Annual report pursuant to Section 13 and 15(d)

Performance Materials Divestiture (Tables)

v3.22.0.1
Performance Materials Divestiture (Tables)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Performance Materials    
Dispositions [Line Items]    
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
Sales $ 342,738  $ 373,686 
Cost of goods sold 251,917  281,566 
Selling, general and administrative expenses 33,195  37,364 
Other operating expense, net 18,289  14,462 
Operating income 39,337  40,294 
Equity in net income from affiliated companies (37) (12)
Interest expense, net (1)
16,210  24,453 
Other (income) expense, net (3,481) 274 
Loss on sale of Performance Materials 70,878  — 
(Loss) income from discontinued operations before income tax (44,233) 15,579 
Provision for income taxes 58,008  1,022 
(Loss) income from discontinued operations, net of tax $ (102,241) $ 14,557 
(1)    The closing of the transaction triggered the Company’s obligation to provide partial repayment under both 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 required refinancing of debt repayment provision of $275,787 of the Senior Secured Term Loan Facility due February 2027 and its required repayment of $188,722 of the Senior Secured Term Loan Facility due February 2027.
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