Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations (Tables)

v3.19.1
Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders:
 
Three Months Ended March 31,
 (dollars in millions)
2019 (1)
 
2018
Net sales
$
65.3

 
$
471.6

Cost of sales
(45.5
)
 
(278.0
)
Selling, technical, general and administrative
(36.6
)
 
(136.2
)
Research and development
(4.6
)
 
(12.1
)
Gain on Arysta Sale
21.3

 

Operating (loss) profit
(0.1
)
 
45.3

Other, net
9.3

 
56.7

Income from discontinued operations, before income taxes
9.2

 
102.0

Income tax benefit (expense)
18.2

 
(55.1
)
Income from discontinued operations, net of tax
27.4

 
46.9

Net (income) loss from discontinued operations attributable to the non-controlling interests
(0.1
)
 
0.6

Net income from discontinued operations attributable to common stockholders
$
27.3

 
$
47.5

(1) 
Includes activity through January 31, 2019, when the Arysta Sale was completed.
The carrying value of major classes of assets and liabilities related to the Company's discontinued operations were as follows:
 
March 31,
 
December 31,
 
 (dollars in millions)
2019
 
2018
 
Assets
 
 
 
 
Cash and cash equivalents
$

 
$
177.8

 
Accounts receivable, net

 
919.4

 
Inventories

 
369.1

 
Other current assets
115.1

(1) 
155.0

 
Current assets of discontinued operations
$
115.1

 
$
1,621.3

 
Property, plant and equipment, net
$

 
$
172.0

 
Goodwill

 
1,816.9

 
Intangible assets, net

 
1,797.7

 
Other assets
6.7

 
(374.2
)
(2) 
Non-current assets of discontinued operations
$
6.7

 
$
3,412.4

 
Liabilities
 
 
 
 
Accounts payable
$

 
$
365.7

 
Current installments of revolving credit facilities

 
52.5

 
Accrued expenses and other current liabilities
80.1

 
408.6

 
Current liabilities of discontinued operations
$
80.1

 
$
826.8

 
Deferred income taxes
$

 
$
369.9

 
Other liabilities

 
46.3

 
Non-current liabilities of discontinued operations
$

 
$
416.2

 
(1) 
Primarily comprised of a receivable from UPL associated with certain post-closing adjustments.
(2) 
Includes the impairment loss of $450 million on discontinued operations at December 31, 2018.