What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-02 compared with 2024-11-01 · 242 added, 365 removed, 505 unchanged (55% of the section changed)

1 unchanged sentence

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(in thousands, except share and per share amounts)

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Sales $ 162,197 $ 160,537

3 unchanged sentences

Other operating expense, net 5,182 3,666

Operating income 31,541 31,929 73,342 73,900

Operating (loss) income ( 912 ) 13,953

Equity in net (income) from affiliated companies ( 8,916 ) ( 2,072 )

Interest expense, net 11,010 13,409

Debt extinguishment costs — — 4,560 —

Debt modification and extinguishment costs 960 —

Other expense, net 183 216

Income before income taxes 18,748 24,465 32,523 58,850

Provision for income taxes 4,497 7,891 8,756 17,625

Net income $ 14,251 $ 16,574 $ 23,767 $ 41,225

Net income per share:

Basic income per share $ 0.12 $ 0.14 $ 0.20 $ 0.35

Diluted income per share $ 0.12 $ 0.14 $ 0.20 $ 0.34

(Loss) income before income taxes ( 4,149 ) 2,400

(Benefit) provision for income taxes ( 552 ) 1,179

Net (loss) income $ ( 3,597 ) $ 1,221

Net (loss) income per share:

Basic (loss) income per share $ ( 0.03 ) $ 0.01

Diluted (loss) income per share $ ( 0.03 ) $ 0.01

Weighted average shares outstanding:

3 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands)

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Net income $ 14,251 $ 16,574 $ 23,767 $ 41,225

Other comprehensive income (loss), net of tax:

Net (loss) income $ ( 3,597 ) $ 1,221

Other comprehensive income, net of tax:

Pension and postretirement benefits ( 1 ) ( 6 )

1 unchanged sentence

Foreign currency translation 4,531 ( 1,684 )

Total other comprehensive loss ( 5,248 ) ( 2,197 ) ( 4,298 ) ( 1,264 )

Comprehensive income $ 9,003 $ 14,377 $ 19,469 $ 39,961

Total other comprehensive income 226 2,174

Comprehensive (loss) income $ ( 3,371 ) $ 3,395

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

(in thousands, except share and per share amounts)

September 30,

2025 December 31,

25 unchanged sentences

authorized shares 450,000,000 ;

issued shares 140,872,846 and 140,744,045 on September 30, 2024 and December 31, 2023, respectively;

outstanding shares 116,509,803 and 116,116,895 on September 30, 2024 and December 31, 2023, respectively

issued shares 140,872,846 and 140,872,846 on March 31, 2025 and December 31, 2024, respectively;

outstanding shares 117,385,510 and 116,534,803 on March 31, 2025 and December 31, 2024, respectively

Preferred stock ($ 0.01 par);

authorized shares 50,000,000 ;

no shares issued or outstanding on September 30, 2024 and December 31, 2023

no shares issued or outstanding on March 31, 2025 and December 31, 2024

Additional paid-in capital 1,100,345 1,106,792

1 unchanged sentence

Treasury stock, at cost;

shares 24,363,043 and 24,627,150 on September 30, 2024 and December 31, 2023, respectively

shares 23,487,336 and 24,338,043 on March 31, 2025 and December 31, 2024, respectively

( 214,784 ) ( 222,826 )

10 unchanged sentences

comprehensive

income (loss) Total

Balance, December 31, 2024 $ 1,409 $ 1,106,792 $ ( 177,508 ) $ ( 222,826 ) $ ( 7,407 ) $ 700,460

Net income — — 1,221 — — 1,221

Net loss — — ( 3,597 ) — — ( 3,597 )

Other comprehensive income — — — — 226 226

3 unchanged sentences

Balance, March 31, 2025 $ 1,409 $ 1,100,345 $ ( 181,105 ) $ ( 214,784 ) $ ( 7,181 ) $ 698,684

Net income — — 8,295 — — 8,295

Other comprehensive loss — — — — ( 1,224 ) ( 1,224 )

Repurchases of common shares — — — ( 5,010 ) — ( 5,010 )

Stock compensation expense — 3,827 — — — 3,827

Shares issued under equity incentive plan, net of forfeitures — ( 43 ) — 82 — 39

Balance, June 30, 2024 $ 1,409 $ 1,100,749 $ ( 161,340 ) $ ( 223,527 ) $ ( 8 ) $ 717,283

Net income — — 14,251 — — 14,251

Other comprehensive loss — — — — ( 5,248 ) ( 5,248 )

Stock compensation expense — 2,952 — — — 2,952

Shares issued under equity incentive plan, net of forfeitures — ( 340 ) — 472 — 132

Balance, September 30, 2024 $ 1,409 $ 1,103,361 $ ( 147,089 ) $ ( 223,055 ) $ ( 5,256 ) $ 729,370

stock Additional

2 unchanged sentences

comprehensive

(loss) income Total

Balance, December 31, 2023 $ 1,407 $ 1,102,581 $ ( 170,856 ) $ ( 226,710 ) $ ( 958 ) $ 705,464

Net loss — — ( 1,471 ) — — ( 1,471 )

Other comprehensive loss — — — — ( 5,759 ) ( 5,759 )

Repurchases of common shares — — — ( 29,850 ) — ( 29,850 )

