Divestitures

6 Months Ended

Jul. 01, 2017

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

On January 3, 2017, the Company sold a small business within the Tools & Storage segment for $25.6 million. During the second quarter of 2017, the Company received additional proceeds of $0.5 million as a result of the finalization of the purchase price. On February 22, 2017, the Company sold the majority of its mechanical security businesses within the Security segment, which includes the commercial hardware brands of Best Access, phi Precision and GMT, for net proceeds of $719.2 million. As a result of these sales, the Company recognized an after-tax gain of $237.5 million in the first half of 2017, primarily related to the sale of the mechanical security businesses. Neither of these disposals qualify as discontinued operations in accordance with ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, and therefore, are included in the Company's continuing operations for all periods presented through the dates of sale in 2017.

Following is the pre-tax income for these businesses for the three and six months ended July 1, 2017 and July 2, 2016:

	Second Quarter				Year-to-Date
(Millions of Dollars)	2017		2016		2017		2016
Pre-tax income	$	—	$	13.9	$	0.6	$	20.4

The carrying amounts of the assets and liabilities that were expected to be included in these sales were classified as held for sale as of December 31, 2016, as follows:

(Millions of Dollars)	December 31, 2016
Accounts and notes receivable, net	$	35.3
Inventories, net	33.2
Property, plant and equipment, net	52.3
Goodwill and other intangibles, net	399.8
Other assets	2.8
Total assets	$	523.4
Accounts payable and accrued expenses	$	38.0
Other liabilities	15.5
Total liabilities	$	53.5