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Business Divestiture (Tables) | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table summarizes the fair value of sale consideration received in connection with the business divestiture:
(DOLLARS IN MILLIONS) |
Cash proceeds from the buyer | $ | 190 |
Amount held in escrow | 15 |
Advance receipt for business to be transferred | (1) |
Direct costs to sell | (5) |
Proceeds attributable to supply agreement | (4) |
Fair value of sale consideration | $ | 195 |
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 | $ | 195 |
Direct costs to sell | 5 |
Advance receipt for business to be transferred | 1 |
Amount held in escrow | (15) |
Cash transferred to the buyer | (1) |
Net proceeds received from business divestiture | $ | 185 |
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS) | August 1, 2023
Assets |
Cash and cash equivalents | $ | 1 |
Trade receivables, net | 13 |
Inventories | 45 |
Property, plant and equipment, net | 29 |
Goodwill | 44 |
Other intangible assets, net | 73 |
Other assets | 10 |
Total assets | 215 |
Liabilities |
Accounts payable | (4) |
Deferred tax liability | (1) |
Other liabilities | (6) |
Total liabilities | (11) |
Equity |
Accumulated other comprehensive income - currency translation adjustment | 1 |
Total equity | 1 |
Carrying value of net asset (adjusted for currency translation adjustment) | $ | 205 |
The following table summarizes the fair value of sale consideration received in connection with the business divestiture:
(DOLLARS IN MILLIONS) |
Cash proceeds from the buyer | $ | 840 |
Receivable from the buyer | 30 |
Direct costs to sell | (20) |
Fair value of sale consideration | $ | 850 |
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 | $ | 850 |
Direct costs to sell | 20 |
Receivable from the buyer | (30) |
Cash transferred to the buyer (including restricted cash) | (19) |
Net proceeds received from business divestiture | $ | 821 |
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS) | May 31, 2023
Assets |
Cash and cash equivalents | $ | 15 |
Restricted cash | 4 |
Trade receivables, net | 69 |
Inventories | 116 |
Property, plant and equipment, net | 77 |
Goodwill | 317 |
Other intangible assets, net | 367 |
Right-of-use assets | 20 |
Other assets | 24 |
Total assets | 1,009 |
Liabilities |
Accounts payable | (44) |
Deferred tax liability | (92) |
Other liabilities | (54) |
Total liabilities | (190) |
Equity |
Accumulated other comprehensive income - currency translation adjustment | 42 |
Accumulated other comprehensive income - pension liability and postretirement | (1) |
Total equity | 41 |
Carrying value of net asset (adjusted for currency translation and pension adjustments) | $ | 860 |
Included in the Company’s Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 are the following carrying amounts of the assets and liabilities held for sale:
(DOLLARS IN MILLIONS) | September 30, 2023 |  | December 31, 2022(2)
Assets |  |  |
Cash and cash equivalents | $ | 23 |  |  | $ | 52 |
Trade receivables, net | 15 |  |  | 85 |
Inventories | 19 |  |  | 157 |
Property, plant and equipment, net | 7 |  |  | 92 |
Goodwill | 267 |  |  | 348 |
Other intangible assets, net | 141 |  |  | 428 |
Operating lease right-of-use assets | 8 |  |  | 13 |
Other assets | 2 |  |  | 25 |
Total assets held-for-sale | $ | 482 |  |  | $ | 1,200 |
Liabilities |  |  |
Accounts payable | $ | 4 |  |  | $ | 56 |
Deferred tax liability(1) | 25 |  |  | 92 |
Other liabilities | 20 |  |  | 64 |
Total liabilities held-for-sale | $ | 49 |  |  | $ | 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. (2)The amounts for December 31, 2022 represent the carrying amounts of the portion of the Savory Solutions business and FSI business that were classified as held for sale. The Company completed the divestitures of the businesses on May 31, 2023 and August 1, 2023, respectively. Refer to Note 3 for additional information.

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