Divestitures

Since October 2014, the Company has completed the following as of December 31, 2017 (in millions):

Asia Pacific divestitures



Entity	Sale / Closure	Sale / Closure Date	Gross Proceeds		Pre-tax Gain / (Loss) ⁽¹⁾
New Zealand ⁽²⁾	Closure	Fourth Quarter 2017	$	10.3	$	5.4
China ⁽³⁾	Sale	Third Quarter 2017	8.8		(19.9		)
Australia	Closure	Second Quarter 2017	—		(4.2		)
Pakistan	Sale	First Quarter 2017	5.3		(3.5		)
India	Sale	First Quarter 2016	10.8		1.6
Thailand	Sale	Third Quarter 2015	88.0		16.1
Fiji	Sale	First Quarter 2015	9.3		(2.6		)
Keystone	Sale	First Quarter 2015	11.0		3.6
PDP and PDEP	Sale	Fourth Quarter 2014	67.1		17.6

(1)

The pre-tax gain / (loss) for each sale or liquidation was recorded in the SG&A expenses caption of the Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale or liquidation of the entity. The aggregate net pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Asia Pacific divestiture entities is $46.9 million.


(2)	The pre-tax gain includes a reclassification of foreign currency translation adjustments upon the substantially complete liquidation of the entity of $0.9 million and a pre-tax gain on the sale of the land and building of $4.5 million.

(3)

In the fourth quarter of 2016, the Company updated its strategic path forward based on the current business environment and economic challenges for its China business. In anticipation of a prolonged sales process given the challenging environment, the Company's updated internal projections (based on a probability weighted cash flows approach), resulted in a long-lived asset impairment loss recorded in cost of sales of $11.0 million in the fourth quarter of 2016. The Company continued to pursue process improvement initiatives through the first half of 2017; however, in the third quarter of 2017, the Company completed an accelerated sale of China, recognizing a pre-tax loss of $19.9 million.

As of December 31, 2017, the Company's Asia Pacific businesses, and disposals of related operations to date (that occurred over a three year period), are not considered a strategic shift that has or will have a major effect on the Company's operations and financial results. Refer to Note 18 - Segment Information for results of the Africa / Asia Pacific segment.

The sale of Thailand in the year ended December 31, 2015 was considered a disposal of an individually significant component of an entity per ASC 205 - Presentation of Financial Statements. The pre-tax loss of Thailand and the pre-tax loss attributable to the Company in the year ended December 31, 2015 was $7.6 million and $5.7 million, respectively.

Africa divestitures



Entity	Sale / Closure	Sale / Closure Date	Gross Proceeds		Pre-tax Gain (Loss)⁽¹⁾
Algeria	Sale	Second Quarter 2017	$	3.8	$	(38.0	)
South Africa - Durban	Closure	Fourth Quarter 2016	—		1.6
South Africa - National Cables	Closure	Fourth Quarter 2016	—		(29.4		)
Zambia	Sale	Third Quarter 2016	9.8		(14.4		)
Egypt	Sale	Second Quarter 2016	5.8		(8.4		)

(1)

The pre-tax gain / (loss) for each sale or liquidation was recorded in the SG&A expenses caption of the Consolidated Statements of Operations and Comprehensive Income (Loss); the pre-tax gain / (loss) includes the reclassification of foreign currency translation adjustments upon sale or liquidation of the entity. The aggregate pre-tax loss on the reclassification of foreign currency translation adjustments upon sale or liquidation of the Africa divestiture entities is $79.4 million.

The Company's Africa businesses, and disposals of related operations to date, are not considered a strategic shift that has or will have a major effect on the Company's operations and financial results. As of December 31, 2017, the Company determined that the remaining Africa business did not meet the held for sale criteria. Refer to Note 18 - Segment Information for results of the Africa / Asia Pacific segment.

The Company has incurred total aggregate costs of $9.4 million related to its Asia Pacific and Africa divestitures, primarily legal and transaction fees, as of December 31, 2017. Charges incurred for the years ended December 31, 2017, 2016 and 2015 were $3.9 million, $2.1 million and $3.4 million, respectively.

Venezuela divestiture

In the third quarter of 2016, the Company completed the sale of its Venezuelan subsidiary for cash consideration of approximately $6 million. The pre-tax gain recognized in the year ended December 31, 2016 was $5.9 million, and is included in the SG&A expenses caption in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the Europe segment (based on the legal entity structure).

North America automotive divestitures

As part of the strategic roadmap, the Company recognized a $6.9 million pre-tax loss in the year ended December 31, 2017 and a $53.2 million pre-tax gain in the year ended December 31, 2016 from asset sales related to the restructuring program for total consideration of $70.7 million. The gains/losses are recognized in the SG&A expenses caption in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the North America segment. The disposals did not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results; therefore, the results are presented as continued operations.

Spain subsidiary divestiture

As part of the July 2014 restructuring program, in the second quarter of 2015, the Company completed the disposal of a subsidiary in Spain for cash consideration of $1.8 million. The pre-tax loss on the sale from the disposition in the second quarter of 2015 was $11.6 million. The loss is recognized in the SG&A expenses caption in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the Europe segment. The disposal did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results; therefore, the results are presented as continued operations.