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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
for the Quarterly Period Ended June 30, 2019
Commission File Number 1-9608
NEWELL BRANDS INC.
(Exact name of registrant as specified in its charter)
Delaware
 
36-3514169
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
221 River Street
Hoboken, New Jersey 07030
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (201) 610-6600
Securities registered pursuant to Section 12(b) of the Act:
TITLE OF EACH CLASS
 
TRADING SYMBOL
 
NAME OF EXCHANGE ON WHICH REGISTERED
Common stock, $1 par value per share
 
NWL
 
Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:    None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Number of shares of common stock outstanding (net of treasury shares) as July 31, 2019: 423.4 million.
 


Table of Contents

TABLE OF CONTENTS
 
 
 

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Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in millions, except per share data)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
2,116.5

 
$
2,201.6

 
$
3,828.6

 
$
4,013.1

Cost of products sold
1,369.9

 
1,426.8

 
2,538.2

 
2,633.0

Gross profit
746.6

 
774.8

 
1,290.4

 
1,380.1

Selling, general and administrative expenses
558.9

 
613.6

 
1,076.8

 
1,239.9

Restructuring costs, net
6.7

 
45.7

 
17.6

 
51.1

Impairment of goodwill, intangibles and other assets
2.9

 
31.6

 
2.9

 
31.6

Operating income
178.1

 
83.9

 
193.1

 
57.5

Non-operating expenses:
 
 
 
 
 
 
 
Interest expense, net
78.2

 
120.5

 
158.4

 
236.6

Other expense (income), net
0.2

 
(13.2
)
 
23.5

 
(14.6
)
Income (loss) before income taxes
99.7

 
(23.4
)
 
11.2

 
(164.5
)
Income tax expense (benefit)
16.7

 
53.0

 

 
(33.4
)
Income (loss) from continuing operations
83.0

 
(76.4
)
 
11.2

 
(131.1
)
Income (loss) from discontinued operations, net of tax
6.8

 
208.1

 
(72.6
)
 
316.1

Net income (loss)
$
89.8

 
$
131.7

 
$
(61.4
)
 
$
185.0

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
423.3

 
486.2

 
423.3

 
486.1

Diluted
423.5

 
486.2

 
423.6

 
486.1

Earnings per share:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.20

 
$
(0.16
)
 
$
0.03

 
$
(0.27
)
Income (loss) from discontinued operations
0.01

 
0.43

 
(0.17
)
 
0.65

Net income (loss)
$
0.21

 
$
0.27

 
$
(0.14
)
 
$
0.38

Diluted:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.20

 
$
(0.16
)
 
$
0.03

 
$
(0.27
)
Income (loss) from discontinued operations
0.01

 
0.43

 
(0.17
)
 
0.65

Net income (loss)
$
0.21

 
$
0.27

 
$
(0.14
)
 
$
0.38

See Notes to Condensed Consolidated Financial Statements (Unaudited).

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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Comprehensive income (loss):
 
 
 
 
 
 
 
Net income
$
89.8

 
$
131.7

 
$
(61.4
)
 
$
185.0

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
24.6

 
(222.3
)
 
22.5

 
(158.2
)
Unrecognized pension and postretirement costs
(10.5
)
 
(7.6
)
 
(23.7
)
 
(23.9
)
Derivative financial instruments
1.1

 
14.0

 
(7.3
)
 
17.6

Total other comprehensive income (loss), net of tax
15.2

 
(215.9
)
 
(8.5
)
 
(164.5
)
Comprehensive income (loss)
$
105.0

 
$
(84.2
)
 
$
(69.9
)
 
$
20.5

See Notes to Condensed Consolidated Financial Statements (Unaudited).

