Quarterly report [Sections 13 or 15(d)]

Divestiture (Tables)

v3.26.1
Divestiture (Tables)
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued operations
The following table summarizes the results of discontinued operations related to the Advanced Materials & Catalysts business for the three months ended March 31, 2025:
Three months ended
March 31, 2025
Sales $ 19,088 
Cost of goods sold 12,571 
Gross profit 6,517 
Selling, general and administrative expenses 4,845 
Other operating expense, net 1,602 
Operating income 70 
Equity in net (income) from affiliated companies (8,916)
Interest expense, net (1)
2,657 
Other expense, net 105 
Income from discontinued operations before income taxes 6,224 
Provision for income taxes 1,687 
Income from discontinued operations, net of tax $ 4,537 
(1)Upon the close of the Advanced Materials & Catalysts Sale and finalization of net cash proceeds, the Company was required to provide partial repayment under its Term Loan Credit Agreement dated as of January 30, 2025 (the “2025 Term Loan Facility”). As such, interest expense has been allocated to discontinued operations on the basis of the Company’s partial repayment of $161,500 of the 2025 Term Loan Facility due June 12, 2031.
The following table provides summarized financial information of the combined investments in affiliated companies that were included within the divested business unit:
Three months ended March 31, 2025
Sales $ 89,530 
Gross profit 28,430 
Operating income 18,206 
Net income 18,651