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Related Party Transactions
 9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

17.

Related Party Transactions

The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest:

 

 

 

Armand

 

 

ArmaKleen

 

 

Natronx

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Purchases by Company

$

18.9

 

 

$

20.3

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

Sales by Company

$

0.0

 

 

$

0.0

 

 

$

1.0

 

 

$

0.9

 

 

$

1.5

 

 

$

1.5

 

Outstanding Accounts Receivable

$

0.6

 

 

$

0.2

 

 

$

0.7

 

 

$

0.6

 

 

$

0.1

 

 

$

0.1

 

Outstanding Accounts Payable

$

2.1

 

 

$

2.8

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

Administration & Management

     Oversight Services (1)

$

1.8

 

 

$

1.7

 

 

$

1.5

 

 

$

1.5

 

 

$

0.6

 

 

$

0.6

 

 

(1) Billed by Company and recorded as a reduction of selling, general and administrative expenses.

During the second quarter of 2015, the Company impaired its remaining investment in Natronx and recorded a $17.0 charge.  This charge is primarily a result of lower than expected demand for the joint venture’s products as a result of a shift in the electric utility industry from coal-fired to natural gas-supplied power plants, continued delays in the implementation of updated federal regulations, and indirectly, the recent U.S. Supreme Court ruling against the Environmental Protection Agency (“EPA”) where the court stated that the EPA failed to properly consider the costs to implement the regulations.  We believe that the foregoing factors will likely further delay the demand for these products. The Company assessed the value of the investment using both income and market based valuation methods.  Currently, the partners are exploring strategic alternatives with regard to their investment and the venture’s assets.  The charge is recorded in the Corporate segment in Equity in Earnings (Losses) of Affiliates.