Divestiture	9 Months Ended
Sep. 30, 2020
Divestiture
Divestiture	20. Divestiture On July 31, 2020, the Company completed the sale of its ANZ businesses to Visy, an unaffiliated company. Gross proceeds approximated AUD $947 million (including a related sale-leaseback agreement which approximated AUD $214 million) or approximately USD $677 million. Approximately 95% of those proceeds were received at the time of closing and the remaining balance will be paid within 12 months of closing without conditions precedent. In the third quarter of 2020, the Company recognized a net gain (including costs directly attributable to the sale of ANZ and subject to post-closing adjustments) on the divestiture of approximately $280 million, which was reported on the Other income (expense), net line in the Condensed Consolidated Results of Operations. Certain post-closing adjustments, such as a working capital adjustment, will be recorded in future periods once finalized. In addition, at closing, certain subsidiaries of the Company entered into certain ancillary agreements with Visy and the ANZ businesses in respect of the provision of certain transitional and technical services to the ANZ businesses. For the three and nine month periods ended September 30, 2020, the results for the Asia Pacific reportable segment reflect only one month and seven months, respectively, of the results of the ANZ businesses through the date of its sale. The pretax profits from the ANZ businesses were approximately $6 million for the seven months ended July 31, 2020.

Divestiture

9 Months Ended

Sep. 30, 2020

20. Divestiture

On July 31, 2020, the Company completed the sale of its ANZ businesses to Visy, an unaffiliated company. Gross proceeds approximated AUD $947 million (including a related sale-leaseback agreement which approximated AUD $214 million) or approximately USD $677 million. Approximately 95% of those proceeds were received at the time of closing and the remaining balance will be paid within 12 months of closing without conditions precedent. In the third quarter of 2020, the Company recognized a net gain (including costs directly attributable to the sale of ANZ and subject to post-closing adjustments) on the divestiture of approximately $280 million, which was reported on the Other income (expense), net line in the Condensed Consolidated Results of Operations. Certain post-closing adjustments, such as a working capital adjustment, will be recorded in future periods once finalized. In addition, at closing, certain subsidiaries of the Company entered into certain ancillary agreements with Visy and the ANZ businesses in respect of the provision of certain transitional and technical services to the ANZ businesses.

For the three and nine month periods ended September 30, 2020, the results for the Asia Pacific reportable segment reflect only one month and seven months, respectively, of the results of the ANZ businesses through the date of its sale. The pretax profits from the ANZ businesses were approximately $6 million for the seven months ended July 31, 2020.