NOTE 2. SALE OF GLOBAL AUTO CARE BUSINESSES
In September 2010, the Company entered into a definitive agreement to sell its global auto care businesses (Auto Businesses) to an affiliate of Avista Capital Partners in an all-cash transaction. In November 2010, the Company completed the sale pursuant to the terms of a Purchase and Sale Agreement (Purchase Agreement) and received cash consideration of $755. The Company also received cash flows of approximately $30 related to net working capital that was retained by the Company as part of the sale. Included in earnings from discontinued operations for the fiscal year ended June 30, 2011, was an after-tax gain on the transaction of $247.
The following table includes financial results included in discontinued operations for the fiscal year ended June 30, 2011:
| Net sales | $ | 95 | ||
| Earnings before income taxes | $ | 34 | ||
| Income tax expense on earnings | (11 | ) | ||
| Gain on sale, net of tax | 247 | |||
| Earnings from discontinued operations, net of tax | $ | 270 |