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Divestitures and Assets Held for Sale
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures and Assets Held for Sale DIVESTITURES AND ASSETS HELD FOR SALE
Divestitures
Personal Care Films
In 2020, the Company completed the sale of Personal Care Films for an aggregate purchase price of $60.5 million, subject to customary adjustments. The Company agreed to provide certain transition services related to finance, human resources and information technology ("IT") that ended during the second quarter of 2021, resulting in final cash proceeds of $64.1 million. Personal Care Films was previously reported in the PE Films segment.
The following table summarizes the financial results of discontinued operations reflected in the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2021202020212020
Revenues and other items:
Sales$— $29,509 $— $98,053 
Other income (expense), net— (37)— (298)
— 29,472 — 97,755 
Costs and expenses:
Cost of goods sold— 25,481 — 83,408 
Freight— 1,436 — 4,711 
Selling, general and administrative33 6,502 1,251 13,649 
Research and development— 3,138 — 8,451 
Asset impairments and costs associated with exit and disposal activities, net of adjustments— 801 — 1,327 
Adjustment to the fair value estimates used in the disposal of Personal Care Films(a)
— — (1,118)— 
Held for sale impairment loss on divested assets— 45,054 — 45,054 
Total33 82,412 133 156,600 
Income (loss) from discontinued operations before income taxes(33)(52,940)(133)(58,845)
Income tax expense (benefit)(7)(4,703)(29)(5,814)
Income (loss) from discontinued operations, net of tax$(26)$(48,237)$(104)$(53,031)
(a) Represents a net increase to the estimated fair value of Personal Care Films primarily due to lower costs associated with IT transition-related services to provide the seller developed assets, which did not exist at the time of the sale, to support the seller's IT infrastructure.
The assets and liabilities of the discontinued operations reflected in the consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, were as follows:
September 30,December 31,
(In thousands)20212020
Assets
Prepaid expenses and other (a)
$151 $1,339 
Other non-current assets151 151 
Total assets of discontinued operations$302 $1,490 
Liabilities
Accrued expenses (a)
$370 $7,521 
(a) The consolidated balance sheet of discontinued operations as of September 30, 2021 includes $0.2 million of other receivables related to the settlement of customary post-closing adjustments, accrued severance of $0.3 million, and other miscellaneous accrued expenses of $0.1 million. The consolidated balance sheet of discontinued operations as of December 31, 2020 includes $0.4 million of other receivables related to the settlement of customary post-closing adjustments, deferred assets of $0.9 million and deferred obligations of $5.3 million related to transition services, accrued severance of $2.1 million, and other miscellaneous accrued expenses of $0.2 million.
The following table provides significant operating and investing cash flow information for discontinued operations:
Nine Months Ended September 30,
(In thousands)20212020
Operating activities
Depreciation and amortization$— $6,625 
Held for sale impairment loss on divested assets— 45,054 
Other(1,118)— 
Total(1,118)51,679 
Investing activities
Capital expenditures$— $2,989 

Assets Held For Sale
In July 2019, the Company committed to a plan to close its manufacturing facility in Lake Zurich, Illinois, which historically was reported by the Company within the Personal Care Films component of its PE Films segment. During the third quarter of 2020, the disposal group carrying value of $4.6 million was reported in "Prepaid expenses and other" in the consolidated balance sheet as the held for sale criteria was met. During the third quarter of 2021, the Company completed the sale of the remaining assets in Lake Zurich, Illinois resulting in total cash proceeds of $4.7 million.