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3. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITION

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SaLEÌýofÌýtEXTILE eFFECTS bUSINESSÌý

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On February 28, 2023, we completed the sale of our Textile Effects Business to Archroma, a portfolio company of SK Capital Partners (“Archromaâ€�),Ìýfor aÌýpurchase price of $593 million, which includes estimated adjustments to the purchase price for working capital plus the assumption of underfunded pension liabilities. The final purchase price is subject to customary post-closing adjustments. Upon the completion of the sale, we received net proceeds of $530Ìýmillion, determined as the preliminary purchase price less $5 million for certain costs paid by Archroma on our behalf, $30 million of estimated net working capital adjustments and $28 million of cash that will be reimbursed to us as part of the final post-closing adjustments anticipated in 2023. In connection with the sale, we recognized a pre-tax gain of $153Ìýmillion in the first quarter of 2023. Through the first quarter of 2023, we have paid cash taxes of approximately $12Ìýmillion, and we expect to pay additional cash taxes of approximately $30Ìýmillion. Certain amounts for prior periods have been recastÌýto presentÌýthe results of operations of our Textile Effects Business as discontinued operations.

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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):Ìý

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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 March 31, 2023 and 2022, we recordedÌýnet lossesÌýof $1Ìýmillion and $2Ìýmillion, 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.