In November 2018 Kodak announced it had entered into a Stock and Asset Purchase Agreement (“SAPA”) with MIR Bidco, SA for the sale of its Flexographic Packaging segment. The purchase price is $340 million, which is subject to purchase price adjustments as described in the SAPA. The results of operations of the Flexographic Packaging Business (the ”Business”) are classified as discontinued operations in the Consolidated Statement of Operations for all periods presented. Additionally, the assets and liabilities associated with the Business are classified as held for sale in the Consolidated Statement of Financial Position as of December 31, 2018 and 2017. Kodak anticipates the sale of the Business will close during the second quarter of 2019.

	Year Ended December 31,
(in millions)	2018			2017
Revenues	$	148		$	145

Cost of sales		90			87
Selling, general and administrative expenses		21			15
Research and development expenses		8			6
Interest expense		27			24
Earnings from continuing operations before income taxes		2			13
Provision for income taxes		9			10
(Loss) earnings from discontinued operations	$	(7	)	$	3

In addition to the earnings from the Business, earnings from discontinued operations in the Consolidated Statement of Operations for December 31, 2017 includes losses of $2 million associated with businesses disposed of in previous years.

Interest was allocated to discontinued operations based on an estimated debt paydown of the Term Credit Agreement.

The following table presents the aggregate carrying amount of major assets and liabilities of the Business:

(in millions)	2018		2017
ASSETS
Cash and cash equivalents	$	2	$	1
Trade receivables, net		28		29
Inventories, net		33		30
Property, plant and equipment, net		28		20
Goodwill		20		20
Intangible assets		1		2
Other assets		1		—
Assets of business held for sale	$	113	$	102

LIABILITIES
Accounts payable, trade	$	9	$	14
Other current liabilities		7		7
Pension and other postretirement liabilities		4		4
Liabilities of business held for sale	$	20	$	25

A dedicated entity of the Business had intercompany receivables with Kodak of approximately $5 million as of December 31, 2018 and 2017 that are part of the proposed transaction but are not reflected in the table above as these amounts have been eliminated in deriving the consolidated financial statements.

Current assets held for sale as of December 31, 2017 in the Consolidated Statement of Financial Position included $2 million of assets under contract for sale not associated with the Business.

The following table presents cash flow information associated with the Business:

	Year Ended December 31,
(in millions)	2018		2017
Depreciation	$	2	$	2
Amortization		1		1
Capital expenditures		7		12

Depreciation and amortization of long-lived assets of the Business included in discontinued operations ceased on December 1, 2018.

Direct operating expenses of the discontinued operations are included in the results of discontinued operations. Indirect expenses that were historically allocated to the discontinued operations have been included in the results of continuing operations. Prior period results have been reclassified to conform to the current period presentation.