Tax withholdings on equity award vesting — — — ( 866 ) — ( 866 )

Stock compensation expense — 4,756 — — — 4,756

Shares issued under equity incentive plan, net of forfeitures 10 102 — — — 112

Balance, March 31, 2023 $ 1,406 $ 1,096,333 $ ( 243,481 ) $ ( 180,340 ) $ 233 $ 674,151

Net income — — 1,221 — — 1,221

Other comprehensive income — — — — 2,174 2,174

Repurchases of common shares — — — ( 43,524 ) — ( 43,524 )

Excise tax on repurchases of common shares — — — ( 630 ) — ( 630 )

Stock compensation expense — 4,739 — — — 4,739

Shares issued under equity incentive plan, net of forfeitures 1 213 — — — 214

Balance, June 30, 2023 $ 1,407 $ 1,101,285 $ ( 217,359 ) $ ( 224,494 ) $ 6,925 $ 667,764

Net income — — 16,574 — — 16,574

Other comprehensive loss — — — — ( 2,197 ) ( 2,197 )

Repurchases of common shares — — — ( 5,344 ) — ( 5,344 )

Tax withholdings on equity award vesting — — — ( 1,218 ) — ( 1,218 )

Excise tax on repurchases of common shares — — — ( 8 ) — ( 8 )

Stock compensation expense — 3,674 — — — 3,674

Shares issued under equity incentive plan, net of forfeitures 2 ( 9,290 ) — 9,329 — 41

Balance, September 30, 2023 $ 1,407 $ 1,099,216 $ ( 200,785 ) $ ( 226,710 ) $ 4,728 $ 677,856

Balance, March 31, 2024 $ 1,409 $ 1,096,965 $ ( 169,635 ) $ ( 218,599 ) $ 1,216 $ 711,356

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Nine months ended

September 30,

Three months ended

Cash flows from operating activities:

Net income $ 23,767 $ 41,225

Adjustments to reconcile net income to net cash provided by operating activities:

Net (loss) income $ ( 3,597 ) $ 1,221

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation 19,608 18,415

1 unchanged sentence

Amortization of deferred financing costs and original issue discount 344 525

Debt extinguishment costs 90 —

Foreign currency exchange loss (gain) 531 ( 41 )

Deferred income tax benefit ( 4,450 ) ( 1,011 )

Foreign currency exchange loss 105 169

Deferred income tax provision 782 156

Net loss on asset disposals 167 648

12 unchanged sentences

Purchases of property, plant and equipment ( 24,253 ) ( 17,372 )

Investment in non-marketable equity securities ( 4,500 ) —

Net cash used in investing activities ( 24,253 ) ( 17,372 )

Cash flows from financing activities:

Draw down of revolving credit facilities — 14,500

Repayments of revolving credit facilities — ( 14,500 )

Issuance of long-term debt, net of original issue discount and financing fees 870,817 —

Repayments of long-term debt ( 873,000 ) ( 2,250 )

Repurchases of common shares ( 5,010 ) ( 78,717 )

Tax withholdings on equity award vesting ( 1,477 ) ( 1,218 )

13 unchanged sentences

Description of Business

and subsidiaries (the “Company” or “Ecovyst”) is a leading integrated and innovative global provider of advanced materials, specialty catalysts and services.

and subsidiaries (the “Company” or “Ecovyst”) is a leading integrated and innovative global provider of advanced materials, specialty catalysts, virgin sulfuric acid and sulfuric acid regeneration services.

The Company supports customers globally through its strategically located network of manufacturing facilities.

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New Accounting Standards:

Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the disclosures related to public business entities reportable segments.

Accounting Standards Recently Adopted

In August 2023, the Financial Accounting Standards Board (“FASB”) issued guidance for entities that meet the definition of a joint venture or a corporate joint venture, to adopt a new basis of accounting upon the formation of the joint venture.

The new guidance requires the initial measurement of contributed net assets and liabilities at fair value on the formation date, recognition of goodwill for the difference between the fair value of the joint venture’s equity and net assets, and disclosures about the nature and financial impact of the transaction.

The new guidance requires prospective application and is effective for all joint ventures that are formed on or after January 1, 2025, with early adoption permitted.

Joint ventures that formed before January 1, 2025 may elect to retrospectively apply the new guidance.

The Company has adopted the new guidance as required on January 1, 2025 and will apply the guidance to any new joint ventures formed after the effective date.

In November 2023, FASB issued guidance to improve the disclosures related to public business entities (“PBEs”) reportable segments.

This new guidance requires entities to provide information regarding significant segment expenses, especially those segment expenses that are regularly reported to the Company’s chief operating decision maker (“CODM,” or the Company’s Chief Executive Officer).

The guidance also require public entities to disclose the nature, type and amounts of other segment items by reportable segment.

Public business entities will also have to report all annual disclosures about segments profits or losses that are required by ASC 280 on an interim basis, including the significant segment expenses and other segment items.

The guidance also requires public entities to disclose the nature, type and amounts of other segment items by reportable segment.

PBEs will also have to report all annual disclosures about segments profits or losses that are required by ASC 280 on an interim basis, including the significant segment expenses and other segment items.

