Annual report pursuant to Section 13 and 15(d)

Divestitures - Reconciliation of Loss (Details)

v3.24.0.1
Divestitures - Reconciliation of Loss (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dispositions [Line Items]        
Estimate disposal loss       $ 109,584
Net proceeds received   $ 0 $ 0 978,449
Loss on sale of Performance Chemicals       (150,230)
Stock compensation expense   16,031 20,632 31,838
Provision for income taxes       37,255
Payments for Business Divestiture   $ 0 3,744 0
Discontinued operations   The following is a reconciliation of the loss recorded on the sale:
Net proceeds received from the sale of the Performance Chemicals business $ 978,449 
Transaction costs (35,402)
Net assets derecognized (1,093,277)
Loss on sale of the Performance Chemicals business $ (150,230)
The following table summarizes the results of discontinued operations related to Performance Chemicals for the periods presented:
Years ended
December 31,
2022 2021
Sales $ —  $ 389,870 
Cost of goods sold —  284,220 
Selling, general and administrative expenses —  29,856 
Goodwill impairment charge —  75,080 
Other operating expense, net(1)
2,409  14,765 
Loss on sale of the Performance Chemicals business —  150,230 
Operating loss (2,409) (164,281)
Equity in net income from affiliated companies —  (111)
Interest expense, net (2)
—  10,730 
Other income, net —  (6,210)
Loss from discontinued operations before income tax (2,409) (168,690)
Benefit for income taxes (6,311) (24,886)
Loss from discontinued operations, net of tax $ 3,902  $ (143,804)
(1)     The Company reclassified transaction costs that were previously recorded to this line item and included those charges in the line item Loss on sale of the Performance Chemicals business during the year ended December 31, 2021.
(2)     Upon the close of the transaction, the Company used a portion of the net proceeds to repay a portion of its outstanding debt amounting to $526,363. Refer to Note 16 for additional details on the repayment of outstanding debt. Prior to the Company’s debt refinancing in June 2021, the Company’s outstanding term loan facilities had required refinancing of debt with repayment provisions. As a result, interest expense has been allocated to discontinued operations on the basis of the Company’s total repayment of $526,363.
   
Performance Chemicals        
Dispositions [Line Items]        
Net proceeds received       978,449
Transaction costs       (35,402)
Net assets derecognized       (1,093,277)
Loss on sale of Performance Chemicals     0 (150,230)
Stock compensation expense       5,691
Provision for income taxes     $ (6,311) $ (24,886)
Payments for Business Divestiture $ 3,744