Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.8.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Results of Operations, Assets and Liabilities of Businesses Reported as Discontinued Operations
The following table discloses the results of operations of the businesses reported as discontinued operations for the years ended December 31, 2017, 2016 and 2015, respectively:

(in millions)
2017
 
2016
 
2015
Net sales
$
387.6

 
$
406.2

 
$
432.9

 
 
 
 
 
 
Earnings (loss) from discontinued operations before income taxes
$
(62.1
)
 
$
3.4

 
$
1.9

Income tax provision (benefit)
(21.2
)
 
(0.0
)
 
4.2

Earnings (loss) from discontinued operations, net of tax (B)
(40.9
)
 
3.4

 
(2.3
)
Gain on disposal of discontinued operations, net of tax (A)
—

 
—

 
12.8

Net earnings (loss) from discontinued operations, net of tax (B)
$
(40.9
)
 
$
3.4

 
$
10.5


(A) The Gain on disposal of discontinued operations, net of tax for 2015 includes a pre-tax and after-tax gain of $12.8 million.
(B) Net earnings (loss) from discontinued operations includes a charge of $36.0 million, $23.8 million after-tax, as discussed above in 2017 and other restructuring, exit, integration and impairment charges, net of tax of $6.5 million, $0.2 million and $7.2 million in 2017, 2016 and 2015, respectively.

The following table reflects the summary of assets and liabilities held for sale as of December 31, 2017 and December 31, 2016 for the Sea Ray businesses included in discontinued operations:
(in millions)
2017
 
2016
Accounts and notes receivable, net
$
5.0

 
$
5.8

Net inventory
62.1

 
63.1

Prepaid expenses and other
1.7

 
2.6

Current assets held for sale
68.8

 
71.5

 
 
 
 
Net property (A)
33.8

 
63.1

Other intangibles, net
4.7

 
4.7

Other long-term assets (B)
(4.6
)
 
0.4

Long-term assets held for sale (C)
33.9

 
68.2

Assets held for sale
$
102.7

 
$
139.7

 
 
 
 
Accounts payable
$
10.8

 
$
14.5

Accrued expenses
45.4

 
45.3

Current liabilities held for sale
56.2

 
59.8

 
 
 
 
Other liabilities
2.7

 
6.7

Long-term liabilities held for sale
2.7

 
6.7

Liabilities held for sale
$
58.9

 
$
66.5



(A) Net property held for sale at December 31, 2017 reflects an impairment of $31.0 million.
(B) Includes a $5.0 million valuation allowance on the disposal group at December 31, 2017.
(C) As of December 31, 2017 and 2016, the Company had $12.7 million and $13.2 million, respectively, of net long-term assets classified as held for sale that were not related to businesses reported as discontinued operations.