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Financial Information and Accounting Policies
9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Financial Information and Accounting Policies Financial Information and Accounting Policies
In our opinion, the consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2024 and 2023, cash flows for the nine months ended September 30, 2024 and 2023, changes in equity for the three and nine months ended September 30, 2024 and 2023, and our financial positions as of September 30, 2024 and December 31, 2023. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results of operations for the full year. The consolidated balance sheet as of September 30, 2024, and the related consolidated statements of income (loss) and consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, and consolidated statements of changes in equity for the three and nine months ended September 30, 2024 and 2023 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. The consolidated balance sheet as of December 31, 2023 was audited by our independent registered public accountants. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2023 (the "2023 Form 10-K").
Assets Held for Sale
In the second quarter of 2024, our Global Specialty Solutions ("GSS") business met the criteria to be presented as assets held for sale. Additionally, on July 11, 2024, we signed a definitive agreement to sell this business to Environmental Science US, LLC d/b/a Envu for a purchase price of $350 million, subject to closing working capital adjustments. The fair value, less costs to sell, is expected to exceed the preliminary carrying value. As of September 30, 2024, assets of approximately $159 million are presented within the Prepaid and other current assets line item on the Consolidated Balance Sheet and consist primarily of $50 million in trade receivables, $32 million in inventories, and $77 million representing an allocated portion of goodwill. Accrued rebates of $7 million related to the GSS business are presented within the Accrued and other liabilities line item on the Consolidated Balance Sheet. We continue to expect to complete the sale by the end of 2024. Certain assets, which are not expected to be material, are anticipated to be transferred to Envu at a later date due to various local timing constraints; however, we will receive consideration for these assets at closing of the sale and no additional consideration will be received at the date of transfer. The GSS business does not qualify for discontinued operations and, therefore, its results are included in income (loss) from continuing operations for all periods presented.