DISCONTINUED OPERATIONS AND HELD FOR SALE

On August 6, 2018, we completed the sale of our CBR business to GI Partners pursuant to the CBR Purchase Agreement. We received $519.3 million in cash at closing and recognized a gain of $87.1 million on the sale during the year ended December 31, 2018. Although we are providing limited transitional services related to GI for certain agreed-upon sales and marketing, technology, human resources and finance functions for several months post-closing, we do not expect to have any (and have not had any) significant involvement in the operations of the CBR business following the close of the sale.

We determined that the sale of CBR represented a strategic shift that would have a major effect on our business and therefore met the criteria for classification as discontinued operations at June 30, 2018. All historical operating results for CBR were reflected within discontinued operations in the consolidated statements of operations for all periods presented. Further, all assets and liabilities associated with CBR were classified as assets and liabilities held for sale in our consolidated balance sheets for the historical period presented.

Assets and liabilities held for sale were reflected separately in our consolidated balance sheets and were comprised of the following as of December 31, 2018 and 2017 (in thousands):



	December 31,
	2018		2017
Assets
Current assets:
Cash	$	—	$	29,259
Accounts receivable, net	—		12,042
Inventories (raw materials)	—		2,913
Prepaid and other current assets	—		1,294
Total current assets held for sale	—		45,508

Property, plant and equipment, net	—		18,092
Intangible assets, net	—		328,991
Goodwill	—		216,971
Other long-term assets	—		496
Restricted cash	—		161
Total long-term assets held for sale	—		564,711

Liabilities
Current liabilities:
Accounts payable	—		2,618
Accrued expenses	—		8,758
Deferred revenues, short term	—		42,494
Total current liabilities held for sale	—		53,870

Deferred revenues, long-term	—		24,387
Deferred tax liabilities	—		71,046
Other long-term liabilities	—		388
Total long-term liabilities held for sale	$	—	$	95,821

The results of operations of the CBR business were classified as discontinued operations for all periods presented in our consolidated financial statements. The following is a summary of net income (loss) from discontinued operations for the years ended December 31, 2018, 2017 and 2016:



	Years Ended December 31,
	2018		2017			2016
Service revenues, net	$	71,217	$	114,177		$	99,604
Costs and expenses:
Cost of services	12,559		21,817			20,575
Research and development expenses	—		—			523
Selling, general and administrative expenses	39,899		81,782			80,402
Impairment of intangible assets	—		—			3,939
Restructuring expenses	—		—			374
Total costs and expenses	52,458		103,599			105,813
Operating income (loss)	18,759		10,578			(6,209		)
Other income (expense)	114		(265		)	—
Income (loss) from discontinued operations	18,873		10,313			(6,209		)
Gain on sale of CBR business	87,076		—			—
Income tax expense (benefit)	2,371		4,388			(1,633		)
Net income (loss) from discontinued operations	$	103,578	$	5,925		$	(4,576	)

The cash flows related to discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows. For the years ended December 31, 2018 and 2017, capital expenditures related to the CBR business were $1.6 million and $4.9 million, respectively. Depreciation and amortization expense related to the CBR business for the same periods was $8.4 million and $21.7 million, respectively. Excluding the gain of $87.1 million recognized on the sale of the CBR business and the related transaction expenses of $14.1 million presented in the Consolidated Statements of Cash Flows for the year ended December 31, 2018, there were no other significant operating or investing non-cash items related to the CBR business for either period presented.