XML 20 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

Divestitures | 6 Months Ended
--- | ---
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | DivestituresThe Company routinely reviews its portfolio of businesses relative to its business portfolio criteria and evaluates if further portfolio refinements may be needed. The Company previously communicated its intent to explore options, including potential divestitures, for certain businesses with annual revenues totaling up to $1.0 billion. As such, the Company may commit to a plan to exit or dispose of certain businesses and present them as held for sale in periods prior to the sale of the business. In the fourth quarter of 2019, the Company completed the divestitures of three businesses and continues to evaluate options for certain other businesses. Due to the COVID-19 pandemic, the Company chose to defer any further significant divestiture activity in 2020 and 2021. The Company is reinitiating the divestiture process in 2022 for certain businesses with combined annual revenues of approximately $0.5 billion, subject to approval by the Company's Board of Directors. In the second quarter of 2022, plans were approved to divest two businesses, including one business in the Polymers & Fluids segment and one business in the Food Equipment segment, with total combined revenues of $115 million for the year ended December 31, 2021. These two businesses were classified as held for sale beginning in the second quarter of 2022. As of June 30, 2022, the assets and liabilities related to the two businesses discussed above that were included in assets and liabilities held for sale in the Statement of Financial Position were as follows:
In millions | June 30, 2022
Trade receivables | $ | 21 |
Inventories | 19 |
Net plant and equipment | 14 |
Goodwill and intangible assets | 43 |
Other | 6 |
Total assets held for sale | $ | 103 |
Accounts payable | $ | 2 |
Accrued expenses | 14 |
Other | 14 |
Total liabilities held for sale | $ | 30 |
Operating revenue of the two businesses held for sale for the three and six months ended June 30, 2022 and 2021 was as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
In millions | 2022 |  | 2021 |  | 2022 |  | 2021
Operating revenue | $ | 34 |  |  | $ | 31 |  |  | $ | 63 |  |  | $ | 58 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration