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Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

v3.20.2
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)
6 Months Ended
Jun. 30, 2020
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS
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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鈥�

鈥�

鈥�

鈥�

December听31,听

鈥�

2019

Carrying amounts of major classes of assets held for sale:

鈥�

鈥�

Accounts receivable

$

145

Inventories

鈥�

105

Total current assets

鈥�

鈥�

Property, plant and equipment, net

鈥�

720

Operating lease right-of-use assets

鈥�

69

Deferred income taxes

鈥�

4

Other noncurrent assets

鈥�

165

Total assets held for sale(1)

$

1,208

Carrying amounts of major classes of liabilities held for sale:

鈥�

鈥�

Accounts payable

$

152

Accrued liabilities

鈥�

26

Current operating lease liabilities

鈥�

20

Total current liabilities

鈥�

鈥�

Deferred income taxes

鈥�

135

Noncurrent operating lease liabilities

鈥�

51

Other noncurrent liabilities

鈥�

128

Total noncurrent liabilities

鈥�

鈥�

Total liabilities held for sale(1)

$

512

(1) The assets and liabilities held for sale are classified as current as of December 31, 2019 because the sale of our Chemical Intermediates Businesses was completed on January 3, 2020.

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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):

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鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

Three months

鈥�

Six months

鈥�

ended

鈥�

ended

鈥�

June听30,听

鈥�

June听30,听

鈥�

2020

鈥�

2019

鈥�

2020

鈥�

2019

Major line items constituting pretax income of discontinued operations:

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鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

Trade sales, services and fees, net

$

1

鈥�

$

432

鈥�

$

7

鈥�

$

835

Cost of goods sold

鈥�

2

鈥�

鈥�

372

鈥�

鈥�

11

鈥�

鈥�

736

(Loss) gain on sale of the Chemical Intermediates Businesses

鈥�

(12)

鈥�

鈥�

鈥�

鈥�

鈥�

978

鈥�

鈥�

鈥�

Insurance proceeds

鈥�

20

鈥�

鈥�

鈥�

鈥�

鈥�

48

鈥�

鈥�

鈥�

Other expense items, net

鈥�

1

鈥�

鈥�

11

鈥�

鈥�

1

鈥�

鈥�

22

Income from discontinued operations before income taxes

鈥�

6

鈥�

鈥�

49

鈥�

鈥�

1,021

鈥�

鈥�

77

Income tax expense

鈥�

(1)

鈥�

鈥�

(14)

鈥�

鈥�

(239)

鈥�

鈥�

(19)

Net income attributable to discontinued operations

$

5

鈥�

$

35

鈥�

$

782

鈥�

$

58

(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.

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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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Schedule of equity method investment of Venator

Summarized financial information of Venator for the three and six months ended June 30, 2020 and 2019 is as follows (in millions):

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鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

鈥�

Three months

鈥�

Six months

鈥�

ended

鈥�

ended

鈥�

June听30,听

鈥�

June听30,听

鈥�

2020

鈥�

2019

鈥�

2020

鈥�

2019

Revenues

$

456

鈥�

$

578

鈥�

$

988

鈥�

$

1,140

Gross profit

鈥�

45

鈥�

鈥�

67

鈥�

鈥�

106

鈥�

鈥�

143

(Loss) income from continuing operations

鈥�

(16)

鈥�

鈥�

22

鈥�

鈥�

(9)

鈥�

鈥�

20

Net (loss) income

鈥�

(16)

鈥�

鈥�

22

鈥�

鈥�

(9)

鈥�

鈥�

20

Net (loss) income attributable to Venator

鈥�

(19)

鈥�

鈥�

21

鈥�

鈥�

(12)

鈥�

鈥�

18