|3 Months Ended|
Mar. 31, 2019
|Discontinued Operations and Disposal Groups [Abstract]|
|DISCONTINUED OPERATIONS||DISCONTINUED OPERATIONS
On July 20, 2018, the Company agreed to sell to UPL 100% of the issued and outstanding shares of common stock of Arysta and its subsidiaries pursuant to the terms and conditions of the Arysta Sale Agreement. The Arysta Sale was completed on January 31, 2019 for an aggregate purchase price of approximately $4.20 billion in cash, subject to certain post-closing adjustments relating to, among other things, cash, indebtedness and working capital as of the closing date.
The Company's former Agricultural Solutions business was previously its own reportable segment and has been presented for all periods as discontinued operations in this Quarterly Report as the Arysta Sale represented a significant strategic shift and was determined to have a major effect on the Company's operations and financial results. Corporate costs previously allocated to the Agricultural Solutions segment were reallocated to the remaining segments for all periods presented as these costs were not clearly identifiable as costs of the former Agricultural Solutions segment.
In the first quarter of 2019, the Company recorded a gain of $21.3 million on the Arysta Sale, for a total loss of $429 million, primarily due to the reclassification of foreign currency translation adjustments from "Accumulated other comprehensive loss" within Stockholders’ Equity into earnings within the Condensed Consolidated Statement of Operations.
In connection with the Arysta Sale, the Company agreed to retain certain liabilities associated with legal and tax proceedings, primarily related to an Arysta subsidiary in Brazil. The Company does not expect to incur any material losses as a result of these proceedings. However, the resolutions of these matters may take several years and, to the extent not covered by insurance, may
adversely impact our financial position or results of operations. The Company may record an additional gain or loss in the future as it settles certain post-closing adjustments and tax assets and liabilities associated with the Arysta Sale.
The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders:
The carrying value of major classes of assets and liabilities related to the Company's discontinued operations were as follows:
(2)Includes the impairment loss of $450 million on discontinued operations at December 31, 2018.
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef