DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Included in discontinued operations are the following:

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

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
	(thousands of dollars)
Sales	$	62,633	$	78,350
Cost of sales	(55,728)		(69,620)
Gross profit	6,905		8,730
Selling, general, and administrative	(4,985)		(13,047)
Operating income (loss)	1,920		(4,317)
Other (expense) income	(346)		558
Finance and interest expense	(1,211)		(1,450)
Income (loss) before Zakat and income taxes	363		(5,209)
Zakat and income tax (expense) benefit	(490)		(1,801)
Net loss	$	(127)	$	(7,010)

Financial Position	September 30,
	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

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 and 2019 is comprised of the following:

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