DIVESTITURES
Glass Laminating Solutions/Vinyls
In November 2013, DuPont entered into a definitive agreement to sell GLS/Vinyls, a part of Packaging & Industrial Polymers, to Kuraray Co. Ltd. for $543, plus the value of the inventories. The sale is expected to close about mid-2014 pending customary closing conditions, including timing of antitrust clearance.
The assets classified as held for sale at December 31, 2013 related to GLS/Vinyls primarily consist of inventory and property, plant and equipment.
Performance Coatings
In February 2013, the company sold its Performance Coatings business to Flash Bermuda Co. Ltd., a Bermuda exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as "Carlyle"). The sale resulted in approximately $4,200 in after-tax proceeds and a pre-tax gain of $2,687 ($1,962 net of tax). The gain was recorded in income from discontinued operations after income taxes in the company's Consolidated Income Statements for the year ended December 31, 2013. The results of discontinued operations are summarized below:
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| | | | | | | | | |
For the year ended December 31, | 2013 | 2012 | 2011 |
Net sales | $ | 331 |
| $ | 4,218 |
| $ | 4,280 |
|
Income before income taxes | $ | 2,717 |
| $ | 551 |
| $ | 518 |
|
Provision for income taxes1 | 718 |
| 243 |
| 151 |
|
Income from discontinued operations after income taxes | $ | 1,999 |
| $ | 308 |
| $ | 367 |
|
| |
1. | Full year 2012 includes expense of $70 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities have been reclassified as held for sale. |
The key components of the assets and liabilities classified as held for sale at December 31, 2012 related to Performance Coatings consisted of the following:
|
| | | |
| December 31,
2012 |
Cash and cash equivalents | $ | 95 |
|
Accounts and notes receivable, net | 783 |
|
Inventories | 488 |
|
Prepaid expenses | 6 |
|
Deferred income taxes - current | 32 |
|
Property, plant and equipment, net of accumulated depreciation | 749 |
|
Goodwill | 808 |
|
Other intangible assets | 67 |
|
Deferred income taxes - noncurrent | 14 |
|
Other assets - noncurrent | 34 |
|
Total assets held for sale | $ | 3,076 |
|
Accounts payable | $ | 408 |
|
Income taxes | 17 |
|
Other accrued liabilities | 237 |
|
Other liabilities - noncurrent | 388 |
|
Deferred income taxes - noncurrent | 34 |
|
Total liabilities related to assets held for sale | $ | 1,084 |
|
