Assets Held For Sale

12 Months Ended

Dec. 31, 2022

Assets Held-for-sale, Not Part of Disposal Group [Abstract]

Assets Held for Sale

ASSET HELD-FOR-SALE

On October 11, 2022, the Company entered into a definitive agreement with Infineum USA L.P. for the sale of its Pipeline and Industrials Materials (“PIM”) business, which became part of the Company with the recent acquisition of CMC Materials. PIM reports into the Specialty Chemicals and Engineered Materials segment of the Company. Effective February 10, 2023, the Company terminated the definitive agreement in accordance with its terms. At the time of the termination, the transaction had not received clearance under the Hart-Scott-Rodino Act..

During the fourth quarter of 2022, the related assets and liabilities were classified as held-for-sale in the Company’s consolidated balance sheet and measured at the lower of their carrying amount or fair value less cost to sell. PIM’s income before income taxes attributable to the PIM business was $4.8 million for the year ended December 31, 2022. Due to management’s decision to terminate the agreement in first quarter of 2023, the Company will monitor and evaluate the held-for-sale criteria at the end of the first quarter 2023.

The planned disposition of PIM did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

Assets-held-for sale comprise the following as of December 31, 2022:

(In thousands)
Assets:	December 31, 2022
Accounts Receivable	$	16,103
Inventory	29,331
Other current assets	633
Property, Plant and Equipment, net	108,036
Intangible assets, net	76,319
Goodwill	8,822
Other assets	7,287
Total assets-held-for sale	$	246,531
Liabilities:
Accounts payable	$	4,185
Accrued expenses	5,029
Long-term liabilities	1,423
Total liabilities-held-for sale	$	10,637