Assets Held For Sale Assets Held For Sale

9 Months Ended

Sep. 30, 2017

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Assets Held for Sale

The Company classifies assets held for sale when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value or the fair market value, less costs to sell.

During the third quarter 2017, the Company committed to a plan to sell Tea Leaves Health, LLC (“Tea Leaves”), a subsidiary within the Digital Media segment, as it was determined to be a non-core asset. This determination resulted in a reclassification of assets held for sale on the condensed consolidated balance sheet with a net carrying value of $55.6 million as of September 30, 2017.

The following table presents information related to the assets and liabilities that were classified as held for sale in our condensed consolidated balance sheets (in thousands):



	September 30, 2017

Accounts receivable, net	$	5,568
Prepaid expenses and other current assets	3,957
Property and equipment, net	1,734
Goodwill	36,312
Other intangible assets, net	10,859
Deferred income taxes, non-current	6,305
Other assets	4
Total assets held for sale	$	64,739

Accounts payable and accrued expenses	$	2,200
Deferred revenue, current	2,236
Deferred income taxes, non-current	4,709
Other long-term liabilities	4
Total liabilities held for sale	$	9,149

During the second quarter 2017, the Company committed to a plan to sell the Cambridge BioMarketing Group, LLC (“Cambridge”), a subsidiary within the Digital Media segment, as it was determined to be a non-core asset. On July 12, 2017, in a cash transaction, the Company sold Cambridge for a gain of $3.2 million which was recorded in other (income) expense, net.

During the third quarter 2017, the Company committed to a plan to sell j2 Australia Hosting Pty Ltd (dba “Web24”), a subsidiary within the Business Cloud Services segment, as it was determined to be a non-core asset. On September 1, 2017, in a cash transaction, the Company sold Web24 for a gain of $1.6 million which was recorded in other (income) expense, net.