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The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in our condensed consolidated balance sheets (dollars in millions):
|
|
|
|
December 31, |
|
2019 |
Carrying amounts of major classes of assets held for sale: |
|
|
Accounts receivable |
$ |
145 |
Inventories |
|
105 |
Total current assets |
|
|
Property, plant and equipment, net |
|
720 |
Operating lease right-of-use assets |
|
69 |
Deferred income taxes |
|
4 |
Other noncurrent assets |
|
165 |
Total assets held for sale(1) |
$ |
1,208 |
Carrying amounts of major classes of liabilities held for sale: |
|
|
Accounts payable |
$ |
152 |
Accrued liabilities |
|
26 |
Current operating lease liabilities |
|
20 |
Total current liabilities |
|
|
Deferred income taxes |
|
135 |
Noncurrent operating lease liabilities |
|
51 |
Other noncurrent liabilities |
|
128 |
Total noncurrent liabilities |
|
|
Total liabilities held for sale(1) |
$ |
512 |
| (1) |
The assets and liabilities held for sale were classified as current as of December 31, 2019 because the sale of our Chemical Intermediates Businesses was completed on January 3, 2020. |
The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months |
|
Nine months |
|
ended |
|
ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Major line items constituting pretax income of discontinued operations(1): |
|
|
|
|
|
|
|
|
|
|
|
Trade sales, services and fees, net(2) |
$ |
— |
|
$ |
400 |
|
$ |
7 |
|
$ |
1,183 |
Cost of goods sold(2) |
|
— |
|
|
292 |
|
|
11 |
|
|
976 |
Gain on sale of the Chemical Intermediates Businesses |
|
— |
|
|
— |
|
|
978 |
|
|
— |
Insurance proceeds |
|
— |
|
|
— |
|
|
48 |
|
|
— |
Other expense items, net |
|
— |
|
|
15 |
|
|
1 |
|
|
37 |
Income from discontinued operations before income taxes |
|
— |
|
|
93 |
|
|
1,021 |
|
|
170 |
Income tax expense |
|
— |
|
|
(25) |
|
|
(239) |
|
|
(44) |
Net income attributable to discontinued operations |
$ |
— |
|
$ |
68 |
|
$ |
782 |
|
$ |
126 |
| (1) |
Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented. |
| (2) |
Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations. |
|