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4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS �

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SaLEÌýofÌýtEXTILE eFFECTS bUSINESSÌý

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On August 9, 2022, we entered into a definitive agreement to sell our Textile Effects Business to ArchromaÌýfor a total enterprise value of $718Ìýmillion, which includes the assumption of approximately $125 million in net underfunded pension liabilities as of December 31, 2021. We anticipate the transaction will close no later thanÌýthe first half of 2023. Beginning in the third quarter of 2022, the results of our Textile Effects Business are reported as discontinued operations for all periods presented.Ìý

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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):

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The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations, primarily related to our Textile Effects Business,Ìýas presented in our condensed consolidated statements of operations (dollars in millions):

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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 to Pidilite Industries Ltd. and received cash of approximately $257 million. In the second quarter of 2021, we received the full payment ofÌý$28 million pursuant to an earnout provision based on the DIY business’s achievement of certain sales revenue targets in line with its 2019 performance. As a result, we recognized an additional pretax gain of $28 million in the second quarter of 2021, which was recorded in gain on sale of India-based DIY business in our condensed consolidated statements of operations.

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SaLEÌýof VenatorÌýInterEST

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On December 23, 2020, we completed the sale of approximately 42.4 million ordinary shares of Venator Materials PLC (“Venatorâ€�). ConcurrentÌýwith the sale of ordinary shares, we entered into an option agreement, pursuant to which we granted an option to funds advised by SK Capital Partners, LP to purchase the remaining approximate 9.7 million ordinary shares we hold in Venator at $2.15 per share. The option will expire on June 23, 2023 and will not be exercisable so long as such exercise would result in a default or an “Event of Defaultâ€� under Venator’s Term Loan Credit Agreement and Revolving Credit Agreement. We record this option at fair value with changes in fair value reported in earnings. We account for our remaining ownership interest in VenatorÌýas an investment in equity securities that are marked to fair value with changes in fair value reported in earnings.ÌýFor the three months ended September 30, 2022 and 2021, we recordedÌýnet lossesÌýof $7Ìýmillion and $3Ìýmillion, respectively, and for the nine months ended September 30, 2022Ìýand 2021, we recorded net losses ofÌý$9Ìýmillion and $28Ìýmillion, respectively, to record our investment in Venator and related option at fair value. These net lossesÌýwere recorded in “Fair value adjustments to Venator investment, netâ€� inÌýour condensed consolidated statements of operations.

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