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DIVESTITURES | 12 Months Ended
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Dec. 31, 2024
Divestitures [Abstract] |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | DIVESTITURES Texas City Divestiture On December 1, 2023, the Company completed the sale of its Texas City operations, which was reported in the Chemical Intermediates ("CI") segment ("Texas City Operations"). The sale excluded the plasticizer operations. The Company provided certain transition and post-closing services on agreed terms that were completed in 2024. The business was not reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results. The total estimated consideration, after post-closing adjustments, was $498 million. The divestiture resulted in a $323 million gain. The major classes of divested assets and liabilities as of the date of the divestiture were as follows:
(Dollars in millions) |
Assets divested |
Trade receivables, net of allowance for doubtful accounts | $ | 12 |
Inventories | 7 |
Other assets | 17 |
Properties, net of accumulated depreciation | 103 |
Goodwill | 67 |
Intangible assets, net of accumulated amortization | 3 |
Assets divested | 209 |
Liabilities divested |
Payables and other current liabilities | 10 |
Other liabilities | 24 |
Liabilities divested | 34 |
Disposal group, net | $ | 175 |
Adhesives Resins Divestiture On April 1, 2022, the Company and certain of its subsidiaries completed the sale of its adhesives resins business, which included hydrocarbon resins (including Eastman Impera™ tire resins), pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid based resins product lines ("adhesives resins"), of its Additives & Functional Products ("AFP") segment. The Company provided certain business transition and post-closing services to the buyer on agreed terms, which were completed in 2022. The business was not reported as a discontinued operation because the sale did not have a major effect on the Company's operations and financial results. Included in the adhesives resins divestiture was the 50 percent interest in a joint venture that has a manufacturing facility in Nanjing, China, which produces Eastotac™ hydrocarbon tackifying resins for pressure-sensitive adhesives, caulks, and sealants. The total consideration, after post-closing adjustments, was $957 million. The divestiture resulted in a $1 million loss (including cumulative translation adjustment liquidation of $10 million and certain costs to sell of $13 million). The major classes of divested assets and liabilities as of the date of the divestiture were as follows:
(Dollars in millions) |
Assets divested |
Trade receivables, net of allowance for doubtful accounts | $ | 129 |
Inventories | 163 |
Other assets | 21 |
Properties, net of accumulated depreciation | 303 |
Goodwill | 399 |
Intangible assets, net of accumulated amortization | 14 |
Assets divested | 1,029 |
Liabilities divested |
Payables and other liabilities | 83 |
Deferred tax liability | 7 |
Other liabilities | 4 |
Liabilities divested | 94 |
Disposal group, net | $ | 935 |
The Company recognized $13 million of transaction costs for the divested business in 2022. Transaction costs are expensed as incurred and are included in "Selling, general and administrative expenses" ("SG&A") in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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