DISCONTINUED OPERATIONS, ASSETS AND LIABILITIES HELD FOR SALE AND DIVESTITURES

3 Months Ended

Mar. 31, 2021

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 March 1, 2016, the Company completed the separation of the 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). From that date, the resolution of contingent liabilities and corresponding costs 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.

The major classes of financial statement components comprising the loss on discontinued operations, net of tax for New Avon during the three-month period ended March 31, 2021 and 2020 are shown below:

	Three Months Ended March 31,
	2021		2020
Selling, general and administrative expenses	$	5.0	$	(4.7)
Operating income (loss)	$	5.0	$	(4.7)
Income (loss) from discontinued operations, net of tax	$	5.0	$	(4.7)

Assets and Liabilities Held for Sale

The major classes of assets comprising held for sale assets on the Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 are shown in the following table:

	March 31, 2021		December 31, 2020
Current held for sale assets
Inventories	$	—	$	2.6
Property, Plant & Equipment (net)	8.4		9.2
Cash and cash equivalents	—		.7
Other assets	—		1.4
	$	8.4	$	13.9
Current held for sale liabilities
Accounts payable	$	—	$	.5
Other liabilities	—		1.8
	$	—	$	2.3

At March 31, 2021, assets held for sale include one property in Avon International segment and one property in the Avon Latin America Segment. At December 31, 2020, assets held for sale include one property and one business in Avon International segment and one property in the Avon Latin America Segment.

Divestitures

There were no divestitures during the three-month period ended March 31, 2021. The divestitures below took place during 2020.

China Wellness Plant

In March 2020, we signed an agreement to sell the China Wellness Plant for a total selling price of $6.6 before expenses. In the three-month period ended March 31, 2020 we received a deposit of $1.3, presented as investing activities in the Consolidated Statement of Cash Flows.

China manufacturing

On February 15, 2019, we completed the sale to TheFaceShop Co., Ltd., an affiliate of LG Household & Health Care Ltd. ("TheFaceShop"), 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, this was subsequently settled in April 2019. The cash proceeds of $46.4, net of loan amounts, were presented as investing activities in the Consolidated Statement of Cash Flows, which included $7.5 of long-term restricted cash as of December 31, 2019. This was subsequently reclassified to short-term restricted cash in the three-month period ended March 31, 2020. The restriction on this cash was removed in the three-month period ended March 31, 2021.