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Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

v3.19.3
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)
 9 Months Ended
Sep. 30, 2019
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS Ìý
Summary of major classes of line items of discontinued operations

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):

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�

�

�

�

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SeptemberÌý30,Ìý

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DecemberÌý31,Ìý

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2019

ÌýÌýÌýÌý

2018

Carrying amounts of major classes of assets held for sale:

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�

�

�

�

�

Accounts receivable

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$

73

�

$

89

Inventories

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�

107

�

�

134

Other current assets

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�

1

�

�

9

Total current assets

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�

�

�

�

232

Property, plant and equipment, net

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690

�

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711

Operating lease right-of-use assets

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�

76

�

�

�

Other noncurrent assets

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�

161

�

�

166

Total noncurrent assets

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�

�

�

�

877

Total assets held for sale(1)

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$

1,108

�

$

1,109

Carrying amounts of major classes of liabilities held for sale:

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�

�

�

�

�

Accounts payable

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$

142

�

$

168

Accrued liabilities

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�

47

�

�

57

Current operating lease liabilities

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�

21

�

�

�

Total current liabilities

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�

�

�

�

225

Deferred income taxes

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�

171

�

�

159

Noncurrent operating lease liabilities

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�

57

�

�

�

Other noncurrent liabilities

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�

148

�

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124

Total noncurrent liabilities

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�

�

�

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283

Total liabilities held for sale(1)

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$

586

�

$

508
(1) The assets and liabilities held for sale are classified as current as of September 30, 2019 because it is probable that the sale of our Chemical Intermediates Businesses will close within a year.

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The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income (loss) of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions):

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Three months

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Nine months

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�

ended

ÌýÌýÌýÌý

ended

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SeptemberÌý30,Ìý

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SeptemberÌý30,Ìý

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2019

�

2018

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2019

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2018

Major line items constituting pretax income of discontinued operations(1):

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�

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�

�

�

�

Trade sales, services and fees, net(2)

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$

400

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$

1,015

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$

1,183

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$

3,156

Cost of goods sold(2)

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�

292

�

�

857

�

�

976

�

�

2,185

Other expense items, net that are not major

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�

15

�

�

134

�

�

37

�

�

269

Income from discontinued operations before income taxes

�

�

93

�

�

24

�

�

170

�

�

702

Income tax (expense) benefit

�

�

(25)

�

�

41

�

�

(44)

�

�

(95)

Valuation allowance

�

�

�

�

�

(270)

�

�

�

�

�

(270)

Income (loss) from discontinued operations, net of tax

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�

68

�

�

(205)

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�

126

�

�

337

Net income attributable to noncontrolling interests

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�

�

�

�

(2)

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�

�

�

�

(6)

Net income (loss) attributable to discontinued operations

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$

68

�

$

(207)

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$

126

�

$

331
(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. In addition, the three and nine months ended September 30, 2018 also include the results of Venator. Beginning in the fourth quarter of 2018, Venator was no longer accounted for as discontinued operations.

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(2) Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations.

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