Business Held for Sale

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

BUSINESS HELD FOR SALE

The Company classifies assets and liabilities as held for sale (“disposal group”) when management commits to a plan to sell the disposal group and concludes that it meets the relevant criteria. Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale.

As of June 30, 2022, the OFS Russia business met the criteria to be classified as held for sale and was measured and reported at the lower of the carrying value or fair value less cost to sell which resulted in the recognition of a loss of $426 million, which includes foreign currency translation adjustment gains partially offset by costs associated with selling the business, and is recorded in “Other non-operating loss, net” in our condensed consolidated statements of income (loss). We expect to complete the sale by the end of 2022 subject to regulatory approval.

The following table presents financial information related to the assets and liabilities of our OFS Russia business that was classified as held for sale and reported in “All other current assets” and “All other current liabilities” in our condensed consolidated statement of financial position as of June 30, 2022.


Assets and liabilities of business held for sale	June 30, 2022
Assets
Current receivables	$	88

Inventories	76
Property, plant and equipment	171
Goodwill	161
Other assets	22
Loss on net assets of business held for sale	(426)
Total assets of business held for sale	92

Liabilities

Accounts payable	65

Other liabilities	27
Total liabilities of business held for sale	92
Total net assets of business held for sale	$	—