DIVESTITURES

CeraVe®, AcneFree™ and AMBI® skincare brands

On March 3, 2017, the Company completed the sale of its interests in the CeraVe®, AcneFree™ and AMBI® skincare brands for $1,300 million in cash (the "Skincare Sale"). The CeraVe®, AcneFree™ and AMBI® skincare business was part of the Bausch + Lomb/International segment and was reclassified as held for sale as of December 31, 2016. As a result of this transaction, the Company recognized a gain on sale of $319 million, included in Other income, net in the consolidated statement of operations.

Dendreon Pharmaceuticals LLC

On June 28, 2017, the Company completed the sale of all outstanding equity interests in Dendreon Pharmaceuticals LLC (formerly Dendreon Pharmaceuticals, Inc.) ("Dendreon") for $820 million in cash (the "Dendreon Sale"), subject to certain working capital provisions expected to be finalized in 2017. Dendreon was part of the Branded Rx segment and was reclassified as held for sale as of December 31, 2016. As a result of this transaction, the Company recognized a gain on sale of $73 million, included in Other income, net in the consolidated statement of operations.

ASSETS AND LIABILITIES HELD FOR SALE

On June 8, 2017, the Company announced it had entered into a definitive agreement to sell its Australian-based iNova Pharmaceuticals ("iNova") business for $930 million in cash. iNova markets a diversified portfolio of weight management, pain management, cardiology and cough and cold prescription and over-the-counter products in more than 15 countries, with leading market positions in Australia and South Africa, as well as an established platform in Asia. The Company will continue to operate in these geographies through the Bausch + Lomb franchise. The iNova business was part of the Bausch + Lomb/International segment and was reclassified as held for sale as of December 31, 2016. iNova net assets and liabilities included in held for sale as of June 30, 2017 and December 31, 2016 were $565 million and $574 million, respectively.

On July 17, 2017, the Company announced that certain of its affiliates had entered into a definitive agreement to sell its Obagi Medical Products, Inc. ("Obagi") business for $190 million in cash. Obagi is a global specialty skin care pharmaceutical business with products focused on premature skin aging, skin damage, hyperpigmentation, acne and sun damage which are primarily available through dermatologists, plastic surgeons and other skin care professionals. The Obagi business was part of the U.S. Diversified Products segment and was reclassified as held for sale as of March 31, 2017. The carrying value of the Obagi business, including associated goodwill, was adjusted down to estimated fair value less costs to sell and a loss of $17 million and $103 million was recognized in Asset impairments during the three and six months ended June 30, 2017, respectively. Obagi net assets and liabilities included in held for sale as of June 30, 2017 are $187 million.

During the three months ended December 31, 2016, the Company reclassified a number of small businesses included in the Bausch + Lomb/International segment as held for sale. As a result, the carrying values of the assets related to these businesses, including the associated goodwill, were adjusted down to fair value less costs to sell.

Assets held for sale were as follows:



(in millions)	June 30, 2017		December 31, 2016
Current assets held for sale:
Cash	$	—	$	1
Trade receivables	42		86
Inventories	29		147
Other	6		27
Current assets held for sale	$	77	$	261

Non-current assets held for sale:
Intangible assets, net	$	441	$	680
Goodwill	264		1,355
Other	4		97
Non-current assets held for sale	$	709	$	2,132

Current liabilities held for sale as of June 30, 2017 of $22 million consists of other liabilities. Current and non-current liabilities held for sale as of December 31, 2016 of $57 million and $57 million, respectively, consists of deferred tax liabilities and other liabilities.