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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in millions, except par values)
 
June 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and cash equivalents
$
624.5

 
$
495.7

Accounts receivable, net
1,769.0

 
1,850.7

Inventories
1,845.2

 
1,583.1

Prepaid expenses and other
277.3

 
275.6

Current assets held for sale
2,545.7

 
3,535.2

Total current assets
7,061.7

 
7,740.3

Property, plant and equipment, net
923.1

 
925.6

Operating lease assets, net
646.0

 

Goodwill
2,966.3

 
2,970.2

Other intangible assets, net
5,496.0

 
5,579.6

Deferred income taxes
234.1

 
179.7

Other assets
339.1

 
327.0

Total assets
$
17,666.3

 
$
17,722.4

Liabilities:
 
 
 
Accounts payable
$
1,083.8

 
$
1,019.5

Accrued compensation
144.4

 
159.1

Other accrued liabilities
1,326.2

 
1,180.7

Short-term debt and current portion of long-term debt
43.4

 
318.7

Current liabilities held for sale
538.0

 
734.8

Total current liabilities
3,135.8

 
3,412.8

Long-term debt
6,707.8

 
6,696.3

Deferred income taxes
1,024.9

 
991.0

Long-term operating lease liabilities
572.7

 

Other noncurrent liabilities
1,220.5

 
1,369.1

Total liabilities
12,661.7

 
12,469.2

Commitments and contingencies (Footnote 18)


 


Stockholders’ equity:
 
 
 
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at June 30, 2019 and December 31, 2018)

 

Common stock (800 authorized shares, $1.00 par value 446.9 shares and 446.1 shares issued at June 30, 2019 and December 31, 2018, respectively)
446.9

 
446.1

Treasury stock, at cost (23.5 and 23.3 shares at June 30, 2019 and December 31, 2018, respectively)
(589.2
)
 
(584.7
)
Additional paid-in capital
8,605.0

 
8,781.1

Retained deficit
(2,572.2
)
 
(2,511.3
)
Accumulated other comprehensive loss
(921.3
)
 
(912.8
)
Stockholders’ equity attributable to parent
4,969.2

 
5,218.4

Stockholders’ equity attributable to noncontrolling interests
35.4

 
34.8

Total stockholders’ equity
5,004.6

 
5,253.2

Total liabilities and stockholders’ equity
$
17,666.3

 
$
17,722.4

See Notes to Condensed Consolidated Financial Statements (Unaudited).

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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in millions)
 
Six Months Ended
June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income (loss)
$
(61.4
)
 
$
185.0

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation and amortization
174.3

 
254.8

Impairment of goodwill, intangibles and other assets
188.6

 
485.6

(Gain) loss from sale of businesses
1.9

 
(461.8
)
Deferred income taxes
(37.7
)
 
(37.9
)
Stock-based compensation expense
20.3

 
37.7

Loss on change in fair value of investments
17.9

 

Other, net
2.6

 
2.4

Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
 
 
 
Accounts receivable
74.8

 
(111.2
)
Inventories
(294.6
)
 
(250.3
)
Accounts payable
41.4

 
(214.0
)
Accrued liabilities and other
(137.2
)
 
(280.8
)
Net cash used in operating activities
(9.1
)
 
(390.5
)
Cash flows from investing activities:
 
 
 
Proceeds from sale of divested businesses
739.8

 
2,665.4

Capital expenditures
(115.2
)
 
(201.0
)
Other investing activities
(2.2
)
 
(4.0
)
Net cash provided by investing activities
622.4

 
2,460.4

Cash flows from financing activities:
 
 
 
Net short-term debt
(10.3
)
 
(18.1
)
Payments on current portion long-term debt
(268.2
)
 

Payments on long-term debt
(5.4
)
 
(1.4
)
Debt issuance and extinguishment costs
(2.7
)
 

Cash dividends
(195.3
)
 
(224.9
)
Equity compensation activity and other, net
(4.1
)
 
(18.5
)
Net cash used in financing activities
(486.0
)
 
(262.9
)
Exchange rate effect on cash and cash equivalents
1.5

 
(13.3
)
Increase in cash and cash equivalents
128.8

 
1,793.7

Cash and cash equivalents at beginning of period
495.7

 
485.7

Cash and cash equivalents at end of period
$
624.5

 
$
2,279.4

Supplemental disclosures:
 
 
 
Net cash provided by discontinued operating activities
$
24.4

 
$
88.3

Net cash provided by discontinued investing activities
715.4

 
2,581.7

Capital expenditures for discontinued operations
(24.9
)
 
(84.3
)
See Notes to Condensed Consolidated Financial Statements (Unaudited).

