Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

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)	2021		2020		2021		2020
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 administrative	33		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
Total	33		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)	2021		2020
Assets
Prepaid expenses and other (a)	$	151	$	1,339
Other non-current assets	151		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)	2021		2020
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