INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Disposal Groups, Including Discontinued Operations

Included in discontinued operations for 2020 are the following:

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	(thousands of dollars)
Saudi administration (income) expenses	$	(97)	$	(114)
Equity in (earnings) losses of AMAK	(306)		226
Gain on sale of equity interest	—		(6,663)
Income from discontinued operations before taxes	(403)		(6,551)
Tax expense	405		1,696
(Income) loss from discontinued operations, net of tax	$	2	$	(4,855)

Summarized Results of Operation and Financial Position for AMAK

The summarized results of operations and financial position for 2020 for AMAK are as follows:

Results of Operations

	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
	(thousands of dollars)
Sales	$	20,752	$	38,689
Cost of sales	17,829		34,650
Gross profit	2,923		4,039
Selling, general, and administrative	2,362		5,042
Operating income (loss)	561		(1,003)
Other income	—		17
Finance and interest expense	(103)		(634)
Income (loss) before Zakat and income taxes	458		(1,620)
Zakat and income tax (benefit)	566		1,099
Net Income (Loss)	$	(108)	$	(2,719)

Financial Position

	December 31, 2020
	(thousands of dollars)
Current assets	$	29,799
Noncurrent assets	209,814
Total assets	$	239,613
Current liabilities	$	40,919
Long term liabilities	79,122
Stockholders' equity	119,572
	$	239,613

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 condensed consolidated statements of operations for the three and six months ended June 30, 2020, is comprised of the following:

	Three Months Ended June 30, 2020	Six Months Ended June 30, 2020
	(thousands of dollars)
AMAK Net Loss	(108)	(2,719)
Company's share of loss reported by AMAK*	(429)	(824)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK	337	674
Equity in losses of AMAK	(92)	(150)
* Percentage of Ownership varies during the period.