The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company adopted the new guidance effective December 31, 2024.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts)

Accounting Standards Not Yet Adopted

In November 2024, FASB issued guidance requiring PBEs to disclose additional information on the nature of certain expenses presented in the income statement.

The new guidance requires tabular disclosure of significant expense categories and qualitative descriptions for amounts not disaggregated from relevant expense categories.

PBEs are required to define selling expenses and disaggregate the components.

The new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

The requirements must be applied prospectively however PBEs have the option to apply the guidance retrospectively.

The disclosure will be implemented as required for the fiscal year ended December 31, 2027.

The Company is currently evaluating the impact of this guidance and expects to include additional disclosures.

The Company does not believe that the new guidance will have a material impact on its balance sheets or statements of income.

The Company is currently evaluating the impact of this guidance.

In December 2023, FASB issued guidance to improve disclosures related to incomes taxes.

This new guidance requires public business entities to disaggregate information on the effective tax rate reconciliation and income taxes paid to provide greater transparency.

Public business entities will be required to provide additional information in specified categories related to effective tax rate reconciliation in tabular form and provide income taxes paid by jurisdictions, with further disaggregation needed if amounts exceed 5% of the total.

This new guidance requires PBEs to disaggregate information on the effective tax rate reconciliation and income taxes paid to provide greater transparency.

PBEs will be required to provide additional information in specified categories related to effective tax rate reconciliation in tabular form and provide income taxes paid by jurisdictions, with further disaggregation needed if amounts exceed 5% of the total.

The new guidance is effective for fiscal years beginning after December 15, 2024.

1 unchanged sentence

The Company is currently evaluating the impact of this guidance.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts)

In October 2023, FASB issued guidance to amend either presentation or disclosure requirements related to fourteen subtopics in the FASB Accounting Standards Codification that are currently in the SEC Regulation S-X or Regulation S-K.

3 unchanged sentences

The Company is currently evaluating the impact of the new guidance as it pertains to the fourteen subtopics that would impact the business and will apply prospectively once in effect.

In August 2023, the FASB issued guidance for entities that meet the definition of a joint venture or a corporate joint venture, to adopt a new basis of accounting upon the formation of the joint venture.

The new guidance requires prospective application and is effective for all joint ventures that are formed on or after January 1, 2025, with early adoption permitted.

Joint ventures that formed before January 1, 2025 may elect to retrospectively apply the new guidance.

The Company will apply the guidance to any new joint ventures formed after the effective date.

Revenue from Contracts with Customers:

10 unchanged sentences

• Ammonium bisulfite solution

Polyethylene, polymers & engineered plastics • Catalysts and catalyst supports for high-density polyethylene and chemicals syntheses

Polyethylene, polymers & engineered plastics • Catalysts and catalyst supports for high-density polyethylene and chemicals synthesis

• Antiblock for film packaging

• Catalyst for advanced recycling

• Catalysts for advanced recycling

Regeneration and treatment services • Sulfuric acid regeneration services

1 unchanged sentence

Industrial, mining & automotive • Virgin sulfuric acid for mining

• Virgin sulfuric derivatives for industrial production

• Virgin sulfuric derivatives for nylon production

• Virgin sulfuric acid derivatives for industrial production

• Virgin sulfuric acid derivatives for nylon production

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

The following tables disaggregate the Company’s sales, by segment and end uses, for the three and nine months ended September 30, 2024 and 2023, respectively:

Three months ended September 30, 2024

The following tables disaggregate the Company’s sales, by segment and end uses, for the three months ended March 31, 2025 and 2024, respectively:

Three months ended March 31, 2025

Ecoservices Advanced Materials & Catalysts (2)

5 unchanged sentences

Total segment sales $ 143,109 $ 19,088 $ 162,197

Three months ended September 30, 2023

Three months ended March 31, 2024

Ecoservices Advanced Materials & Catalysts (2)

5 unchanged sentences

Total segment sales $ 141,602 $ 18,935 $ 160,537

Nine months ended September 30, 2024

Ecoservices Advanced Materials & Catalyst (2)

Clean fuels, emission control & other $ 25,542 $ — $ 25,542

Polyethylene, polymers & engineered plastics — 73,104 73,104

Regeneration and treatment services (1)

269,721 — 269,721

Industrial, mining & automotive 154,165 — 154,165

Total segment sales $ 449,428 $ 73,104 $ 522,532

Nine months ended September 30, 2023

Ecoservices Advanced Materials & Catalyst (2)

Clean fuels, emission control & other $ 21,559 $ — $ 21,559

Polyethylene, polymers & engineered plastics — 74,877 74,877

Regeneration and treatment services (1)

274,529 — 274,529

Industrial, mining & automotive 147,345 — 147,345

Total segment sales $ 443,433 $ 74,877 $ 518,310

(1) As described in Note 1 to these condensed consolidated financial statements, the Company experiences seasonal s ales fluctuations to customers in the regeneration services product group.

(2) Excludes the Company’s proportionate share of sales from the Zeolyst International and Zeolyst C.V.

joint ventures (collectively, the “Zeolyst Joint Venture”) accounted for using the equity method (see Note 9 to these condensed consolidated financial statements for further information).

(2) The Company does not record its proportionate share of sales from the Zeolyst International and Zeolyst C.V.

joint ventures (collectively, the “Zeolyst Joint Venture”) accounted for using the equity method as revenue and such sales are not consolidated within its results of operations.

