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Assets Held for Sale and Divested Operations

3 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Divested Operations

Assets Held for Sale and Divested Operations

During the third quarter of 2022, the Company entered into an agreement to sell the MarkMonitor domain management business within the IP segment to Newfold Digital, a leading web presence solutions provider, for net cash proceeds of approximately $302.5. The divestiture enables improved focus on our core IP business and empowers product development and innovation teams to build upon our market-leading IP intelligence, IP lifecycle management and IP services solutions. The transaction does not represent a strategic shift, nor is it expected to have a major effect on the Company’s operations or financial results. Therefore, as of September 30, 2022, the divestiture meets the held-for-sale criteria but does not qualify for discontinued operations accounting treatment.

The transaction closed on October 31, 2022. In anticipation of the sale, as of September 30, 2022, current assets of $21.8 and long-term assets of $56.5 were reclassified to current assets held for sale, while current liabilities of $47.7 and long-term liabilities of $10.6 were reclassified to current liabilities held for sale. The carrying amount of major classes of assets and liabilities that are included in the net assets held for sale as of September 30, 2022 consist of the following:

			As of September 30,
			2022
Assets:
Current assets:
Cash and cash equivalents			$	2.6
Accounts receivable, net			12.5
Prepaid expenses			4.3
Other current assets			2.4
Total current assets			21.8
Other intangible assets, net			10.6
Goodwill			42.8
Other non-current assets			0.8
Deferred income taxes			2.3
Total Assets held for sale			$	78.3
Liabilities:
Current liabilities:
Accounts payable			$	0.3
Accrued expenses and other current liabilities			2.7
Current portion of deferred revenues			44.7
Total current liabilities			47.7
Non-current portion of deferred revenues			10.3
Deferred income taxes			0.3
Total Liabilities held for sale			$	58.3

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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