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Discontinued Operations
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

6. Discontinued Operations

Myers Holdings Brasil, Ltda

In 2017, the Company, collectively with its wholly owned subsidiary, Myers Holdings Brasil, Ltda. (“Holdings”), completed the sale of its Brazil Business for a purchase price of one U.S. Dollar. The Company recorded a loss on the sale of the Brazil Business during the fourth quarter of 2017 of $35.0 million. In its 2017 U.S. Federal tax return, the Company recorded a tax benefit of approximately $14.3 million as a result of a worthless stock deduction related to the Company’s investment in the Brazil Business. Net income from discontinued operations for the year ended December 31, 2019 of $0.1 million related to interest income net of tax recognized on the receipt of the tax benefit from a worthless stock deduction.

Lawn and Garden Business

In 2015, the Company sold its Lawn and Garden business to the L&G Buyer, which later became HC. The terms of the sale included promissory notes form HC, which were fully reserved for in 2018 due to uncertainty of collection. Also, in connection with the sale of the Lawn and Garden business, the Company became a guarantor for any remaining rent payments under one of HC’s facility leases. The carrying value of the lease contingency as of December 31, 2019 was $10.7 million.

In January 2020, the Company sold to HC the fully-reserved promissory notes in exchange for $1.2 million and the release from the lease guarantee resulting in an $11.9 million pre-tax gain recorded as Other Income of continuing operations.