Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.8.0.1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Results of Operations, Assets and Liabilities of Businesses Reported as Discontinued Operations [Table Text Block]
The following table discloses the results of operations of the businesses reported as discontinued operations for the three months ended March 31, 2018 and April 1, 2017, respectively:
 
Three Months Ended
(in millions)
March 31,
2018
 
April 1,
2017
Net sales
$
72.6

 
$
97.8

 
 
 
 
Loss from discontinued operations before income taxes
$
(10.2
)
 
$
(11.5
)
Income tax benefit
(2.6
)
 
(2.2
)
Loss from discontinued operations, net of tax (A)
$
(7.6
)
 
$
(9.3
)

(A) Loss from discontinued operations, net of tax includes restructuring, exit, integration and impairment charges, net of tax of $6.2 million for the three months ended April 1, 2017.
























The following table reflects the summary of assets and liabilities held for sale as of March 31, 2018, December 31, 2017 and April 1, 2017 for the Sea Ray businesses included in discontinued operations:

(in millions)
March 31, 2018
 
December 31,
2017
 
April 1,
2017
Accounts and notes receivable, net
$
6.1

 
$
5.0

 
$
12.8

Net inventory
73.4

 
62.1

 
70.2

Prepaid expenses and other
1.4

 
1.7

 
2.3

Current assets held for sale
80.9

 
68.8

 
85.3

 
 
 
 
 
 
Net property (A)
36.8

 
33.8

 
63.4

Other intangibles, net
4.7

 
4.7

 
4.7

Other long-term assets (B)
(4.6
)
 
(4.6
)
 
0.3

Long-term assets held for sale (C)
36.9

 
33.9

 
68.4

Assets held for sale
$
117.8

 
$
102.7

 
$
153.7

 
 
 
 
 
 
Accounts payable
$
11.2

 
$
10.8

 
$
16.5

Accrued expenses
56.8

 
45.4

 
46.6

Current liabilities held for sale
68.0

 
56.2

 
63.1

 
 
 
 
 
 
Other liabilities
2.8

 
2.7

 
4.2

Long-term liabilities held for sale
2.8

 
2.7

 
4.2

Liabilities held for sale
$
70.8

 
$
58.9

 
$
67.3


(A) Net property held for sale at March 31, 2018 and December 31, 2017 reflects an impairment of $31.0 million recorded in Q4 2017.
(B) Includes a $5.0 million valuation allowance on the disposal group at March 31, 2018 and December 31, 2017.
(C) As of March 31, 2018, December 31, 2017 and April 1, 2017, the Company had $12.8 million, $12.7 million and $6.3 million, respectively, of net long-term assets classified as held for sale that were not related to businesses reported as discontinued operations.