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Assets Held For Sale (Tables) | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale | The following table summarizes the fair value of the sale consideration received in connection with the divestiture:
(DOLLARS IN MILLIONS) |
Cash proceeds from the buyer | $ | 1,254 |
Escrow proceeds | 15 |
Proceeds attributable to transition service agreements | (36) |
Direct costs to sell | (11) |
Net cash settlement for post-closing adjustments | (3) |
Fair value of sale consideration | $ | 1,219 |
The following table summarizes the different components of net proceeds received from business divestiture presented under Cash flows from investing activities:
(DOLLARS IN MILLIONS) |
Fair value of sale consideration | $ | 1,219 |
Cash transferred to the buyer on the closing balance sheet | (49) |
Employee reimbursement receivable | (1) |
Net proceeds received from business divestiture | $ | 1,169 |
(DOLLARS IN MILLIONS) | June 30, 2022
Assets |
Current assets | $ | 263 |
Goodwill and other intangible assets, net | 867 |
Equity method investment | 74 |
Other assets | 80 |
Total assets | $ | 1,284 |
Liabilities |
Accounts payable | $ | 41 |
Other liabilities | 35 |
Total liabilities | $ | 76 |
Included in the Company’s Consolidated Balance Sheets as of December 31, 2022 are the following carrying amounts of the assets and liabilities held for sale:
(DOLLARS IN MILLIONS) | December 31, 2022
Assets |
Cash and cash equivalents | $ | 52 |
Trade receivables, net | 85 |
Inventories | 157 |
Property, plant and equipment, net | 92 |
Goodwill | 348 |
Other intangible assets, net | 428 |
Operating lease right-of-use assets | 13 |
Other assets | 25 |
Total assets held-for-sale | $ | 1,200 |
Liabilities |
Accounts payable | $ | 56 |
Deferred tax liability(1) | 92 |
Other liabilities | 64 |
Total liabilities held-for-sale | $ | 212 |
_______________________ (1)The Company is currently analyzing the tax impact of the sale transaction and has included preliminary numbers for the deferred tax liability, which are subject to further updates. 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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