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DISCONTINUED OPERATIONS, ASSETS AND LIABILITIES HELD FOR SALE AND DIVESTITURES
 9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS, ASSETS AND LIABILITIES HELD FOR SALE AND DIVESTITURES DISCONTINUED OPERATIONS, ASSETS AND LIABILITIES HELD FOR SALE AND DIVESTITURES
Discontinued Operations
On December 17, 2015, the Company entered into definitive agreements with affiliates controlled by Cerberus Capital Management, L.P. ("Cerberus"). The agreements resulted in the separation of the Company's North America business, which represented the Company's operations in the United States, Canada and Puerto Rico, from the Company into New Avon Company, formerly New Avon LLC ("New Avon"), a privately-held company majority-owned and managed by Cerberus NA Investor LLC (an affiliate of Cerberus). The Company retained an investment of 19.9% ownership interest in New Avon. These transactions closed on March 1, 2016, from that date, resolution of contingent liabilities relating to Avon's ownership and operation of the North America business prior to its separation from the Company into New Avon have been treated as discontinued operations. Refer to Divestitures section below for information relating to the sale of New Avon.
The Company incurred costs during the three and nine months ended September 30, 2019 following the resolution of certain contingent liabilities related to its ownership and operation of the North America business prior to its separation into New Avon. 
The major classes of financial statement components comprising the loss on discontinued operations, net of tax for New Avon are shown below:
Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
Selling, general and administrative expenses$6.3  $29.0  
Operating loss$(6.3) $(29.0) 
Loss from discontinued operations, net of tax$(6.3) $(29.0) 

There were no amounts recorded in discontinued operations for the three and nine months ended September 30, 2018.

Assets and Liabilities Held for Sale
The major classes of assets and liabilities comprising Held for sale assets and Held for sale liabilities on the Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 are shown in the following table.
September 30, 2019
Current Held for sale assets
Property, Plant & Equipment (net)$18.3  
$18.3  
December 31, 2018
Avon Manufacturing (Guangzhou)Rye OfficeMalaysia MaximinTotal
Current Held for sale assets
Inventories$8.7  $—  $—  $8.7  
Property, Plant & Equipment (net)36.7  12.3  3.0  52.0  
Cash and cash equivalents3.7  —  —  3.7  
Other assets1.1  —  .1  1.2  
$50.2  $12.3  $3.1  $65.6  
Current held for sale liabilities
Accounts payable$8.6  $—  $—  $8.6  
Other liabilities2.6  —  .2  2.8  
$11.2  $—  $.2  $11.4  
The Company, in line with the Open Up Avon strategy, identified two additional properties to be sold which met the held for sale criteria under Accounting Standard Codification ("ASC") 360, Property, Plant and Equipment as of September 30, 2019. The Company expects to close these transactions within a year.
Refer to Divestitures section below for information on the sale of Avon Manufacturing (Guangzhou), Rye Office, Malaysia Maximin and New Avon.

Divestitures
Rye Office
On June 26, 2019, we completed the sale of the Rye office for a selling price of $23.2, less expenses of approximately $0.8, resulting in proceeds of $22.4. These proceeds are presented as investing activities in the Consolidated Statement of Cash Flows.
In the second quarter of 2019, we recorded a gain on sale of $9.9 before and after tax, which is reported separately in the Consolidated Statements of Operations. The gain recorded represents the difference between the proceeds and the carrying value of the Rye office on the date of sale. During the first quarter of 2019, we refined the calculation for the Held for sale assets which gave rise to an additional $.2 in assets.
Malaysia Maximin
On May 9, 2019, we completed the sale of all of the equity interests in Maximin Corporation Sdn Bhd ("Malaysia Maximin") for a total selling price of $7.8. The cash proceeds of $7.6, net of expenses, are presented within investing activities in the Consolidated Statement of Cash Flows.
In the second quarter of 2019, we recorded a gain on sale of $3.3 before tax, which is reported separately in the Consolidated Statements of Operations, and $3.0 after tax. The gain recorded represents the difference between the proceeds and the carrying value of Malaysia Maximin on the date of sale. During the second quarter of 2019, we refined the calculation for the Held for sale assets which gave rise to an additional $1.4 in assets.
China manufacturing
On February 15, 2019, we completed the sale to TheFaceShop Co., Ltd., an affiliate of LG Household & Health Care Ltd., of all of the equity interests in Avon Manufacturing (Guangzhou), Ltd. for a total selling price of $71.0, less expenses of approximately $1.1. The selling price included $23.5 relating to outstanding intercompany loans payable to Avon Manufacturing (Guangzhou), Ltd. from other Avon subsidiaries that was presented as financing activities in the Consolidated Statement of Cash Flows when settled in April 2019. The cash proceeds of $46.4, net of loan amounts, are presented as investing activities in the Consolidated Statement of Cash Flows, which includes $7.6 of restricted cash as of September 30, 2019, refer to Note 4, Restricted Cash to the Consolidated Financial Statements contained herein.
In the first quarter of 2019, we recorded a gain on sale of $10.3 before tax, which is reported separately in the Consolidated Statements of Operations, and $8.2 after tax, representing the difference between the proceeds, including the settlement of the intercompany loans, and the carrying value of Avon Manufacturing (Guangzhou), Ltd. on the date of sale.
New Avon
In April 2019, we signed an agreement with LG Household & Health Care Ltd. to sell our 19.9% ownership interest in New Avon. During August, 2019, we completed the sale of New Avon for a selling price of $24.5. Expenses were approximately $1.1, resulting in cash proceeds of $23.4. These proceeds are presented as investing activities in the Consolidated Statement of Cash Flows.
In the third quarter of 2019, we recorded a gain on sale of $26.8 before and after tax, which is reported in the Consolidated Statements of Operations as Gain on sale of business/asset. The gain recorded represents the total proceeds and the release of accumulated other comprehensive income of $3.4.
Our recorded investment balance in New Avon at September 30, 2019 and December 31, 2018 was zero.