Divestitures and Held for Sale (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of Amounts Included in Discontinued Operations

The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net sales (1)	$	859.3		$	1,197.0		$	3,592.4		$	3,901.1
Cost of products sold (1)		552.8			794.2			2,293.1			2,490.1
Selling, general and administrative expenses		155.3			219.7			669.4			743.9
Restructuring costs, net		2.8			2.9			7.8			13.8
Impairment of goodwill, intangibles and other assets		628.8			—			1,082.8			0.7
Operating income (loss)		(480.4	)		180.2			(460.7	)		652.6
Non-operating expense (income) (2)		(27.3	)		(5.4	)		(488.3	)		(1.3	)
Income before income taxes		(453.1	)		185.6			27.6			653.9
Income tax expense (benefit)		62.6			62.3			227.2			230.0
Net income (loss)	$	(515.7	)	$	123.3		$	(199.6	)	$	423.9

(1) The three and nine months ended September 30, 2018, include a reclassification from cost of products sold to net sales of $16.0 million and $39.3 million, respectively, related to the adoption of Topic 606. See Footnotes 1 and 2 for additional information regarding the Company’s adoption of Topic 606.

(2) The three and nine months ended September 30, 2018, include a gain on sale of discontinued operations of $27.5 million and $489 million, respectively.

Schedule of Major Classes of Assets and Liabilities Held for Sale

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 condensed consolidated balance sheets as of the dates indicated (in millions):

	September 30, 2018		December 31, 2017
Accounts receivable, net	$	648.0	$	794.7
Inventories, net		620.3		836.4
Prepaid expenses and other		85.4		87.6
Property, plant and equipment, net (1) (2)		635.3		310.1
Goodwill (1)		1,700.0		2,189.6
Other intangible assets, net (1)		2,892.5		2,652.1
Other assets (1)		30.9		23.8
Current assets held-for-sale	$	6,612.4	$	6,894.3
Property, plant and equipment, net		—		429.0
Goodwill		—		1,497.5
Other intangible assets, net		—		1,384.3
Other assets		—		10.9
Noncurrent assets held-for-sale	$	—	$	3,321.7
Accounts payable	$	421.5	$	534.8
Accrued compensation		79.0		101.6
Other accrued liabilities		265.5		433.0
Deferred income taxes (1)		372.3		570.1
Other liabilities (1)		74.4		71.8
Current liabilities held-for-sale	$	1,212.7	$	1,711.3
Deferred income taxes		—		—
Other liabilities		—		12.8
Noncurrent liabilities held-for-sale	$	—	$	12.8

(1) Classification as current or long-term based on management’s best estimate as to the timing of the disposal of the underlying asset or liability as of the respective dates indicated.

(2) Balance at December 31, 2017, includes a $4.0 million building held for sale that is not included in discontinued operations. This building was sold during the second quarter of 2018.