Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events

Subsequent Events

20. Subsequent Events

On July 31, 2020, the Company completed the sale of its Australia and New Zealand (“ANZ”) businesses to Visy Industries Holdings Pty Ltd.  Gross proceeds approximated AUD $947 million (including a related sale-leaseback agreement which approximated AUD $214 million) or approximately USD $677 million.  Approximately 95 percent of proceeds were received at time of closing and the remaining balance will be paid within 12 months of closing without conditions precedent.  Net proceeds will be principally used to reduce debt.

The proceeds from the disposal of the Company’s ANZ businesses are expected to exceed the net carrying amount of the relevant assets and liabilities.

As of June 30, 2020, the ANZ businesses and their associated assets and liabilities did not meet the criteria for presentation as held for sale. Accordingly, the assets and liabilities attributable to the ANZ businesses are included in the Company’s Condensed Consolidated Balance Sheet and the operations of the ANZ businesses are included in the Company’s Asia Pacific region for segment reporting purposes (Note 1). The pretax profits from the ANZ businesses have been consolidated in the Company’s Condensed Consolidated Results of Operations and were approximately $6 million and $13 million for the six months ended June 30, 2020 and June 30, 2019, respectively. The major classes of assets and liabilities attributable to ANZ as of June 30, 2020 are included in the Company’s Condensed Consolidated Balance Sheet as follows:        

		June 30, 2020
Cash and cash equivalents	$	45
Trade receivables, net		56
Inventories and other		154
Property, plant and equipment, net		266
Other assets		119
Accounts payable and other liabilities		(109)
Other long-term liabilities		(83)
Net assets		448
Accumulated other comprehensive income		123
	$	571