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3. DISCONTINUED OPERATIONSÌý

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SaLEÌýofÌýtEXTILE eFFECTS bUSINESSÌý

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On February 28, 2023, we completed the sale of our textile chemicals and dyes business (“Textile Effects Businessâ€�)Ìýto 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 $154Ìýmillion in the nine months ended September 30, 2023. Through the third quarter of 2023, we have paid cash taxes of approximately $24Ìýmillion, and we expect to pay additional cash taxes of approximately $17Ìýmillion.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 (loss) income of discontinued operations to after-tax (loss) 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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