Australia, New Zealand and Asia Divestiture:

During the first quarter of 2018, we obtained board approval and signed an agreement with Beijer Ref AB, a Stockholm Stock Exchange-listed company, for the sale of our Australia, New Zealand and Asia business except for the Milperra property. We completed the sale to Beijer Ref AB in the second quarter of 2018. The following table summarizes the net loss recognized in connection with this divestiture:



(Amounts in millions)	For the Six Months Ended June 30, 2018
Cash received from the buyer	$	80.1
Net assets sold ⁽¹⁾	(83.4		)
AOCI reclassification adjustments, primarily foreign currency translation	(3.2		)
Direct costs to sell	(5.5		)
Loss on sale of business	$	(12.0	)

⁽¹⁾ Includes $10.3 million of net assets that were written down during the quarter ended March 31, 2018 based on the expected proceeds from the sale, net of selling costs for the sale for our Australia, New Zealand and Asia business.

The Milperra property was sold during the quarter ended June 30, 2018. We received net cash proceeds of $37.2 million net of direct costs to sell of $1.5 million. The net gain recognized in connection with this sale was $23.8 million.

Brazil Divestiture:

During the second quarter of 2018, we obtained board approval and signed an agreement with Elgin SA, a private Brazilian company, for the sale of our South America business. The sale is subject to Brazilian antitrust approval and is expected to close later this year.

The following table presents the assets and liabilities associated with our Brazilian businesses classified as held for sale as of June 30, 2018, which included $19.7 million of foreign currency translation losses reclassified out of AOCI.



(Amounts in millions)	As of June 30, 2018
Assets held for sale
Accounts and notes receivable, net of allowances	$	4.5
Inventories, net	5.0
Other assets	2.1
Total assets held for sale	$	11.6

Liabilities held for sale
Short-term debt	$	1.4
Accounts payable	2.2
Accrued expenses	3.5
Income taxes payable	0.1
Other liabilities	0.2
Total liabilities held for sale	$	7.4

Based on the expected proceeds from the sale, net of selling costs, we recorded a loss on the assets held for sale of $31.4 million during the quarter ended June 30, 2018.