Divestitures and Business Held for Sale

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Business Held for Sale

Divestitures and Business Held for Sale

As of June 30, 2021, we sold a United Kingdom business outside of our focus industries, which we had previously classified as held for sale. The related assets previously held for sale were primarily composed of $1.1 million of operating lease right-of-use assets, $0.3 million of fixed assets, $0.1 million of goodwill, and $0.1 million of other current assets. The related liabilities held for sale are primarily composed of $1.2 million of operating lease liabilities. We received proceeds on the sale of this business of $0.4 million and recorded a loss on the sale of business of $0.4 million. Transaction costs related to the sale totaled $0.4 million. This business was part of the EMEA segment.

As of December 31, 2020, we began the process to sell a business outside of our focus industries and as a result we have classified all of this business' assets and liabilities to held for sale. The sale is expected to occur within 12 months. As of June 30, 2021, the related assets held for sale are primarily composed of $35.9 million of goodwill, $3.2 million of unbilled revenue, and $1.6 million of accounts receivables. The related liabilities held for sale are primarily composed of $4.3 million of deferred revenue and $0.5 million of accounts payable and accrued expense. This business is part of the North America segment.