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Discontinued Operations and Disposal Groups (Tables) | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table summarizes the financial results of discontinued operations reflected in the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues and other items: |  |  |  |  |  |  |
Sales | $ | — |  |  | $ | 29,509 |  |  | $ | — |  |  | $ | 98,053 |
Other income (expense), net | — |  |  | (37) |  |  | — |  |  | (298) |
| — |  |  | 29,472 |  |  | — |  |  | 97,755 |
Costs and expenses: |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 25,481 |  |  | — |  |  | 83,408 |
Freight | — |  |  | 1,436 |  |  | — |  |  | 4,711 |
Selling, general and administrative | 33 |  |  | 6,502 |  |  | 1,251 |  |  | 13,649 |
Research and development | — |  |  | 3,138 |  |  | — |  |  | 8,451 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | — |  |  | 801 |  |  | — |  |  | 1,327 |
Adjustment to the fair value estimates used in the disposal of Personal Care Films(a) | — |  |  | — |  |  | (1,118) |  |  | — |
Held for sale impairment loss on divested assets | — |  |  | 45,054 |  |  | — |  |  | 45,054 |
Total | 33 |  |  | 82,412 |  |  | 133 |  |  | 156,600 |
Income (loss) from discontinued operations before income taxes | (33) |  |  | (52,940) |  |  | (133) |  |  | (58,845) |
Income tax expense (benefit) | (7) |  |  | (4,703) |  |  | (29) |  |  | (5,814) |
Income (loss) from discontinued operations, net of tax | $ | (26) |  |  | $ | (48,237) |  |  | $ | (104) |  |  | $ | (53,031) |
(a) Represents a net increase to the estimated fair value of Personal Care Films primarily due to lower costs associated with IT transition-related services to provide the seller developed assets, which did not exist at the time of the sale, to support the seller's IT infrastructure.
The assets and liabilities of the discontinued operations reflected in the consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, were as follows:
| September 30, |  | December 31,
(In thousands) | 2021 |  | 2020
Assets |  |  |
Prepaid expenses and other (a) | $ | 151 |  |  | $ | 1,339 |
Other non-current assets | 151 |  |  | 151 |
Total assets of discontinued operations | $ | 302 |  |  | $ | 1,490 |
Liabilities |  |  |
Accrued expenses (a) | $ | 370 |  |  | $ | 7,521 |
(a) The consolidated balance sheet of discontinued operations as of September 30, 2021 includes $0.2 million of other receivables related to the settlement of customary post-closing adjustments, accrued severance of $0.3 million, and other miscellaneous accrued expenses of $0.1 million. The consolidated balance sheet of discontinued operations as of December 31, 2020 includes $0.4 million of other receivables related to the settlement of customary post-closing adjustments, deferred assets of $0.9 million and deferred obligations of $5.3 million related to transition services, accrued severance of $2.1 million, and other miscellaneous accrued expenses of $0.2 million.
The following table provides significant operating and investing cash flow information for discontinued operations:
| Nine Months Ended September 30,
(In thousands) | 2021 |  | 2020
Operating activities |  |  |
Depreciation and amortization | $ | — |  |  | $ | 6,625 |
Held for sale impairment loss on divested assets | — |  |  | 45,054 |
Other | (1,118) |  |  | — |
Total | (1,118) |  |  | 51,679 |
Investing activities |  |  |
Capital expenditures | $ | — |  |  | $ | 2,989 |

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