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Discontinued Operations | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures and Assets Held for Sale | 15. DIVESTITURES AND ASSETS HELD FOR SALE Divestitures Personal Care Films In 2020, the Company completed the sale of Personal Care Films for an aggregate purchase price of $60.5 million, subject to customary adjustments. The Company agreed to provide certain transition services related to finance, human resources and information technology (“IT”) that ended during the second quarter of 2021, resulting in final cash proceeds of $64.1 million. Personal Care Films was previously reported in the PE Films segment. The following table summarizes the financial results of discontinued operations reflected in the Consolidated Statements of Income for the year ended December 31 2020. Net income (loss) from discontinued operations for the years ended December 31, 2022 and 2021 were immaterial.
| Year Ended December 31,
(In thousands) | 2020
Revenues and other items: |
Sales | $ | 110,246 |
Other income (expense), net | (333) |
| 109,913 |
Costs and expenses: |
Cost of goods sold | 92,079 |
Freight | 5,229 |
Selling, general and administrative | 16,824 |
Research and development | 8,863 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 1,529 |
Loss on sale of business | 50,027 |
Total | 174,551 |
Income (loss) from discontinued operations before income taxes | (64,638) |
Income tax expense (benefit) | (6,027) |
Income (loss) from discontinued operations, net of tax | $ | (58,611) |
The following table provides significant operating and investing cash flow information for discontinued operations for the year ended December 31, 2020. There was no significant operating and investing cash flow information for the years ended December 31, 2022 and 2021.
| Year Ended December 31,
(In thousands) | 2020
Operating activities: |
Depreciation and amortization | $ | 5,511 |
Loss on sale of Personal Care Films | 50,027 |
Total | 55,538 |
Investing activities: |
Net proceeds on sale of Personal Care Films | $ | 55,115 |
Capital expenditures | (1,912) |
Total | $ | 53,203 |
Assets Held For Sale In July 2019, the Company committed to a plan to close its manufacturing facility in Lake Zurich, Illinois, which historically was reported within the personal care component of its PE Films segment. As of December 31, 2020, the disposal group carrying value of $4.6 million was reported in "Prepaid expenses and other" in the consolidated balance sheet as the held for sale criteria was met. During the third quarter of 2021, the Company completed the sale of the remaining assets in Lake Zurich, Illinois resulting in total cash proceeds of $4.7 million.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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