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Business Divestitures and Assets and Liabilities Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2024
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 | $ | 841 |
Direct costs to sell | (10) |
Fair value of sale consideration | $ | 831 |
The following table summarizes the different components of Net proceeds received from business disposals presented under Cash flows from investing activities:
(DOLLARS IN MILLIONS) |
Cash proceeds from the buyer | $ | 841 |
Cash transferred to the buyer | (32) |
Net Cash flows from investing activities | $ | 809 |
The major classes of assets and liabilities sold consisted of the following:
(DOLLARS IN MILLIONS) | April 2, 2024
Assets |
Cash and cash equivalents | $ | 32 |
Trade receivables, net | 18 |
Inventories | 17 |
Property, plant and equipment, net | 7 |
Goodwill | 271 |
Other intangible assets, net | 144 |
Operating lease right-of-use assets | 10 |
Other assets | 11 |
Total assets | 510 |
Liabilities |
Accounts payable | $ | (5) |
Deferred tax liability | (25) |
Other liabilities | (18) |
Total liabilities | (48) |
Equity |
Accumulated other comprehensive income - currency translation adjustment | 4 |
Total equity | 4 |
Carrying value of net asset (adjusted for currency translation adjustment) | $ | 466 |
Included in the Company’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 are the following carrying amounts of the assets and liabilities held for sale:
(DOLLARS IN MILLIONS) | September 30, 2024 | December 31, 2023
Assets |  |
Cash and cash equivalents | $ | 2 |  | $ | 26 |
Trade receivables, net | 195 |  | 15 |
Inventories | 286 |  | 18 |
Property, plant and equipment, net | 438 |  | 7 |
Goodwill(1) | 1,264 |  | 276 |
Other intangible assets, net | 1,119 |  | 146 |
Operating lease right-of-use assets | 15 |  | 9 |
Other assets | 109 |  | 9 |
Less: Loss recognized on assets held-for-sale(2) | (314) |  | — |
Total assets held-for-sale | $ | 3,114 |  | $ | 506 |
Liabilities |  |
Accounts payable | $ | 83 |  | $ | 4 |
Deferred tax liability | 63 |  | 24 |
Other liabilities | 158 |  | 18 |
Total liabilities held-for-sale | $ | 304 |  | $ | 46 |
_______________________ (1)The goodwill balance in assets held for sale for the Pharma Solutions disposal group as of September 30, 2024, is presented net of $64 million of goodwill impairment. (2)Includes the impact of $51 million, primarily related to losses on foreign currency translation, expected to be reclassified out of accumulated other comprehensive loss upon close of the sales.

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