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Assets Held For Sale | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held For Sale | BUSINESS DIVESTITURES Fruit Preparation During the second quarter of 2021, the Company entered into an agreement to divest its fruit preparation business, which is a part of the Nourish segment. The transaction closed on October 1, 2021, with the Company receiving cash proceeds of approximately $115 million in the third quarter of 2021, net of tax of approximately $12 million. ASSETS HELD FOR SALE Microbial Control During the third quarter of 2021, the Company announced it had entered into an agreement to sell its Microbial Control business unit, which is a part of the Health & Biosciences segment. The Company acquired the Microbial Control business unit as part of the Merger with N&B. The Company classifies assets as "held for sale" when, among other factors, management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. Pursuant to ASC 360, assets held for sale were recorded at the lower of carrying value or the fair market value, less costs to sell. The sale does not constitute a strategic shift of the Company’s operations and does not, and will not, have major effects on the Company’s operations and financial results; therefore, the transaction does not meet the discontinued operations criteria. Based on the agreement to sell, it was determined that the assets and liabilities of the Microbial Control business unit met the criteria to be presented as “held for sale." As a result, as of December 31, 2021, such assets and liabilities were classified as held for sale and are reported on the Consolidated Balance Sheets. The Company expects that the transaction will close for approximately $1.273 billion in the second quarter of 2022 and that the sale proceeds less costs to sell will exceed the carrying value of the net assets. Included in the Company's Consolidated Balance Sheets as of December 31, 2021 are the following carrying amounts of the assets and liabilities held for sale:
(DOLLARS IN MILLIONS) | December 31, 2021
Assets |
Trade receivables, net | $ | 63 |
Inventories | 125 |
Property, plant and equipment, net | 30 |
Goodwill | 536 |
Other intangible assets, net | 349 |
Operating lease right-of-use assets | 5 |
Other assets | 14 |
Total assets held-for-sale | $ | 1,122 |
Liabilities |
Accounts payable | $ | 69 |
Deferred tax liability | 24 |
Other liabilities | 8 |
Total liabilities held-for-sale | $ | 101 |

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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 + Details
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