaid® consumer storage totes business in the Home Solutions segment; the Lehigh business, primarily ropes, cordage and chains under the Lehigh® brand and the firebuilding business, primarily under the Pine Mountain® brand, in the Branded Consumables segment; and the stroller business under the Teutonia® brand in the Baby and Parenting segment.
During October 2016, the Company entered into an agreement to sell the Tools business for an estimated price of $1.95 billion, subject to working capital adjustments. The transaction is expected to close in early 2017, subject to certain customary conditions, including regulatory approvals, and the Company anticipates this will result in a pretax gain of approximately $0.9 billion. The Tools business generated 5.5%, 12.9% and 14.4% of the Company’s consolidated net sales for the years ended December 31, 2016, 2015 and 2014, respectively.
The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the Consolidated Balance Sheets as of December 31, (in millions):
 
2016
 
2015
Accounts receivable, net
$
164.4

 
$
—

Inventories, net
311.6

 
35.3

Prepaid expenses and other
24.3

 
2.0

Property, plant and equipment, net
224.9

 
18.2

Goodwill
762.5

 
19.2

Other intangible assets, net
244.5

 
23.7

Other assets
13.5

 
—

   Total Assets
$
1,745.7

 
$
98.4

 
 
 
 
 Accounts payable
$
88.2

 
$
34.8

 Accrued compensation
35.3

 
—

 Other accrued liabilities
81.6

 
8.5

 Short-term debt and current portion long-term debt
4.3

 
—

 Other noncurrent liabilities
131.1

 
—

   Total Liabilities
$
340.5

 
$
43.3