Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations and Disposal Groups (Tables)

v3.22.2.2
Discontinued Operations and Disposal Groups (Tables)
 9 Months Ended
Sep. 30, 2021
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 the Performance Chemicals business $ 980,350 
Transaction costs (35,402)
Net assets derecognized (1,102,487)
Loss on sale of the Performance Chemicals business $ (157,539)
The following table summarizes the results of discontinued operations related to the Performance Chemicals business for the three and nine months ended September 30, 2021:
Three months ended
September 30, 2021		 Nine months ended
September 30, 2021
Sales $ 54,973  $ 389,870 
Cost of goods sold 39,582  284,220 
Selling, general and administrative expenses 6,552  29,758 
Goodwill impairment charge
 —  75,080 
Other operating (income) expense, net (18,993) 10,337 
Loss on sale of the Performance Chemicals business 123,035  157,539 
Operating loss (95,203) (167,064)
Equity in net (income) from affiliated companies (25) (111)
Interest expense, net (1)
1,916  10,730 
Other expense (income), net 153  (6,210)
Loss from discontinued operations before income tax (97,247) (171,473)
Benefit for income taxes (22,494) (15,576)
Loss from discontinued operations, net of tax $ (74,753) $ (155,897)
(1)Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to $526,363. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had mandatory repayment provisions. As a result, interest expense has been allocated to discontinued operations on the basis of the Company’s total repayment of $526,363.