See Note 9 to these condensed consolidated financial statements for further information .

AND SUBSIDIARIES

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Fair value on a recurring basis

The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

September 30,

The following tables present information about the Company’s assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.

2025 Quoted Prices in

Active Markets

(Level 1) Significant Other

Observable Inputs

(Level 2) Significant

(Level 1) Significant Other Observable Inputs (Level 2) Significant

Unobservable Inputs

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Active Markets

(Level 1) Significant Other

Observable Inputs

(Level 2) Significant

(Level 1) Significant Other Observable Inputs (Level 2) Significant

Unobservable Inputs

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For OTC derivatives that trade in liquid markets, such as forward contracts, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

As of September 30, 2024, th e Company had interest rate c aps th at were fair valued using Level 2 inputs.

As of March 31, 2025, th e Company had interest rate c aps th at were fair valued using Level 2 inputs.

In addition, the Company applies a credit valuation adjustment to reflect credit risk which is calculated based on credit default swaps.

6 unchanged sentences

Non-marketable equity securities are accounted for using the measurement alternative, defined as cost less impairment, if any, plus or minus adjustments from observable price changes for identical or similar securities of the same issuer.

Adjustments to fair value or impairments, if any, are recorded in the condensed consolidated statements of income.

On July 24, 2024, the Company paid $ 4,500 for a minority equity investment in Pajarito Powder LLC (“Pajarito”), an innovative materials science company that focuses on supports and catalysts required for the manufacture and operation of electrolyzers and fuel cells.

The investment is recorded in other long-term assets in the condensed consolidated balance sheet and within cash flows from investing activities in the condensed consolidated statements of cash flows.

As of September 30, 2024, the carrying value in Pajarito was $ 4,500 .

There were no remeasurement events or recognized gains or losses for the three and nine months ended September 30, 2024, respectively.

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts)

Adjustments to fair value or impairments, if any, are recorded in the condensed consolidated statements of (loss) income.

In July 2024, the Company paid $ 4,500 for a minority equity investment in Pajarito Powder LLC (“Pajarito”), an innovative materials science company that focuses on supports and catalysts required for the manufacture and operation of electrolyzers and fuel cells.

The investment is recorded in other long-term assets in the condensed consolidated balance sheet.

As of March 31, 2025, the carrying value in Pajarito was $ 4,500 .

There were no remeasurement events or recognized gains or losses for the three months ended March 31, 2025.

Stockholders' Equity:

Accumulated Other Comprehensive Income (Loss)

The following tables present the tax effects of each component of other comprehensive loss for the three and nine months ended September 30, 2024 and 2023, respectively:

Three months ended September 30,

Accumulated Other Comprehensive Loss

The following tables present the tax effects of each component of other comprehensive income for the three months ended March 31, 2025 and 2024, respectively:

Three months ended March 31,

amount Tax benefit/

3 unchanged sentences

Defined benefit and other postretirement plans:

Net gain (loss) $ 11 $ ( 3 ) $ 8 $ ( 253 ) $ 63 $ ( 190 )

Net loss $ ( 1 ) $ — $ ( 1 ) $ ( 1 ) $ — $ ( 1 )

Net prior service cost — — — ( 7 ) 2 ( 5 )

2 unchanged sentences

Foreign currency translation 4,531 — 4,531 ( 1,684 ) — ( 1,684 )

Other comprehensive loss $ ( 9,132 ) $ 3,884 $ ( 5,248 ) $ ( 2,149 ) $ ( 48 ) $ ( 2,197 )

Nine months ended September 30,

amount Tax benefit/

(expense) After-tax amount Pre-tax

amount Tax benefit/

(expense) After-tax amount

Defined benefit and other postretirement plans:

Net gain $ 724 $ ( 181 ) $ 543 $ 398 $ ( 99 ) $ 299

Net prior service cost ( 22 ) 6 ( 16 ) ( 94 ) 23 ( 71 )

Benefit plans, net 702 ( 175 ) 527 304 ( 76 ) 228

Net loss from hedging activities ( 11,820 ) 2,955 ( 8,865 ) ( 1,998 ) 605 ( 1,393 )

Foreign currency translation 4,040 — 4,040 ( 99 ) — ( 99 )

Other comprehensive loss $ ( 7,078 ) $ 2,780 $ ( 4,298 ) $ ( 1,793 ) $ 529 $ ( 1,264 )

Other comprehensive income $ ( 1,208 ) $ 1,434 $ 226 $ 3,460 $ ( 1,286 ) $ 2,174

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2024 and 2023, respectively:

The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2025 and 2024, respectively:

Defined benefit

postretirement

plans Net gain (loss)

activities Foreign

plans Net gain (loss) from hedging activities Foreign

translation Total

December 31, 2024 $ 1,467 $ 9,902 $ ( 18,776 ) $ ( 7,407 )

Other comprehensive income before reclassifications 549 1,657 4,040 6,246

Amounts reclassified from accumulated other comprehensive loss (1)

Other comprehensive (loss) income before reclassifications — ( 2,699 ) 4,531 1,832

Amounts reclassified from AOCI (1)

