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4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS
Sale of Chemical Intermediates Businesses As discussed in 鈥淣ote 1. General鈥�Recent Developments鈥�Sale of Chemical Intermediates Businesses,鈥� we completed the sale of our Chemical Intermediates Businesses to Indorama. In connection with this sale, we recognized a net after-tax gain of $758 million in the first quarter of 2020. The final purchase price is subject to customary post-closing adjustments. During the first quarter of 2020, we received proceeds from the sale of $1.915 billion, and we expect to pay income taxes of approximately $375 million during 2020. Certain amounts for prior periods have similarly been retrospectively reflected for all periods presented. In connection with this sale, we entered into long-term supply agreements with Indorama for certain raw materials at market prices supplied by the Chemical Intermediates Businesses.
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):
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):
Separation and Deconsolidation of Venator In August 2017, we separated our Titanium Dioxide and Performance Additives business (the 鈥淧&A Business鈥�) and conducted an initial public offering of ordinary shares of Venator Materials PLC (鈥淰enator鈥�), formerly a wholly-owned subsidiary of 乐天堂fun88(中国区)官方网站. Following a series of public offerings and sales of Venator ordinary shares, beginning in December 2018, our ownership in Venator decreased to approximately 49%, and we began accounting for our remaining interest in Venator as an equity method investment using the fair value option. For the three months ended March 31, 2020 and 2019, we recorded a loss $110 million and a gain of $75 million, respectively, to record our investment in Venator at fair value. These gains and losses were recorded in 鈥淔air value adjustments to Venator investment鈥� on our condensed consolidated statements of operations.
Summarized financial information of Venator for the three months ended March 31, 2020 and 2019 is as follows (in millions):
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