Divestitures and Assets Held for Sale

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Assets Held for Sale

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 condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Costs and expenses:
Selling, general and administrative	(49)		33		(86)		1,251
Adjustment to the fair value estimates used in the disposal of Personal Care Films(a)	—		—		—		(1,118)
Total	(49)		33		(86)		133
Income (loss) from discontinued operations before income taxes	49		(33)		86		(133)
Income tax expense (benefit)	28		(7)		18		(29)
Income (loss) from discontinued operations, net of tax	$	21	$	(26)	$	68	$	(104)
(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 condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively, were as follows:

	September 30,		December 31,
(In thousands)	2022		2021
Assets
Prepaid expenses and other (a)	$	151	$	178
Liabilities
Accrued expenses (a)	$	71	$	193
(a) The condensed consolidated balance sheet of discontinued operations as of September 30, 2022 includes $0.2 million of other receivables related to the settlement of customary post-closing adjustments and other miscellaneous accrued expenses of $0.1 million. The condensed consolidated balance sheet of discontinued operations as of December 31, 2021 includes $0.2 million of other receivables related to the settlement of customary post-closing adjustments 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)	2022	2021
Operating activities
Other	—	(1,118)