XML 46 R31.htm IDEA: XBRL DOCUMENT v3.25.2
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Disposal Groups
The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Revenue and other items
Sales$— $36,295 $— $68,059 
Other income (expense), net— 1 — 3 
— 36,296 — 68,062 
Costs and expenses
Cost of goods sold— 29,653 — 56,589 
Freight— 1,752 — 3,403 
Selling, general and administrative97 805 325 2,530 
Research and development— 195 — 396 
Amortization of intangibles— 23 — 48 
Interest expense1
— 2,240 — 4,511 
(Gain) loss on sale of business— — (9,657)— 
Total97 34,668 (9,332)67,477 
Income (loss) from discontinued operations before income tax(97)1,628 9,332 585 
Income tax expense (benefit)2
— 2,006 — 279 
Income (loss) from discontinued operations, net of tax$(97)$(378)$9,332 $306 
1.For the three and six months ended June 30, 2024, interest expense includes $0.6 million and $1.2 million, respectively, directly related to the $20 million of outstanding Terphane debt assumed by Oben.
2.An inconsequential income tax expense (benefit) was recognized during the three and six months ended June 30, 2025 primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.
The assets and liabilities of the discontinued operations reflected in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively, were as follows:
(In thousands)June 30, 2025December 31, 2024
Assets
Deferred income taxes$— $126 
Total noncurrent assets of discontinued operations$— $126 
Liabilities1
Accounts payable$— $161 
Accrued expenses— 580 
Total current liabilities of discontinued operations$— $741 
1.The consolidated balance sheet of discontinued operations as of December 31, 2024 includes $0.6 million of severance and $0.2 million of miscellaneous accrued expenses.
The following table provides significant operating, investing and financing cash flow information for discontinued operations:
Six Months Ended June 30,
(In thousands)20252024
Operating activities:
Depreciation and amortization$— $1,483 
Gain on the sale of divested business(9,657)— 
Total$(9,657)$1,483 
Investing activities:
Proceeds from the sale of Terphane$9,835 $— 
Capital expenditures— 1,160 
Total$9,835 $1,160