Annual report pursuant to Section 13 and 15(d)

Performance Materials Divestiture (Tables)

v3.20.4
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 
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 
Total assets held for sale $ 870,013 
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 
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 
Total liabilities held for sale $ 145,301