Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

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.