( 1 ) ( 1,605 ) — ( 1,606 )

Net current period other comprehensive income (loss) 527 ( 8,865 ) 4,040 ( 4,298 )

September 30, 2024 $ 1,139 $ 3,681 $ ( 10,076 ) $ ( 5,256 )

Net current period other comprehensive (loss) income ( 1 ) ( 4,304 ) 4,531 226

March 31, 2025 $ 1,466 $ 5,598 $ ( 14,245 ) $ ( 7,181 )

December 31, 2023 $ 612 $ 12,546 $ ( 14,116 ) $ ( 958 )

Other comprehensive income (loss) before reclassifications — 7,356 ( 1,684 ) 5,672

Amounts reclassified from accumulated other comprehensive income (loss) (1)

Amounts reclassified from AOCI (1)

( 6 ) ( 3,492 ) — ( 3,498 )

Net current period other comprehensive income (loss) 228 ( 1,393 ) ( 99 ) ( 1,264 )

September 30, 2023 $ ( 280 ) $ 23,279 $ ( 18,271 ) $ 4,728

Net current period other comprehensive (loss) income ( 6 ) 3,864 ( 1,684 ) 2,174

March 31, 2024 $ 606 $ 16,410 $ ( 15,800 ) $ 1,216

(1) See the following table for details about these reclassifications.

Amounts in parentheses indicate debits.

The following table presents the reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, respectively:

Details about Accumulated Other Comprehensive Income Components Amounts reclassified from Accumulated Other

Comprehensive Loss (Income) (1)

The following table presents the reclassifications out of AOCI for the three months ended March 31, 2025 and 2024, respectively:

Details about AOCI Components Amounts reclassified from AOCI (1)

Affected line item where

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Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Amortization of defined benefit and other postretirement items:

Net loss $ 1 $ 1 Other (expense) income (2)

Net prior service cost (credit) 7 ( 31 ) 22 ( 94 ) Other (expense) income (2)

Net prior service cost — 7 Other (expense) income (2)

1 8 Total before tax

( 2 ) 7 ( 7 ) 25 Tax (expense) benefit

— ( 2 ) Tax benefit (expense)

$ 1 $ 6 Net of tax

Gains and losses on cash flow hedges:

Interest rate caps $ 4,711 $ 6,048 $ 14,029 $ 17,933 Interest income (expense)

Interest rate caps $ 2,140 $ 4,656 Interest expense

( 535 ) ( 1,164 ) Tax expense

2 unchanged sentences

(1) Amounts in parentheses indicate debits to profit/loss.

(2) These accumulated other comprehensive income (loss) components are components of net periodic pension and other postretirement cost (see Note 14 to these condensed consolidated financial statements for additional details).

(2) These AOCI components are components of net periodic pension and other postretirement cost (see Note 13 to these condensed consolidated financial statements for additional details).

AND SUBSIDIARIES

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On April 27, 2022, the Board approved a stock repurchase program that authorized the Company to purchase up to $ 450,000 of the Company’s common stock over the four-year period from the date of approval.

Under the plan, the Company is permitted to repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions with an equity sponsor in accordance with applicable federal securities laws, with the Company determining the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors.

During the nine months ended September 30, 2024, the Company repurchased 552,081 shares on the open market at an average price of $ 9.05 per share, for a total of $ 4,998 , excluding brokerage commissions and accrued excise tax.

As of September 30, 2024, $ 229,594 was available for share repurchases under the program.

During the nine months ended September 30, 2024, the Company did not need to accrue excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 18 to these condensed consolidated financial statements).

During the nine m onths ended September 30, 2023, the Company repurchased 541,494 shares on the open market at an average price of $ 9.85 per share, for a total of $ 5,333 , excluding brokerage commissions and accrued excise tax.

Additionally, in connection with secondary offerings of the Company’s common stock by an equity sponsor in March and May 2023, the Company repurchased 7,000,000 shares of its common stock sold in the offerings from the underwriters at a weighted average price of $ 10.48 per share concurrently with the closing of the offerings, for a total of $ 73,374 , excluding accrued excise tax .

During the nine months ended September 30, 2023 , the Company accrued excise tax of $ 638 related to these repurchases, net of shares issued under the Company’s equity incentive program.

This amount was included in accrued liabilities in the condensed consolidated balance sheet and is treated by the Company as a cost of the treasury stock transactions in equity.

Under the plan, the Company is permitted to repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws, with the Company determining the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors.

The Company did not repurchase any of its common stock pursuant to the stock repurchase program during the three months ended March 31, 2025 and 2024.

As of March 31, 2025, $ 229,594 was available for share repurchases under the program.

Tax Withholdings on Equity Award Vesting

In connection with the vesting of restricted stock awards (“RSA” or “RSAs”), restricted stock units (“RSU” or “RSUs”) and performance stock units (“PSU” or “PSUs”), shares of common stock may be delivered to the Company by employees to satisfy withholding tax obligations at the instruction of the employee award holders.

These transactions, when they occur, are accounted for as stock repurchases by the Company, with the shares returned to treasury stock at a cost representing the payment by the Company of the tax obligations on behalf of the employees in lieu of shares for the vesting unit.

