v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Investment Balances The following table details the Company’s investment balances at December 31, 2025 and 2024 (in thousands):
December 31,
20252024
Joint ventures$819,848 $726,594 
Available for sale debt securities— 313,991 
Nonmarketable securities16,766 16,528 
Marketable equity securities64,312 60,626 
Total$900,926 $1,117,739 
Ownership Positions in Significant Unconsolidated Investments
The Company’s ownership positions in significant unconsolidated investments are shown below:
December 31,
202520242023
*Windfield Holdings Pty. Ltd. (“Windfield”) - a joint venture with Sichuan Tianqi Lithium Industries, Inc., that mines lithium ore and produces lithium concentrate49 %49 %49 %
*
Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces aluminum alkyls(a)
— %50 %50 %
*
Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining Company Limited that produces refinery catalysts(b)
50 %50 %50 %
*
Eurecat S.A. - a joint venture with Axens Group for refinery catalysts regeneration services(c)
50 %50 %50 %
*
Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - PETROQUISA that produces catalysts and includes catalysts research and product development activities(b)
50 %50 %50 %
(a)The Company divested all of its ownership interest in Nippon Aluminum Alkyls on October 1, 2025. All financial results from this joint venture are included in the Company’s financial statements through the date of sale.
(b)Joint ventures to be included in the Refining Solutions business divestiture expected to close in the first quarter of 2026. See Note 2, “Divestitures,” for further information. The investment balances for these unconsolidated investments are reported within Noncurrent assets held for sale at December 31, 2025.
(c)The Company divested all of its ownership interest in Eurecat S.A. on January 23, 2026. See Note 2, “Divestitures,” for further information.
Income of Unconsolidated Investments
The following table details the Company’s equity in net income of unconsolidated investments (net of tax) for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Windfield$217,222 $692,965 $1,833,589 
Other joint ventures26,522 22,468 20,493 
Total$243,744 $715,433 $1,854,082 
Summary of Assets, Liabilities and Results of Operations for Significant Unconsolidated Joint Ventures
The following summary lists the assets, liabilities and results of operations for the Company’s significant unconsolidated joint ventures at December 31, 2025 (in thousands):
December 31,
20252024
Summary of Balance Sheet Information:
Current assets$817,766 $968,453 
Noncurrent assets2,975,902 2,707,216 
Total assets$3,793,668 $3,675,669 
Current liabilities$328,528 $390,522 
Noncurrent liabilities1,728,775 1,727,181 
Total liabilities$2,057,303 $2,117,703 
Year Ended December 31,
202520242023
Summary of Statements of Income Information:
Net sales$1,540,659 $1,810,801 $7,019,117 
Gross profit$763,329 $1,047,714 $6,373,472 
Income before income taxes$570,046 $695,932 $5,988,737 
Net income$403,371 $485,392 $4,224,961