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NEWELL BRANDS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(Amounts in millions)
 
Common
Stock
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Stockholders’
Equity
Attributable
to Parent
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balance at March 31, 2019
$
446.5

 
$
(587.7
)
 
$
8,688.1

 
$
(2,662.0
)
 
$
(936.5
)
 
$
4,948.4

 
$
34.7

 
$
4,983.1

Comprehensive income (loss)

 

 

 
89.8

 
15.2

 
105.0

 

 
105.0

Dividends declared on common stock

 

 
(98.2
)
 

 

 
(98.2
)
 

 
(98.2
)
Equity compensation, net of tax
0.4

 
(1.5
)
 
15.1

 

 

 
14.0

 

 
14.0

Portion of net (income) loss attributable to non-controlling interests

 

 

 

 

 

 
0.7

 
0.7

Balance at June 30, 2019
$
446.9

 
$
(589.2
)
 
$
8,605.0

 
$
(2,572.2
)
 
$
(921.3
)
 
$
4,969.2

 
$
35.4

 
$
5,004.6

Balance at December 31, 2018
$
446.1

 
$
(584.7
)
 
$
8,781.1

 
$
(2,511.3
)
 
$
(912.8
)
 
$
5,218.4

 
$
34.8

 
$
5,253.2

Comprehensive income (loss)

 

 

 
(61.4
)
 
(8.5
)
 
(69.9
)
 

 
(69.9
)
Dividends declared on common stock

 

 
(195.9
)
 

 

 
(195.9
)
 

 
(195.9
)
Equity compensation, net of tax
0.8

 
(4.5
)
 
19.8

 

 

 
16.1

 

 
16.1

Impact of adoption due to change in accounting standard (see Footnote 1)

 

 

 
0.5

 

 
0.5

 

 
0.5

Portion of net (income) loss attributable to non-controlling interests

 

 

 

 

 

 
0.6

 
0.6

Balance at June 30, 2019
$
446.9

 
$
(589.2
)
 
$
8,605.0

 
$
(2,572.2
)
 
$
(921.3
)
 
$
4,969.2

 
$
35.4

 
$
5,004.6

 
Common
Stock
 
Treasury
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Stockholders’
Equity
Attributable
to Parent
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balance at March 31, 2018
$
508.8

 
$
(580.2
)
 
$
10,371.5

 
$
4,542.5

 
$
(711.7
)
 
$
14,130.9

 
$
36.4

 
$
14,167.3

Comprehensive income (loss)

 

 

 
131.7

 
(215.9
)
 
(84.2
)
 

 
(84.2
)
Dividends declared on common stock

 

 

 
(112.3
)
 

 
(112.3
)
 

 
(112.3
)
Equity compensation, net of tax
0.5

 
(4.1
)
 
27.5

 

 

 
23.9

 

 
23.9

Impact of adoption due to change in accounting standard

 

 

 
62.6

 
(62.6
)
 

 

 

Portion of net (income) loss attributable to non-controlling interests

 

 

 

 

 

 
(3.5
)
 
(3.5
)
Balance at June 30, 2018
$
509.3

 
$
(584.3
)
 
$
10,399.0

 
$
4,624.5

 
$
(990.2
)
 
$
13,958.3

 
$
32.9

 
$
13,991.2

Balance at December 31, 2017
$
508.1

 
$
(573.5
)
 
$
10,362.0

 
$
4,611.2

 
$
(763.1
)
 
$
14,144.7

 
$
36.6

 
$
14,181.3

Comprehensive income (loss)

 

 

 
185.0

 
(164.5
)
 
20.5

 

 
20.5

Dividends declared on common stock

 

 

 
(224.8
)
 

 
(224.8
)
 