There were 128,801 and 315,635 shares delivered to the Company to cover tax payments for the nine months ended September 30, 2024 and 2023, respectively and the fair value of those shares withheld were $ 1,218 and $ 3,372 for the nine months ended September 30, 2024 and 2023, respectively.

The change in the carrying amount of goodwill for the nine months ended September 30, 2024 is summarized as follows:

There were 189,446 and 128,801 shares delivered to the Company to cover tax payments for the three months ended March 31, 2025 and 2024, respectively, and the fair value of those shares withheld were $ 1,477 and $ 1,218 for the three months ended March 31, 2025 and 2024, respectively.

The change in the carrying amount of goodwill for the three months ended March 31, 2025 is summarized as follows:

Ecoservices Advanced Materials & Catalysts Total

1 unchanged sentence

Foreign exchange impact — 808 808

Balance as of September 30, 2024 $ 326,589 $ 79,203 $ 405,792

Balance as of March 31, 2025 $ 326,589 $ 78,321 $ 404,910

The Company completes its annual goodwill and indefinite-lived intangible assets impairment test during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment.

1 unchanged sentence

As of October 1, 2024, the date of the Company’s most recent quantitative assessments, the fair values of each of the Company’s reporting units and the fair values of the Company’s indefinite-lived trade names and trademarks exceeded their respective carrying values.

During the nine months ended September 30, 2024, the Company did not identify any events or circumstances that would more likely than not reduce the fair value of the Company's reporting units below their respective carrying values.

During the three months ended March 31, 2025, the Company did not identify any events or circumstances that would more likely than not reduce the fair value of the Company's reporting units below their respective carrying values.

The estimated fair value of the Advanced Materials & Catalysts reporting unit exceeded its carrying value on October 1, 2024 by over 15 %.

Prolonged unfavorable effects could adversely impact the estimated fair value of the Advanced Materials & Catalysts reporting unit in future periods and may result in impairment charges.

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

Although the estimated fair value of the Advanced Materials & Catalysts reporting unit exceeded its carrying value on October 1, 2023 by over 30 %, the Company has experienced unfavorable effects on current operations resulting from certain macroeconomic and industry factors in specific end uses during the nine months ended September 30, 2024.

Prolonged unfavorable effects could adversely impact the estimated fair value of the Advanced Materials & Catalysts reporting unit in future periods and may result in impairment charges.

Other Operating Expense, Net:

1 unchanged sentence

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Amortization expense $ 2,644 $ 2,645

3 unchanged sentences

Other, net 368 89

$ 3,212 $ 4,310 $ 9,987 $ 17,288

Total other operating expense, net $ 5,182 $ 3,666

Inventories, Net:

Inventories, net are classified and valued as follows:

September 30,

2025 December 31,

1 unchanged sentence

Raw materials 3,824 3,002

$ 53,709 $ 45,115

Total inventories, net $ 58,788 $ 57,126

Valued at lower of cost or market:

2 unchanged sentences

FIFO or average cost basis 23,553 25,476

$ 53,709 $ 45,115

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts)

Total inventories, net $ 58,788 $ 57,126

Investments in Affiliated Companies:

The Company accounts for investments in affiliated companies under the equity method.

Affiliated companies accounted for on the equity basis as of September 30, 2024 are as follows:

Affiliated companies accounted for on the equity basis as of March 31, 2025 are as follows:

Company Country Percent

3 unchanged sentences

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Sales $ 89,530 $ 56,860

Gross profit 28,430 17,117

Operating (loss) income ( 1,608 ) 12,414 10,976 39,916

Net (loss) income ( 623 ) 12,617 11,387 42,189

Operating income 18,206 6,844

Net income 18,651 7,345

(1) Summarized information of the combined investments is presented at 100%;

the Company’s share of the net assets and net income of affiliates is calculated based on the percent ownership specified in the table above.

The Company’s investments in affiliated companies balance as of September 30, 2024 and December 31, 2023 includes net purchase accounting fair value adjustments of $ 221,463 and $ 224,614 , respectively, related to a prior business combination consisting primarily of goodwill and intangible assets such as customer relationships, technical know-how and trade names.

Consolidated equity in net income from affiliates is net of $ 610 and $ 3,151 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2024, respectively.

Consolidated equity in net income from affiliates is net of $ 1,601 and $ 4,802 of amortization expense related to purchase accounting fair value adjustments for the three and nine months ended September 30, 2023, respectively.

The Company had receivables due from affiliates of $ 2,802 and $ 3,231 as of September 30, 2024 and December 31, 2023, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheets.

The Company had payables to affiliates of $ 2,939 and $ 1,351 as of September 30, 2024 and December 31, 2023 respectively, which were included in accrued liabilities in the condensed consolidated balance sheets.

Receivables and payables due from/to affiliates are generally non-trade.

The Company had no sales to affiliates for the three months ended September 30, 2024 and 2023, respectively and sales to affiliates of $ 2,110 and $ 2,457 for the nine months ended September 30, 2024 and 2023, respectively.

There were no purchases from affiliates for the three and nine months ended September 30, 2024, respectively and purchases from affiliates were $ 236 for the three and nine months ended September 30, 2023, respectively.

