Current report filing

Performance Materials Divestiture (Tables)

v3.21.2
Performance Materials Divestiture (Tables)
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations The following is a reconciliation of the loss recorded on the sale:
Net proceeds received from the sale of Performance Materials
    $ 624,256  
Transaction costs
      (13,161 ) 
Net assets derecognized
      (681,973 ) 
    
 
 
  
Loss on sale of Performance Materials
    $ (70,878 ) 
    
 
 
  
The following table summarizes the results of discontinued operations for the periods presented:
 
    
Years ended

December 31,
  
    
2020
     
2019
     
2018
  
Sales
    $ 342,738      $ 373,686      $ 386,921  
Cost of goods sold
      251,917        281,566        308,679  
Selling, general and administrative expenses
      33,195        37,364        37,226  
Other operating expense, net
      18,289        14,462        13,023  
    
 
 
     
 
 
     
 
 
  
Operating income
      39,337        40,294        27,993  
Equity in net income from affiliated companies
      (37)        (12)        (42)  
Interest expense, net
(1)
     16,210        24,453        22,965  
Other (income) expense, net
      (3,481)        274        474  
Loss on sale of Performance Materials
      70,878        —          —    
    
 
 
     
 
 
     
 
 
  
(Loss) income from discontinued operations before income tax
      (44,233)        15,579        4,596  
Provision (benefit) for income taxes
      58,008        1,022        (4,646)  
    
 
 
     
 
 
     
 
 
  
(Loss) income from discontinued operations, net of tax
    $ (102,241)      $ 14,557      $ 9,242  
    
 
 
     
 
 
     
 
 
  
The following table summarizes the assets and liabilities of discontinued operations at December 31, 2019:
 
    
 
December 31,
2019
 
 
    
 
 
  
ASSETS
         
Cash and cash equivalents
    $ 18,423  
Accounts receivables, net
      40,484  
Inventories, net
      143,323  
Prepaid and other current assets
      4,139  
    
 
 
  
Current assets held for sale
    $ 206,369  
    
 
 
  
Investments in affiliated companies
    $ 115  
Property, plant and equipment, net
      175,614  
Goodwill
      286,227  
Other intangible assets, net
      121,113  
Right-of-use
lease assets
      8,878  
Other long-term assets
      71,697  
    
 
 
  
Long-term assets held for sale
  
$
 663,644
 
    
 
 
  
LIABILITIES
         
Notes payable and current maturities of long-term debt
    $ 7,766  
Accounts payable
      30,267  
Operating lease liabilities—current
      3,326  
Accrued liabilities
      16,744  
    
 
 
  
Current liabilities held for sale
    $ 58,103  
    
 
 
  
Long-term debt, excluding current portion
    $ 55,972  
Deferred income taxes
      8,612  
Operating lease liabilities—noncurrent
      5,248  
Other long-term liabilities
      17,366  
    
 
 
  
Long-term liabilities held for sale
    $ 87,198