 
(224.8
)
Equity compensation, net of tax
1.2

 
(10.8
)
 
37.0

 

 

 
27.4

 

 
27.4

Impact of adoption due to change in accounting standard

 

 

 
53.1

 
(62.6
)
 
(9.5
)
 

 
(9.5
)
Portion of net (income) loss attributable to non-controlling interests

 

 

 

 

 

 
(3.7
)
 
(3.7
)
Balance at June 30, 2018
$
509.3

 
$
(584.3
)
 
$
10,399.0

 
$
4,624.5

 
$
(990.2
)
 
$
13,958.3

 
$
32.9

 
$
13,991.2

See Notes to Condensed Consolidated Financial Statements (Unaudited).

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NEWELL BRANDS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Footnote 1 — Basis of Presentation and Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (formerly, Newell Rubbermaid Inc., and collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations of the Company. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. The condensed consolidated balance sheet as of December 31, 2018, has been derived from the audited financial statements as of that date, but it does not include all the information and footnotes required by U.S. GAAP for complete financial statements. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation.
Discontinued Operations
During 2018, the Company implemented the Accelerated Transformation Plan, which was designed in part to rationalize the organization and its portfolio of products. Pursuant to the Accelerated Transformation Plan, a number of the Company’s businesses were designated for disposal. These businesses have been classified as discontinued operations as these businesses together represent a strategic shift that has a major effect on the Company’s operations and financial results (see Footnotes 2 and 19). Prior periods have been reclassified to conform with the current presentation.

Seasonal Variations

Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company tends to generate the majority of its operating cash flow in the third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three and six months ended June 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2019.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.

In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. 
ASU 2018-15 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. ASU 2018-15 may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the impact, including early adoption, that adoption of ASU 2018-15 will have on its consolidated financial statements. The Company is designing processes and the appropriate internal controls to ensure its readiness for adoption. The Company is currently evaluating certain global strategic business decisions within its procurement and sales functions including engaging software solution implementation partners, which will require the Company to incur costs associated with cloud computing arrangements as early as the third quarter of fiscal 2019. At this time, it is too early to determine the amount of fees that would qualify to be capitalized pursuant to ASU 2018-15.

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 modifies

8

Table of Contents

disclosure requirements for defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and early adoption is permitted. Since ASU 2018-14 only impacts the disclosure requirements related to defined benefit pension and other postretirement plans, the adoption of ASU 2018-14 will not have a material impact on the Company’s consolidated financial statements.
Adoption of New Accounting Guidance
The Company’s accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our 2018 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards and updated accounting policies.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The Company adopted ASU 2016-02 prospectively starting on January 1, 2019. As part of the adoption, the Company elected the package of practical expedients permitted under the transition guidance that includes not to reassess historical lease classification, and not to recognize short-term leases on our balance sheet, nor separate lease and non-lease components for all its leases. In addition, the Company used hindsight to determine the lease term and applied its incremental borrowing rate based on the remaining term of the lease as of the adoption date. The impact upon adoption, related to operating leases in continuing operations, as of January 1, 2019, resulted in the recognition of right-of-use assets of approximately $629 million, lease liabilities of approximately $687 million and a cumulative-effect adjustment on retained deficit of approximately $0.5 million the Company's condensed consolidated balance sheet.

In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships. ASU 2017-12 also expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods. The adoption of ASU 2017-12 did not have a material impact on the Company’s consolidated financial statements.

Updated Significant Accounting Policies Since the 2018 Annual Report on Form 10-K

Goodwill and Other Indefinite-Lived Intangible Assets
The Company has historically performed its annual goodwill and indefinite-lived intangible assets assessment as of the first day of the third fiscal quarter of each year (July 1). During the second quarter of fiscal 2019, the Company decided to change the date of its annual impairment assessment from July 1 to December 1.
The Company evaluates goodwill for impairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment will be present. The Company assesses the fair value of each reporting unit for its goodwill impairment test based on a discounted cash flow model. Estimates critical to the Company’s fair value estimates under the discounted cash flow model include projected financial performance and cash flows of the reporting unit, the discount rate, long-term sales growth rate, product and overhead costs and the working capital investment required.
The Company measures the amount of any goodwill impairment by comparing the fair value to the carrying value of the reporting unit. An impairment charge is recognized to the extent the carrying value of the reporting unit exceeds the fair value.
The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates and assumptions on excess earnings, where applicable, used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date.
See Footnote 7 for additional detail on goodwill and other intangible assets.


