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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue and other items |  |  |  |  |  |  |
Sales | $ | — |  |  | $ | 35,987 |  |  | $ | — |  |  | $ | 104,046 |
Other income (expense), net | — |  |  | 3 |  |  | — |  |  | 6 |
| — |  |  | 35,990 |  |  | — |  |  | 104,052 |
Costs and expenses |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 29,204 |  |  | — |  |  | 85,793 |
Freight | — |  |  | 1,618 |  |  | — |  |  | 5,021 |
Selling, general and administrative | 35 |  |  | 3,121 |  |  | 360 |  |  | 5,651 |
Research and development | — |  |  | 174 |  |  | — |  |  | 570 |
Amortization of intangibles | — |  |  | 23 |  |  | — |  |  | 71 |
Interest expense 1 | — |  |  | 2,288 |  |  | — |  |  | 6,799 |
(Gain) loss on sale of business | — |  |  | — |  |  | (9,657) |  |  | — |
Total | 35 |  |  | 36,428 |  |  | (9,297) |  |  | 103,905 |
Income (loss) from discontinued operations before income tax | (35) |  |  | (438) |  |  | 9,297 |  |  | 147 |
Income tax expense (benefit)2 | — |  |  | 119 |  |  | — |  |  | 398 |
Income (loss) from discontinued operations, net of tax | $ | (35) |  |  | $ | (557) |  |  | $ | 9,297 |  |  | $ | (251) |
1.For the three and nine months ended September 30, 2024, interest expense includes $0.6 million and $1.8 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 nine months ended September 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 September 30, 2025 and December 31, 2024, respectively, were as follows:
(In thousands) | September 30, 2025 |  | December 31, 2024
Assets |  |  |
Deferred income taxes | $ | — |  |  | $ | 126 |
Total noncurrent assets of discontinued operations | $ | — |  |  | $ | 126 |
Liabilities 1 |  |  |
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:
| Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024
Operating activities: |  |  |
Depreciation and amortization | $ | — |  |  | $ | 2,191 |
Gain on the sale of divested business | (9,657) |  |  | — |
Total | $ | (9,657) |  |  | $ | 2,191 |
Investing activities: |  |  |
Proceeds from the sale of Terphane | $ | 9,835 |  |  | $ | — |
Capital expenditures | — |  |  | 2,108 |
Total | $ | 9,835 |  |  | $ | 2,108 |

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