Proctor and Gamble 2016 Annual Report Download - page 76

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62 The Procter & Gamble Company
Amounts in millions of dollars except per share amounts or as otherwise specified.
The major components of assets and liabilities of the Beauty Brands held for sale are provided below. The assets and liabilities
held for sale will evolve up to the closing date for normal operational changes as well as contractual adjustments including the
assumption of debt, pension plan funding and other provisions.
Beauty Brands
Years ended June 30 2016
(1)
2015
Cash $40
$9
Restricted cash 996
(2)
—
Accounts receivable 384 293
Inventories 494 476
Prepaid expenses and other current assets 126 144
Property, plant and equipment, net 629 613
(3)
Goodwill and intangible assets, net 4,411 4,513
(3)
Other noncurrent assets 105 78
(3)
Total current assets held for sale $ 7,185 $ 922
Total noncurrent assets held for sale —5,204
Total assets held for sale $ 7,185 $6,126
Accounts payable $ 148 $ 118
Accrued and other liabilities 384 238
Noncurrent deferred tax liabilities 370 352
(3)
Long-term debt 996
(2)
—
Other noncurrent liabilities 445 365
(3)
Total current liabilities held for sale $ 2,343 $ 356
Total noncurrent liabilities held for sale —717
Total liabilities held for sale $ 2,343 $1,073
(1)
The Company expects the Beauty Brands transaction to close in October 2016. Therefore, for the period ended June 30, 2016, all assets
and liabilities held for sale are reported as current assets and liabilities held for sale on the Consolidated Balance Sheets.
(2)
On January 26, 2016, Beauty Brands drew on its Term B loan of $1.0 billion. The proceeds will be held in restricted cash in escrow until
the anticipated legal integration activities prior to close. Beauty Brands has received additional debt funding commitments with a consortium
of lenders of $3.5 billion.
(3)
Amounts as of June 30, 2015, are reflected as part of the noncurrent assets and liabilities held for sale.