Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Details)

v3.19.2
Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 06, 2019
Jun. 29, 2019
Jun. 30, 2018
Jun. 29, 2019
Jun. 30, 2018
Jan. 01, 2019
Dec. 31, 2018
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]              
Net Sales   $ 223.1 $ 252.2 $ 448.3 $ 496.6    
Cost of Sales   167.5 183.7 334.6 361.2    
Selling, General and Administrative Expense [1],[2],[3]   52.8 47.5 109.1 94.7    
Earnings (Loss) from Discontinued Operations Before Income Taxes [3]   (3.2) 13.5 (146.0) [2] 24.5    
Income Tax Provision (Benefit)   (10.1) 2.6 (40.4) 4.5    
Earnings (Loss) from Discontinued Operations, Net of Tax   6.9 10.9 (105.6) [2] 20.0    
Loss on Disposal of Discontinued Operations, Net of Tax   (41.5) [1] 0.0 (41.5) [1] 0.0    
Net Earnings (Loss) from Discontinued Operations, Net of Tax   (34.6) 10.9 (147.1) 20.0    
Pre-Tax Loss on Disposal of Discontinued Operations   47.7   47.7      
Tax Benefit of Loss from Disposal of Discontinued Operation   6.2   6.2      
Goodwill, Impairment Loss       0.0 0.0    
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]              
Current Assets Held for Sale   0.0 354.4 0.0 354.4   $ 377.2
Long-Term Assets Held for Sale   0.0 639.6 0.0 639.6 $ 631.4 610.3
Assets Held for Sale     987.7   987.7   978.6
Current Liabilities Held for Sale   0.0 232.1 0.0 232.1 257.9 255.0
Long-Term Liabilities Held for Sale   0.0 96.5 0.0 96.5 $ 117.8 99.6
Assets Held-for-sale, Not Part of Disposal Group   3.0 6.3 3.0 6.3   8.9
Fitness [Member]              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Net Cash Proceeds $ 473.7            
Retained Assets   26.4   26.4      
Retained Liabilities   45.1   45.1      
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]              
Loss on Disposal of Discontinued Operations, Net of Tax $ 41.5            
Goodwill, Impairment Loss       137.2      
Goodwill, Impairment Loss, Net of Tax       103.0      
Business Exit Costs   3.1 2.5 10.9 4.2    
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]              
Accounts and Notes Receivable, Net     165.7   165.7   198.9
Net inventory     174.0   174.0   169.7
Prepaid Expenses and Other     14.7   14.7   8.6
Current Assets Held for Sale     354.4   354.4   377.2
Net Property [4]     121.1   121.1   110.9
Goodwill     390.5   390.5   389.8
Other Intangibles, Net     85.6   85.6   60.6
Other Long-Term Assets     42.4   42.4   49.0
Long-Term Assets Held for Sale     639.6   639.6   610.3
Assets Held for Sale   0.0 994.0 0.0 994.0   987.5
Accounts Payable     51.8   51.8   69.7
Accrued Expenses     180.3   180.3   185.3
Current Liabilities Held for Sale     232.1   232.1   255.0
Other Liabilities     96.5   96.5   99.6
Long-Term Liabilities Held for Sale     96.5   96.5   99.6
Liabilities Held for Sale   $ 0.0 $ 328.6 $ 0.0 $ 328.6   $ 354.6
[1]
(A) The Loss on disposal of discontinued operations for the three and six months ended June 29, 2019 includes a pre-tax loss of $47.7 million and a net tax benefit of $6.2 million.
[2]
(B) In the first quarter of 2019, the Company re-evaluated the fair value of the Fitness reporting unit and determined the fair value of the business was less than its carrying value. As a result, Earnings (loss) from discontinued operations, net of tax, includes a $137.2 million ($103.0 million after tax) goodwill impairment charge for the six months ended June 29, 2019.
[3]
(C) The Company recorded $3.1 million and $2.5 million, for the three months ended June 29, 2019 and June 30, 2018, respectively, and recorded $10.9 million and $4.2 million for the six months ended June 29, 2019 and June 30, 2018, respectively, of costs incurred in connection with the Fitness business separation.

[4]
(A) As of December 31, 2018 and June 30, 2018, the Company had $8.9 million and $6.3 million, respectively, of net long-term assets classified as held for sale that were not related to the business reported as discontinued operations.