v3.3.0.814

DISCONTINUED OPERATIONS | 9 Months Ended
--- | ---
Sep. 30, 2015
Discontinued Operations And Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS |
3. | DISCONTINUED OPERATIONS
On September 30, 2015, the Company entered into and consummated the transactions contemplated by the Asset Purchase Agreement between INEOS and Axiall LLC, a wholly-owned subsidiary of the Company. Pursuant to the Asset Purchase Agreement, INEOS acquired certain assets used in the Company’s aromatics business, including but not limited to, its cumene production facility located in Pasadena, Texas. The Company retained the land and plant at its phenol, acetone and alpha-methylstyrene production facility located in Plaquemine, Louisiana (the “Plaquemine Phenol Facility”), which is part of a broader set of other Axiall facilities located in Plaquemine. In addition, the Company retained the following assets associated with its aromatics business: (i) cash and cash equivalents; (ii) accounts receivable; and (iii) inventory, other than certain raw materials and work-in-process inventory at its Pasadena facility. The Company has discontinued the manufacture of products at its Plaquemine Phenol Facility, and expects to dismantle and shut-down that facility. At closing, the Company received $52.4 million in cash which consisted of: (i) the selling price of $47.4 million, pursuant to which we recorded a pre-tax gain of $14.1 million on the disposition and a write-down of the assets at our Plaquemine Phenol Facility, the net effect of which is reflected in income (loss) from discontinued operations on our unaudited condensed consolidated statements of operations; and (ii) a $5.0 million advance toward the cost of decommissioning and dismantling our Plaquemine Phenol Facility. That advance is recorded as an accrued liability in our unaudited condensed consolidated balance sheets. The Company has met certain terms and conditions set forth in the Asset Purchase Agreement that entitle it to receive $5.5 million of contingent consideration during the fourth quarter of 2015. The Company expects to record the $5.5 million payment as a gain in the fourth quarter of 2015 upon receipt. In addition, the Company may receive an additional $5.0 million from INEOS to help defray the costs of decommissioning and dismantling the Plaquemine Phenol Facility. The Company’s receipt of all or any portion of the remaining $5.0 million that INEOS may be required to pay and its right to retain the $5.0 million advance will depend on the amount of costs incurred by us to decommission and dismantle the Plaquemine Phenol Facility. The following represents major classes of assets and liabilities related to the discontinued operations included in our unaudited condensed consolidated balance sheets as of the following dates:
| September 30, |  |  | December 31, |
(In millions) | 2015 |  |  | 2014 |
Receivables, net | $ | 33.5 |  |  | $ | 36.4 |
Inventories |  | 23.9 |  |  |  | 31.8 |
Property, plant and equipment, net |  | - |  |  |  | 29.6 |
Total assets | $ | 57.4 |  |  | $ | 97.8 |
Accounts payable | $ | 23.6 |  |  | $ | 30.9 |
Accrued compensation |  | 0.3 |  |  |  | 0.3 |
Other accrued liabilities |  | 8.5 |  |  |  | 1.4 |
Non-current liabiliies |  | - |  |  |  | 3.8 |
Total liabilities | $ | 32.4 |  |  | $ | 36.4 |
Net assets | $ | 25.0 |  |  | $ | 61.4 |
Operating results of the discontinued operations for the three and nine month periods ended September 30, 2015 and 2014 are shown below:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In millions) | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Net sales | $ | 125.1 |  |  | $ | 222.2 |  |  | $ | 400.0 |  |  | $ | 594.2 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | 127.3 |  |  |  | 219.0 |  |  |  | 399.6 |  |  |  | 591.3 |
Selling, general and administrative expenses |  | 0.9 |  |  |  | 1.2 |  |  |  | 2.9 |  |  |  | 3.8 |
Total operating costs and expenses |  | 128.2 |  |  |  | 220.2 |  |  |  | 402.5 |  |  |  | 595.1 |
Operating income (loss) from discontinued operations |  | (3.1 | ) |  |  | 2.0 |  |  |  | (2.5 | ) |  |  | (0.9 | )
Net gain from the sale of aromatics |  | 14.1 |  |  |  | - |  |  |  | 14.1 |  |  |  | - |
Income (loss) from discontinued operations |  | 11.0 |  |  |  | 2.0 |  |  |  | 11.6 |  |  |  | (0.9 | )
Provision for (benefit from) income taxes of discontinued operations |  | 6.0 |  |  |  | 0.4 |  |  |  | 5.3 |  |  |  | (0.3 | )
Net income (loss) from discontinued operations | $ | 5.0 |  |  | $ | 1.6 |  |  | $ | 6.3 |  |  | $ | (0.6 | )
Certain information pertaining to depreciation and amortization as well as capital expenditures associated with our discontinued operations for the three and nine month periods ended September 30, 2015 and 2014 are included below:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In millions) | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Depreciation and amortization | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 1.9 |  |  | $ | 1.4 |
Capital expenditures |  | 0.2 |  |  |  | 4.9 |  |  |  | 1.0 |  |  |  | 7.7 |

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 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration