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Assets and Liabilities Held for Sale
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS AND LIABILITIES HELD FOR SALE
NOTE C – ASSETS AND LIABILITIES HELD FOR SALE

On December 1, 2020, we announced the execution of a definitive agreement pursuant to which we agreed to sell our Specialty Pharmaceuticals business to Stark International Lux S.A.R.L., and SERB SAS, affiliates of SERB, a European specialty pharmaceutical group. On March 1, 2021, we completed the divestiture for a purchase price of approximately $800 million, which was subject to certain adjustments including cash on hand at the closing of the transaction. The agreement included the transfer of five facilities and approximately 280 employees globally.
We classified the assets and liabilities of the Specialty Pharmaceuticals business (disposal group) as held for sale within our consolidated balance sheet as of December 31, 2020 at their respective carrying values, which approximated fair value, less costs to sell. Assets within the disposal group are presented within Assets held for sale and liabilities are presented within Other current liabilities within our consolidated balance sheet as of December 31, 2020.
The carrying amounts of the major classes of assets and liabilities of the disposal group as of December 31, 2020 are presented below:
(in millions)As of December 31, 2020
Cash$37 
Trade accounts receivable, net24 
Inventories79 
Other current assets17 
Goodwill175 
Other intangible assets, net758 
Other long-term assets45 
Assets held for sale$1,133 
Accrued expenses and other current liabilities$25 
Other long-term liabilities27 
Deferred tax liability148 
Liabilities held for sale included in Other current liabilities
$200 
In addition, as of December 31, 2020, we had foreign currency translation adjustments of $107 million contained within Accumulated other comprehensive income (loss), net of tax attributable to the Specialty Pharmaceuticals business that were released upon the closing of the transaction.