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Sales of Accounts Receivables

In June 2019, the Company entered into a new factoring agreement with a financial institution to sell certain customer receivables at a more attractive discount rate than its previous cash discount terms offered to these customers (the “Customer Receivables Purchase Agreement”). The Company received approximately $201 million under the new agreement during the second quarter of 2019. Transactions under this agreement are accounted for as sales of accounts receivable, and the receivables are removed from the Consolidated Balance Sheet at the time of the sales transaction. The Company classifies the proceeds received from the sales of accounts receivable as an operating cash flow in the Condensed Consolidated Statement of Cash Flows. The Company records the discount as other expense (income), net in the Condensed Consolidated Statement of Operations.

Revisions of Previously Issued Financial Statements

During the first quarter of 2019, the Company identified that it did not utilize an accurate estimate of fair value and expected form of sale in its fourth quarter 2018 impairment assessment for one of its five disposal groups classified as held for sale. The Company did not appropriately account for the disposal group as a stock sale. Consequently, certain income tax account balances (primarily related to deferred tax liabilities) were not classified as assets and liabilities held for sale in the Company’s Consolidated Balance Sheet as of December 31, 2018. As a result, the Company determined its book-over-tax outside basis differences and measured the tax effects of such difference, which resulted in an income tax expense of approximately $12.6 million. In addition, the Company did not use an accurate estimate of fair value in its 2018 impairment assessment. Collectively, the estimate of fair value and expected form of sale resulted in adjustments to the estimated fair value and carrying value of the held for sale business utilized in the Company’s 2018 impairment assessment. These changes resulted in an additional impairment charge of approximately $12.0 million to write-down the carrying value of the net assets of the held for sale business to its estimated fair value at December 31, 2018. In addition, as part of the presentation of discontinued operations, the Company periodically has to reclassify the prior period presentation to conform to the current year presentation. These adjustments are reflected in the Reclassification column below. The following table presents the effect to the Company’s previously reported Consolidated Balance Sheet at December 31, 2018 and Consolidated Statement of Operations for the year ended December 31, 2018:
 
As of December 31, 2018
 
As Previously
Reported
 
Revision
 
As
Revised
 
Reclassification
 
As
Re-classed
Prepaid expenses and other
$
278.0

 
$
(2.4
)
 
$
275.6

 
$

 
$
275.6

Current assets held for sale
3,541.3

 
(6.1
)
 
3,535.2

 

 
3,535.2

Total current assets
7,748.8

 
(8.5
)
 
7,740.3

 

 
7,740.3

Deferred income taxes (noncurrent assets)
165.2

 
14.5

 
179.7

 

 
179.7

Total assets
17,716.4

 
6.0

 
17,722.4

 

 
17,722.4

Other accrued liabilities
1,182.3

 
(0.8
)
 
1,181.5

 
(0.8
)
 
1,180.7

Current liabilities held for sale
650.4

 
100.4

 
750.8

 
(16.0
)
 
734.8

Total current liabilities
3,330.0

 
99.6

 
3,429.6

 
(16.8
)
 
3,412.8

Deferred income taxes (liabilities)
1,041.8

 
(66.7
)
 
975.1

 
15.9

 
991.0

Other noncurrent liabilities
1,370.5

 
(2.3
)
 
1,368.2

 
0.9

 
1,369.1

Total liabilities
12,438.6

 
30.6

 
12,469.2

 

 
12,469.2

Retained deficit
(2,486.7
)
 
(24.6
)
 
(2,511.3
)
 

 
(2,511.3
)