Discontinued Operations and Disposal Groups (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

The following table summarizes the results of discontinued operations related to the Performance Chemicals business for the three and six months ended June 30, 2021:

	Three months ended June 30, 2021		Six months ended June 30, 2021
Sales	$	170,374	$	334,897
Cost of goods sold	118,785		244,638
Selling, general and administrative expenses	11,490		23,206
Goodwill impairment charge	—		75,080
Other operating expense, net	11,850		29,330
Loss on sale of the Performance Chemicals business	13,990		34,504
Operating income (loss)	14,259		(71,861)
Equity in net (income) from affiliated companies	(48)		(86)
Interest expense, net (1)	5,599		8,814
Other income, net	(840)		(6,363)
Income (loss) from discontinued operations before income tax	9,548		(74,226)
Provision for income taxes	2,507		6,918
Income (loss) from discontinued operations, net of tax	$	7,041	$	(81,144)

(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.