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

Property, Plant and Equipment:

A summary of property, plant and equipment, at cost, and related accumulated depreciation is as follows:

September 30,

2024 December 31,

Land $ 97,413 $ 96,833

Buildings and improvements 92,078 84,860

Machinery and equipment 865,112 820,509

Construction in progress 39,715 42,000

1,094,318 1,044,202

accumulated depreciation ( 522,597 ) ( 467,298 )

$ 571,721 $ 576,904

Depreciation expense was $ 19,702 and $ 56,225 for the three and nine months ended September 30, 2024, respectively.

Depreciation expense was $ 17,773 and $ 51,920 for the three and nine months ended September 30, 2023, respectively.

The Company’s investments in affiliated companies balance as of March 31, 2025 and December 31, 2024 includes net purchase accounting fair value adjustments of $ 154,528 and $ 155,138 , respectively, related to a prior business combination consisting primarily of goodwill and intangible assets such as technical know-how and trade names.

Consolidated equity in net income from affiliates is net of $ 610 and $ 1,601 of amortization expense related to purchase accounting fair value adjustments for the three months ended March 31, 2025 and 2024, respectively.

The Company had receivables due from affiliates of $ 3,792 and $ 2,794 as of March 31, 2025 and December 31, 2024, respectively, which were included in prepaid and other current assets in the condensed consolidated balance sheets.

The Company had payables to affiliates of $ 1,046 and $ 929 as of March 31, 2025 and December 31, 2024, respectively, which were included in accrued liabilities in the condensed consolidated balance sheets.

Receivables and payables due from/to affiliates are generally non-trade.

The Company had $ 882 of sales to affiliates for the three months ended March 31, 2025.

There were no sales to affiliates for the three months ended March 31, 2024.

There were no purchases from affiliates for the three months ended March 31, 2025 and 2024 .

Long-term Debt:

The summary of long-term debt is as follows:

September 30,

2025 December 31,

8 unchanged sentences

Term Loan Facility

In June 2024, the Company amended its Term Loan Credit Agreement dated as of June 9, 2021 to, among other things, (a) reduce the interest rate applicable to all outstanding Secured Overnight Financing Rate (“SOFR”) term loans to term SOFR plus 2.25 % per annum from a maximum of adjusted term SOFR plus 2.75 % per annum, (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.25 % per annum from a maximum of the alternate base rate plus 1.75 % per annum and (c) extend the maturity date of all outstanding term loans to June 12, 2031 (the amended term loans, the “2024 Term Loan Facility”).

As a result of the amendment, there is no longer a credit spread adjustment of 10 basis points.

The interest rate on the 2024 Term Loan Facility was 7.50 % as of September 30, 2024.

Debt extinguishment costs resulting from Term Loan amendments

The Company evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was primarily a modification of debt.

As a result, the Company recorded $ 4,471 of third-party financing costs as debt extinguishment costs in the condensed consolidated income statement for the nine months ended September 30, 2024 and capitalized $ 2,183 of original issued discount within long-term debt, excluding current portion in the condensed consolidated balance sheets as of September 30, 2024.

In addition, previously unamortized deferred financing costs of $ 30 and original issue discount of $ 59 associated with the previous outstanding debt were written off as debt extinguishment costs for the nine months ended September 30, 2024.

In January 2025, the Company amended its Term Loan Credit Agreement dated as of June 12, 2024 to, among other things, (a) reduce the interest rate applicable to all outstanding Secured Overnight Financing Rate (“SOFR”) term loans to a rate equal to the forward-looking term rate based on SOFR as administered by the Federal Reserve Bank of New York (“Term SOFR”) plus 2.00 % per annum from a maximum of Term SOFR plus 2.25 % per annum and (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.00 % per annum from a maximum of the alternate base rate plus 1.25 % per annum (the amended term loans, the “2025 Term Loan Facility”).

The Company evaluated the terms of the amendment in accordance with ASC 470-50 Debt - Modification and Extinguishment and determined that the amendment was a modification of debt.

As a result, the Company recorded $ 960 of third-party financing costs within debt modification and extinguishment costs in the condensed consolidated statements of (loss) income for the three months ended March 31, 2025.

No original issue discount was paid in relation to the amendment.

The interest rate on the 2025 Term Loan Facility was 6.29 % as of March 31, 2025.

The borrowings under the senior secured asset-based lending revolving credit facility (“ABL Facility”) bore interest at a rate equal to an adjusted Term SOFR, which included a credit spread adjustment of 10 basis points or the base rate, plus a margin of between 1.25 % to 1.75 % or 0.25 % to 0.75 %, respectively.

The interest rate on the ABL Facility was 7.75 % as of March 31, 2025.

In April 2025, the Company amended its ABL credit agreement (“ABL Credit Agreement”) to, among other things, (a) reallocate all European revolving loan commitments thereunder as United States revolving loan commitments, (b) extend the maturity date with respect to borrowings under the ABL Credit Agreement by over three years to April 10, 2030 (subject to acceleration under certain circumstances), (c) reduce the interest rate applicable to outstanding revolving loans that bear interest at a rate equal to Term SOFR by removing the credit spread adjustment that was applied to Term SOFR in the ABL Credit Agreement in calculating adjusted Term SOFR, and (d) reduce the frequency of borrowing base reporting, field examinations and appraisals (subject to higher frequency under certain circumstances).

