XML 62 R50.htm IDEA: XBRL DOCUMENT v3.22.4
Assets Held For Sale (Tables)
 12 Months Ended
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 proceeds15 
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, net867 
Equity method investment74 
Other assets80 
Total assets$1,284 
Liabilities
Accounts payable$41 
Other liabilities35 
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, net85 
Inventories157 
Property, plant and equipment, net92 
Goodwill348 
Other intangible assets, net428 
Operating lease right-of-use assets13 
Other assets25 
Total assets held-for-sale$1,200 
Liabilities
Accounts payable$56 
Deferred tax liability(1)
92 
Other liabilities64 
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 
Inventories125 
Property, plant and equipment, net30 
Goodwill536 
Other intangible assets, net349 
Operating lease right-of-use assets5 
Other assets14 
Total assets held-for-sale$1,122 
Liabilities
Accounts payable$69 
Deferred tax liability24 
Other liabilities8 
Total liabilities held-for-sale$101