Subsequent Event

6 Months Ended

Jun. 30, 2018

16. Subsequent Event

On May 2, 2018, we announced that we had entered into a definitive agreement to sell certain assets and liabilities of our Print Logistics business. Subsequently, on July 2, 2018, we completed the sale for $60.0 million cash, subject to working capital adjustments. We expect to report an insignificant gain in the third quarter of 2018 and expect no income taxes due as a result of the utilization of capital loss carryforwards. Proceeds from the sale were used to reduce borrowings outstanding on our credit facility.

Assets and liabilities of the Print Logistics business held for sale as of June 30, 2018 were as follows:

	June 30, 2018
Cash and cash equivalents	$	5.2
Accounts receivable		35.3
Prepaid expenses and other current assets		1.7
Goodwill ⁽¹⁾		32.4
Other noncurrent assets ⁽²⁾		5.9
Current assets held for sale		80.5

Accounts payable	$	29.3
Accrued liabilities		6.5
Other noncurrent liabilities		0.7
Current liabilities held for sale		36.5

(1)

Includes $100.9 million of goodwill, offset by $68.5 million of accumulated goodwill impairment losses.

(2)

Includes net property, plant and equipment, net other intangible assets and other noncurrent assets.

Current assets and liabilities held for sale are recorded in Prepaid expenses and other current assets and Accrued liabilities and other, respectively, on the Condensed Consolidated Balance Sheet as of June 30, 2018.