v3.3.1.900

Discontinued Operations | 12 Months Ended
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Dec. 31, 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 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 shutdown that facility. At closing, the Company received $52.4 million in cash, which consisted of: (i) the selling price of $47.4 million; and (ii) a $5.0 million advance toward the cost of decommissioning and dismantling our Plaquemine Phenol Facility. That advance was recorded as a liability in our consolidated balance sheets. During the fourth quarter of 2015, the Company met certain terms and conditions set forth in the Asset Purchase Agreement that entitled us to receive $5.5 million of contingent consideration, pursuant to which we recorded $5.3 million, as a gain, net of a $0.2 million working capital adjustment, related to the sale. Further, 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 our right to retain the $5.0 million advance payment will depend on the amount of costs incurred by us to decommission and dismantle the Plaquemine Phenol Facility. During 2015, the Company incurred $0.8 million of such costs and our remaining liability is $4.6 million as of December 31, 2015. For the year ended December 31, 2015, the Company recorded a pre-tax gain of $21.5 million on the sale of certain of our aromatics business assets, the net effect of which is reflected in income (loss) from discontinued operations on our consolidated statements of operations. The following represents major classes of assets and liabilities related to the discontinued operations included in our consolidated balance sheets as of the following dates:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Receivables, net |  | $ | 7.0 |  |  | $ | 36.4 |
Inventories |  |  | 1.0 |  |  |  | 31.8 |
Property, plant and equipment, net |  |  | - |  |  |  | 29.6 |
Total assets |  | $ | 8.0 |  |  | $ | 97.8 |
Accounts payable |  | $ | 5.9 |  |  | $ | 30.9 |
Accrued compensation |  |  | - |  |  |  | 0.3 |
Other accrued liabilities |  |  | 2.4 |  |  |  | 1.4 |
Non-current liabilities |  |  | - |  |  |  | 3.8 |
Total liabilities |  | $ | 8.3 |  |  | $ | 36.4 |
Net assets (liabilities) |  | $ | (0.3) |  |  | $ | 61.4 |
Operating results of the discontinued operations for the years ended December 31, 2015, 2014 and 2013 are shown below:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Net sales |  | $ | 426.2 |  |  | $ | 759.9 |  |  | $ | 898.8 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 429.4 |  |  |  | 775.8 |  |  |  | 865.0 |
Selling, general and administrative expenses |  |  | 3.6 |  |  |  | 4.8 |  |  |  | 4.7 |
Total operating costs and expenses |  |  | 433.0 |  |  |  | 780.6 |  |  |  | 869.7 |
Operating income (loss) from discontinued operations |  |  | (6.8) |  |  |  | (20.7) |  |  |  | 29.1 |
Net gain from the sale of aromatics |  |  | 21.5 |  |  |  | - |  |  |  | - |
Income (loss) from discontinued operations |  |  | 14.7 |  |  |  | (20.7) |  |  |  | 29.1 |
Provision for (benefit from) income taxes of discontinued operations |  |  | 2.7 |  |  |  | (6.8) |  |  |  | 10.7 |
Net income (loss) from discontinued operations |  | $ | 12.0 |  |  | $ | (13.9) |  |  | $ | 18.4 |
Certain information pertaining to depreciation and amortization as well as capital expenditures associated with our discontinued operations for the years ended December 31, 2015, 2014 and 2013 are included below:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Depreciation and amortization |  | $ | 1.9 |  |  | $ | 2.0 |  |  | $ | 1.2 |
Capital expenditures |  |  | 1.0 |  |  |  | 8.0 |  |  |  | 7.1 |

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