Annual report pursuant to Section 13 and 15(d)

Divestitures (Tables)

v3.24.0.1
Divestitures (Tables)
 12 Months Ended
Dec. 31, 2023
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 $ 978,449 
Transaction costs (35,402)
Net assets derecognized (1,093,277)
Loss on sale of the Performance Chemicals business $ (150,230)
The following table summarizes the results of discontinued operations related to Performance Chemicals for the periods presented:
Years ended
December 31,
2022 2021
Sales $ —  $ 389,870 
Cost of goods sold —  284,220 
Selling, general and administrative expenses —  29,856 
Goodwill impairment charge —  75,080 
Other operating expense, net(1)
2,409  14,765 
Loss on sale of the Performance Chemicals business —  150,230 
Operating loss (2,409) (164,281)
Equity in net income from affiliated companies —  (111)
Interest expense, net (2)
—  10,730 
Other income, net —  (6,210)
Loss from discontinued operations before income tax (2,409) (168,690)
Benefit for income taxes (6,311) (24,886)
Loss from discontinued operations, net of tax $ 3,902  $ (143,804)
(1)     The Company reclassified transaction costs that were previously recorded to this line item and included those charges in the line item Loss on sale of the Performance Chemicals business during the year ended December 31, 2021.
(2)     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. Refer to Note 16 for additional details on the repayment of outstanding debt. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had required refinancing of debt with 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.
Schedule Of Financing Obligation Assets And Liabilities
The table below presents the financing obligation assets and liabilities recognized on the consolidated balance sheet as of December 31, 2023 and 2022:
Classification December 31,
2023		 December 31,
2022
Assets
Financing obligation Property, plant and equipment, net $ 19,878  $ 20,084 
Total $ 19,878  $ 20,084 
Liabilities
Current:
Financing obligation Accrued liabilities $ 2,999  $ 2,770 
Noncurrent:
Financing obligation Other long-term liabilities 4,927  7,532 
Total $ 7,926  $ 10,302 
Finance Lease, Liability, to be Paid, Maturity
Maturities of the financing obligation as of December 31, 2023 are as follows:
Year Finance
Obligation
2024 $ 3,186 
2025 3,186 
2026 1,860 
2027 — 
2028 — 
Thereafter — 
Total lease payments 8,232 
Less: Interest 306 
Total lease liabilities (1)
$ 7,926 
(1)     Refer to the table above regarding the Company’s classification of financing obligation in the Company’s consolidated balance sheet as of December 31, 2023.