Annual report pursuant to Section 13 and 15(d)

Performance Chemicals Divestiture (Tables)

v3.22.4
Performance Chemicals Divestiture (Tables)
 12 Months Ended
Dec. 31, 2021
Performance Chemicals  
Dispositions [Line Items]  
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 2020
Sales $ —  $ 389,870  $ 614,704 
Cost of goods sold —  284,220  492,302 
Selling, general and administrative expenses —  29,856  43,749 
Goodwill impairment charge —  75,080  260,000 
Other operating expense, net(1)
2,409  14,765  33,144 
Loss on sale of the Performance Chemicals business —  150,230  — 
Operating loss (2,409) (164,281) (214,491)
Equity in net income from affiliated companies —  (111) (172)
Interest expense, net (2)
—  10,730  16,570 
Other income, net —  (6,210) (1,089)
Loss from discontinued operations before income tax (2,409) (168,690) (229,800)
(Benefit) Provision for income taxes (6,311) (24,886) 3,943 
Loss from discontinued operations, net of tax $ 3,902  $ (143,804) $ (233,743)
(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 years ended December 31, 2021 and 2020.
(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 18 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.