INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Disposal Groups, Including Discontinued Operations

Included in discontinued operations are the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(thousands of dollars)				(thousands of dollars)
Saudi administration and transaction expenses	$	(2,605)	$	—	$	(2,490)	$	—
Equity in earnings (losses) of AMAK	682		(942)		455		(1,093)
Gain (loss) on sale of equity interest	28,510		(325)		35,173		(325)
Income (loss) from discontinued operations before taxes	26,587		(1,267)		33,138		(1,418)
Tax (expense) benefit	(5,263)		265		(6,959)		298
Income (loss) from discontinued operations, net of tax	$	21,324	$	(1,002)	$	26,179	$	(1,120)

Summarized Results of Operation and Financial Position for AMAK

The summarized results of operations and financial position for AMAK are as follows:

Results of Operations

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(thousands of dollars)				(thousands of dollars)
Sales	$	23,943	$	19,643	$	62,632	$	60,873
Cost of sales	18,644		19,072		53,294		55,804
Gross profit	5,299		571		9,338		5,069
Selling, general, and administrative	3,808		3,557		8,850		9,102
Operating income (loss)	1,491		(2,986)		488		(4,033)
Other income	16		43		33		396
Finance and interest expense	(237)		(456)		(871)		(1,349)
Income (loss) before Zakat and income taxes	1,270		(3,399)		(350)		(4,986)
Zakat and income tax (benefit)	(240)		444		859		1,332
Net Income (Loss)	$	1,510	$	(3,843)	$	(1,209)	$	(6,318)

Financial Position

	September 30,		December 31,
	2020		2019
	(thousands of dollars)
Current assets	$	37,945	$	45,354
Noncurrent assets	204,865		196,564
Total assets	$	242,810	$	241,918
Current liabilities	$	23,622	$	27,645
Long term liabilities	100,698		79,348
Stockholders' equity	118,490		134,925
	$	242,810	$	241,918

Summary of Operating Results and Financial Position for Equity Method Investments

The equity in the earnings (losses) of AMAK included in income (loss) from discontinued operations, net of tax, on the consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019, is comprised of the following:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2020		2019	2020		2019
	(thousands of dollars)			(thousands of dollars)
AMAK Net Income (Loss)	1,510		(3,843)	(1,209)		(6,318)
Company's share of income (loss) reported by AMAK	345	*	(1,279)	(555)	*	(2,103)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK	337		337	1,010		1,010
Equity in earnings (losses) of AMAK	682		(942)	455		(1,093)
* Percentage of Ownership varies during the period.