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4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS

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Sale of Chemical Intermediates Businesses

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On January 3, 2020, we completed the sale of our Chemical Intermediates Businesses to IndoramaÌýin a transaction valued at approximately $2 billion, comprised of a cash purchase price of approximately $1.92 billion and the transfer of approximately $72 million in net underfunded pension and other post-employment benefit liabilities. In connection with this sale, we received proceeds of approximately $1.92 billion and recognized a net after-tax gain of $748 million in 2020. Additionally, in connection with this sale, we entered into long-term supply agreements with Indorama for certain raw materials at market prices supplied by our former Chemical Intermediates Businesses.ÌýIn connection with this sale, we recognized approximately $19 million of income as a result of a liquidation of LIFO inventory.

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During the year ended December 31, 2020, we paid $231Ìýmillion of income taxes with respect to the gain on the sale of our Chemical Intermediates Businesses. With the sale of approximately 42.4Ìýmillion ordinary shares we held in Venator to SK Capital Partners, LP completed on December 23, 2020, we offset the capital loss on the sale of the Venator shares against the capital gain realized on the sale of our Chemical Intermediates Businesses. For more information on the sale of ordinary shares we hold in Venator to SK Capital Partners, LP, see “Note 1. Recent Developments â€� Sale of Venator Interest.â€�

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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 were classified as held for sale in our consolidated balance sheets (dollars in millions):

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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 consolidated statements of operations (dollars in millions):

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Separation and Deconsolidation of Venator

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In August 2017, we separated our Titanium Dioxide and Performance Additives business and conducted an initial public offering of ordinary shares of Venator. Beginning in December 2018, following a series of public offerings and sales of Venator ordinary shares, 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. On December 23, 2020, we completed the sale of approximately 42.4 million ordinary shares of Venator and received approximately $99Ìýmillion in cash. See “Note 1. General—Recent Developments—Sale of Venator Interest.â€� Subsequent to this sale of ordinary shares of Venator, we no longer account for our current remaining ownership interest in Venator as an equity method investment, but rather as an investment in equity securities that are marked to fair value with changes in fair value reported in earnings.ÌýFor the years ended December, 2020, 2019 and 2018, we recorded a loss of $55Ìýmillion, $19Ìýmillion and $62Ìýmillion, respectively. The loss of $88Ìýmillion for the year ended December 31, 2020 primarily includes the marked to fair value adjustment of $43 million for the Venator ordinary shares we hold, aÌýloss of $12 million related to the sale of approximately 42.4 million Venator ordinary shares and a loss of $31 million on the write off of a receivable related to certain income tax benefits that were reduced upon the completion of the sale of Venator shares to SK Capital Partners, LP. These gains and losses were recorded in “Fair value adjustments to Venator investment and related loss on disposalâ€� on our consolidated statements of operations.

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Sale of India-Based Do-It-Yourself Consumer Adhesives Business

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On November 3, 2020, we completed the sale of the India-based DIYÌýbusiness, previously part of ourÌýAdvanced Materials segment, to Pidilite Industries Ltd. and received cash of approximately $257Ìýmillion. Under the terms of the agreement, we may receive up to approximately $28 million of additional cash under an earnout within 18 months if the business achieves certain sales revenue targets in line with the DIY business' 2019 performance.ÌýIn connection with this sale, we recognized a pretax gainÌýof $247Ìýmillion in the fourth quarter of 2020, which was recorded in gain on sale of India-based DIY businessÌýin our consolidated statements of operations.

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