v3.26.1
Divestiture (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2025:
Three months ended June 30, 2025Six months ended June 30, 2025
Sales$24,063 $43,151 
Cost of goods sold14,501 27,072 
Gross profit9,562 16,079 
Selling, general and administrative expenses5,051 9,896 
Other operating expense, net2,480 4,081 
Operating income2,031 2,102 
Equity in net (income) from affiliated companies(1,928)(10,844)
Interest expense, net (1)
2,658 5,316 
Other expense, net290 395 
Income from discontinued operations before income taxes1,011 7,235 
Provision for income taxes47 1,734 
Income from discontinued operations, net of tax$964 $5,501 
(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 June 30, 2025Six months ended June 30, 2025
Sales$68,579 $158,109 
Gross profit13,522 41,952 
Operating income4,044 22,250 
Net income5,076 23,727