XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Discontinued Operations and Disposal Groups (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | The following table summarizes the results of discontinued operations related to the Performance Materials divestiture:
| Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2020
Sales | $ | 105,995 |  |  | $ | 173,886 |
Cost of goods sold | 76,818 |  |  | 128,405 |
Selling, general and administrative expenses | 8,342 |  |  | 17,627 |
Other operating (income) expense, net | (168) |  |  | 12,706 |
Operating income | 21,003 |  |  | 15,148 |
Interest expense, net (1) | 3,784 |  |  | 8,916 |
Other expense, net | 1,077 |  |  | 165 |
Income from discontinued operations before income tax | 16,142 |  |  | 6,067 |
Provision for income taxes | 7,790 |  |  | 3,505 |
Income from discontinued operations, net of tax | $ | 8,352 |  |  | $ | 2,562 |
(1)The closing of the transaction triggered the Company’s obligation to provide partial repayment under its Amended and Restated Term Loan Credit Agreement, dated May 4, 2016 and its New Term Loan Credit Agreement, dated as of July 22, 2020. As such, interest expense has been allocated to discontinued operations on the basis of the Company’s mandatory repayment of $275,787 of the Sen ior Secured Term Loan Facility due February 2027 and its mandatory repayment of $188,722 of the new Senior Secured Term Loan Facility due February 2027. The following table summarizes the results of discontinued operations related to Performance Chemicals for the periods presented:
| Three months ended June 30, | Six months ended June 30,
| 2021 |  | 2020 | 2021 |  | 2020
Sales | $ | 170,374 |  |  | $ | 140,034 |  | $ | 334,897 |  |  | $ | 311,218 |
Cost of goods sold | 118,785 |  |  | 111,245 |  | 244,638 |  |  | 247,838 |
Selling, general and administrative expenses | 11,490 |  |  | 9,998 |  | 23,206 |  |  | 21,731 |
Other operating expense, net | 11,850 |  |  | 8,462 |  | 29,330 |  |  | 14,079 |
Impairment of assets held for sale | 13,990 |  |  | — |  | 109,584 |  |  | — |
Operating income (loss) | 14,259 |  |  | 10,329 |  | (71,861) |  |  | 27,570 |
Equity in net (income) from affiliated companies | (48) |  |  | (24) |  | (86) |  |  | (79) |
Interest expense, net (1) | 5,599 |  |  | 3,353 |  | 8,814 |  |  | 7,380 |
Other (income) expense, net | (840) |  |  | 320 |  | (6,363) |  |  | (3,434) |
Income (loss) income from discontinued operations before income tax | 9,548 |  |  | 6,680 |  | (74,226) |  |  | 23,703 |
Provision for income taxes | 2,507 |  |  | 33,102 |  | 6,918 |  |  | 40,479 |
Income (loss) income from discontinued operations, net of tax | $ | 7,041 |  |  | $ | (26,422) |  | $ | (81,144) |  |  | $ | (16,776) |
(1)Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to $526,363. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had mandatory repayment provisions. As a result, interest expense has been allocated to discontinued operations on the basis of the Company’s total repayment of $526,363. The following table summarizes the assets and liabilities of discontinued operations related to the Performance Chemicals divestiture as of June 30, 2021 and December 31, 2020.
|  | June 30, 2021 |  | December 31, 2020
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 17,603 |  |  | $ | 21,520 |
Accounts receivables, net |  | 93,413 |  |  | 86,961 |
Inventories, net |  | 69,697 |  |  | 74,647 |
Prepaid and other current assets |  | 18,500 |  |  | 20,879 |
Current assets held for sale |  | $ | 199,213 |  |  | $ | 204,007 |
Investments in affiliated companies |  | $ | 261 |  |  | $ | 324 |
Property, plant and equipment, net |  | 394,461 |  |  | 391,524 |
Goodwill |  | 250,626 |  |  | 326,173 |
Other intangible assets, net |  | 383,842 |  |  | 388,857 |
Right-of-use lease assets |  | 20,823 |  |  | 19,296 |
Other long-term assets |  | 19,984 |  |  | 23,269 |
Valuation allowance |  | (34,504) |  |  | — |
Long-term assets held for sale |  | $ | 1,035,493 |  |  | $ | 1,149,443 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 65,749 |  |  | $ | 74,754 |
Operating lease liabilities—current |  | 6,544 |  |  | 8,479 |
Accrued liabilities |  | 22,043 |  |  | 28,336 |
Current liabilities held for sale |  | $ | 94,336 |  |  | $ | 111,569 |
Deferred income taxes |  | $ | 60,109 |  |  | $ | 50,232 |
Operating lease liabilities—noncurrent |  | 10,308 |  |  | 10,047 |
Other long-term liabilities |  | 56,698 |  |  | 95,271 |
Long-term liabilities held for sale |  | $ | 127,115 |  |  | $ | 155,550 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration