Divestitures

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

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