Annual report pursuant to Section 13 and 15(d)

Performance Materials Divestiture (Tables)

Performance Materials Divestiture (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2020
Performance Materials    
Dispositions [Line Items]    
Discontinued operations
The following table summarizes the results of discontinued operations for the periods presented:
Year ended
December 31,
Sales $ 342,738 
Cost of goods sold 251,917 
Selling, general and administrative expenses 33,195 
Other operating expense, net 18,289 
Operating income 39,337 
Equity in net income from affiliated companies (37)
Interest expense, net (1)
Other income, net (3,481)
Loss on sale of Performance Materials 70,878 
Loss from discontinued operations before income tax (44,233)
Provision for income taxes 58,008 
Loss from discontinued operations, net of tax $ (102,241)

(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 2018 Term Loan Facility and its required repayment of $188,722 of the 2020 Term Loan Facility.
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)