INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Discontinued Operations

Included in discontinued operations are the following:

	Years Ended December 31,
	2020		2019		2018
	(thousands of dollars)
Saudi administration and transaction expenses	$	(2,452)	$	(187)	$	136
Equity in earnings (losses) of AMAK	702		(986)		(901)
Gain (loss) on sale of equity interest	34,926		(1,473)		—
Income (loss) from discontinued operations before taxes	33,176		(2,646)		(765)
Tax (expense) benefit	(6,967)		556		161
Income (loss) from discontinued operations, net of tax	$	26,209	$	(2,090)	$	(604)

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	Nine Months Ended September 30,		Year Ended December 31,
	2020		2019		2018
	(thousands of dollars)
Sales	$	62,633	$	78,350	$	70,234
Cost of sales	(55,728)		(69,620)		(68,084)
Gross profit	6,905		8,730		2,150
Selling, general, and administrative	(4,985)		(13,047)		(7,860)
Operating income (loss)	1,920		(4,317)		(5,710)
Other (expense) income	(346)		558		86
Finance and interest expense	(1,211)		(1,450)		(1,592)
Income (loss) before Zakat and income taxes	363		(5,209)		(7,216)
Zakat and income tax (expense) benefit	(490)		(1,801)		487
Net loss	$	(127)	$	(7,010)	$	(6,729)

Financial Position	September 30,		December 31,
	2020		2019
	(thousands of dollars)
Current assets	$	29,799	$	45,354
Noncurrent assets	209,814		196,564
Total assets	$	239,613	$	241,918
Current liabilities	$	40,919	$	27,645
Long term liabilities	79,122		79,348
Stockholders' equity	119,572		134,925
	$	239,613	$	241,918

Equity in Income or Loss of AMAK Reflected on Consolidated Statements

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 years ended December 31, 2020, 2019, and 2018, is comprised of the following:

	Nine Months Ended September 30,		Year Ended December 31,
	2020		2019	2018
	(thousands of dollars)
AMAK Net Loss	(127)		(7,010)	(6,729)
Company’s share of loss reported by AMAK	(308)	*	(1,996)	(2,248)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK	1,010		1,010	1,347
Equity in earnings (losses) of AMAK	702		(986)	(901)
* Percentage of Ownership varies during the period.