Discontinued Operations

On November 21, 2017, Calumet Operating, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company, completed the sale to a subsidiary of Q’Max Solutions Inc. (“Q’Max”) of all of the issued and outstanding membership interests in Anchor, for total consideration of approximately $89.6 million including a base price of $50.0 million, $14.2 million for net working capital and other items and a 10% equity interest in Fluid Holding Corp. (“FHC”), the parent company of Q’Max (the “Anchor Transaction”). Effective in the fourth quarter of 2017, the Company classified its results of operations for all periods presented to reflect Anchor as a discontinued operation and classified the assets and liabilities of Anchor as discontinued operations. Prior to being reported as discontinued operations, Anchor was included as its own reportable segment as oilfield services. Following the application of certain post-closing adjustments, the adjusted total consideration the Company received for the Anchor Transaction was $85.5 million as of December 31, 2018. The Company recognized a net loss on sale of $4.1 million and $62.6 million in net loss from discontinued operations in the consolidated financial statements of operations for the years ended December 31, 2018 and 2017, respectively. Prior to being reported as discontinued operations, Anchor was included as its own reportable segment as oilfield services.

As of December 31, 2019 and 2018, the Company had a $5.5 million and $11.1 million receivable, respectively, in other accounts receivable. As of December 31, 2019, $1.8 million was in Other noncurrent assets, net in the consolidated balance sheets for the remaining payment of the base price and working capital. In October 2019, Q’Max and the Company agreed to restructure the receivable, which will be paid in monthly installment payments and accrue interest at a rate of 6.0% per annum; the final payment is due June 2021.

The following table summarizes the results of discontinued operations for each of the periods presented (in millions):



	Year Ended December 31,
	2019		2018			2017
Sales	$	—	$	—		$	228.6
Cost of sales	—		—			(168.1		)
Selling	—		—			(45.9		)
General and administrative	—		—			(4.5		)
Loss on sale of business, net	—		(4.1		)	(62.6		)
Other	—		—			(21.0		)
Net loss from discontinued operations before income taxes	$	—	$	(4.1	)	$	(73.5	)
Income tax benefit	—		—			(1.0		)
Net loss from discontinued operations net of income taxes	$	—	$	(4.1	)	$	(72.5	)