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4. DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS

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DISCONTINUED OPERATIONS

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Sale of Textile Effects Business

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On February 28, 2023, we completed the sale of our Textile Effects BusinessÌýto ArchromaÌýfor a purchase 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 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 the first quarter of 2024. In connection with the sale, we recognized a pre-tax gain of $154Ìýmillion inÌý2023. During 2023, we have paid cash taxes of approximately $23Ìýmillion, and we expect to pay additional cash taxes of approximately $15Ìýmillion.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 ourÌýconsolidated 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 incomeÌýof discontinued operations, primarily related to our Textile Effects Business, as presented in our 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 do-it-yourself (“DIYâ€�) business to Pidilite Industries Ltd. and received cash of approximately $257 million. In the second quarter of 2021, we received the full payment of $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 ourÌýconsolidated statements of operations.

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Separation and Deconsolidation of Venator

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On December 23, 2020, we completed the sale of approximately 42.4 million ordinary shares of Venator Materials PLC (“Venatorâ€�). Concurrent with 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 held in Venator at $2.15 per share. The option expired on June 23, 2023; however, prior to its expiration, we recorded this option at fair value with changes in fair value reported in earnings. We account for our remaining ownership interest in Venator as an investment in equity securities that are marked to fair value with changes in fair value reported in earnings. For the years ended December 31, 2023, 2022 and 2021, we recorded net losses ofÌý$5Ìýmillion, $12 million andÌý$28Ìýmillion, respectively, to record our investment in Venator and related option at fair value. These net losses were recorded in “Fair value adjustments to Venator investment, netâ€� in our consolidated statements of operations.

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