Acquisition of Alkali Chemicals Group (Tables)

3 Months Ended

Mar. 31, 2017

Acquisition of Alkali Chemicals Group [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Purchase Price Allocation

	Valuation
Consideration:
Purchase price	$	1,650

Fair Value of Assets Acquired and Liabilities Assumed:
Current Assets:
Accounts receivable	$	147
Inventories		48
Prepaid and other assets		32
Total Current Assets		227

Property, plant and equipment ⁽¹⁾		767
Mineral leaseholds ⁽²⁾		739
Other long-term assets		3

Total Assets	$	1,736

Current Liabilities:
Accounts payable		46
Accrued liabilities		28
Total Current Liabilities		74

Noncurrent Liabilities:
Other		12

Total Liabilities		86

Net Assets	$	1,650

⁽¹⁾

The fair value of property, plant and equipment was determined using the cost approach, which estimates the replacement cost of each asset using current prices and labor costs, less estimates for physical, functional and technological obsolescence, based on the estimated useful life ranging from 5 to 38 years

⁽²⁾

The fair value of mineral rights was determined using the Discounted Cash Flow method, which was based upon the present value of the estimated future cash flows for the expected life of the asset taking into account the relative risk of achieving those cash flows and the time value of money. A discount rate of 10.4% was used taking into account the risks associated with such assets.