Quarterly report [Sections 13 or 15(d)]

Divestiture (Tables)

v3.26.3
Divestiture (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2025:
Three months ended September 30, 2025 Nine months ended September 30, 2025
Sales $ 21,609  $ 64,760 
Cost of goods sold 14,802  41,874 
Gross profit 6,807  22,886 
Selling, general and administrative expenses 4,471  14,367 
Impairment of assets held for sale 83,898  83,898 
Other operating expense, net 4,217  8,298 
Operating loss (85,779) (83,677)
Equity in net (income) from affiliated companies (2,261) (13,104)
Interest expense, net (1)
2,614  7,929 
Other (income) expense, net (31) 364 
Loss from discontinued operations before income taxes (86,101) (78,866)
Provision for income taxes (6,661) (4,927)
Loss from discontinued operations, net of tax $ (79,440) $ (73,939)
(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 September 30, 2025 Nine months ended September 30, 2025
Sales $ 79,128  $ 237,238 
Gross profit 16,180  58,132 
Operating income 5,803  28,053 
Net income 5,463  29,190