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

The borrowings under the senior secured asset-based lending revolving credit facility (“ABL Facility”) bear interest at a rate equal to an adjusted term SOFR, which includes a credit spread adjustment of 10 basis points or the base rate plus a margin of between 1.25 % to 1.75 % or 0.25 % to 0.75 %, respectively.

The interest rate on the ABL Facility was 8.25 % as of September 30, 2024.

Fair Value of Debt

The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.

As of September 30, 2024 and December 31, 2023, the fair value of the Company’s term loan facility was $ 867,544 and $ 876,403 , respectively.

As of March 31, 2025 and December 31, 2024, the fair value of the Company’s term loan facility was $ 853,434 and $ 874,083 , respectively.

The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).

17 unchanged sentences

As the derivatives are designated and qualify as cash flow hedges, the gains or losses on the interest rate cap agreements are recorded in stockholders’ equity as a component of other comprehensive income, net of tax.

Reclassifications of the gains and losses on the interest rate cap agreements into earnings are recorded as part of interest expense in the condensed consolidated statements of income as the Company makes its interest payments on the hedged portion of its senior secured credit facilities.

Reclassifications of the gains and losses on the interest rate cap agreements into earnings are recorded as part of interest expense in the condensed consolidated statements of (loss) income as the Company makes its interest payments on the hedged portion of its senior secured credit facilities.

Fair value is determined based on estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices.

The following table provides a summary of the Company’s interest rate cap agreements:

Financial instrument Number of instruments In effect as of September 30, 2024

Current notional amount of instruments in effect Annuitized premium of instruments in effect Cap rate in effect for all agreements at September 30, 2024

Interest rate cap 5 3 $ 675,000 $ 24,817 1.00 %

The current notional amounts of the three interest rate cap agreements in effect at September 30, 2024 are $ 250,000 , $ 250,000 and $ 175,000 .

The Company entered into a $ 250,000 interest rate cap to mitigate interest rate volatility from August 2022 to October 2024, a $ 250,000 interest rate cap agreement to mitigate interest rate volatility from September 2023 to October 2025 and a $ 175,000 interest rate cap agreement to mitigate interest rate volatility from August 2024 to July 2026.

The Company had a $ 150,000 interest rate cap agreement to mitigate interest rate volatility from August 2023 to July 2024.

The Company also entered into two forward starting interest rate cap agreements to mitigate interest volatility from November 2024 to October 2026 and July 2026 to July 2028.

Financial instrument Number of instruments In effect as of March 31, 2025

Current notional amount of instruments in effect Annuitized premium of instruments in effect Cap rate in effect for all agreements at March 31, 2025

Interest rate caps 4 3 $ 625,000 $ 35,285 1.00 %

The current notional amounts of the three interest rate cap agreements in effect at March 31, 2025 are $ 250,000 , $ 175,000 and $ 200,000 .

The Company entered into a $ 250,000 interest rate cap to mitigate interest rate volatility from September 2023 to October 2025, a $ 175,000 interest rate cap agreement to mitigate interest rate volatility from August 2024 to July 2026 and a $ 200,000 interest rate cap agreement to mitigate interest rate volatility from November 2024 to October 2025.

The $ 200,000 interest rate cap agreement will increase to $ 450,000 to mitigate interest rate volatility from November 2025 to October 2026.

The Company also entered into a $ 200,000 forward starting interest rate cap agreement to mitigate interest volatility from August 2026 to July 2028.

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

In February 2023, the Company amended all existing interest rate cap agreements to replace LIBOR with SOFR as the benchmark interest rate, with all other terms of the agreements remaining the same.

This amendment changed the previously annuitized premiums on the existing interest rate cap agreements.

The fair values of derivative instruments held as of September 30, 2024 and December 31, 2023, respectively are shown below:

Balance sheet location September 30,

The fair values of derivative instruments held as of March 31, 2025 and December 31, 2024, respectively are shown below:

Balance sheet location March 31,

2025 December 31,

9 unchanged sentences

Total derivative liabilities $ 1,169 $ 710

The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI for the three and nine months ended September 30, 2024 and 2023, respectively:

Three months ended September 30,

Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized in OCI on derivatives Amount of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized in OCI on derivatives Amount of gain (loss) reclassified from AOCI into income

Interest rate caps Interest (expense) income $ ( 10,828 ) $ ( 4,711 ) $ 7,294 $ ( 6,048 )

Nine months ended September 30,

The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI and the condensed consolidated statements of (loss) income for the three months ended March 31, 2025 and 2024, respectively:

Amount of (loss) gain recognized in OCI

Three months ended

Interest rate caps $ ( 3,598 ) $ 9,808

Amount of (loss) gain reclassified from AOCI

Three months ended

Interest rate caps $ ( 2,140 ) $ ( 4,656 )

Amount of loss reclassified into income

Three months ended

Interest rate caps $ 2,140 $ 4,656

The following table shows the amounts in the line items presented in the condensed consolidated statements of (loss) income in which the effects of cash flow hedges are recorded for the three months ended March 31, 2025 and 2024, respectively:

Three months ended

Derivatives designated as cash flow hedges:

Interest rate caps Interest (expense) income $ ( 11,010 ) $ ( 13,409 )

The amount of net unrealized gains in AOCI related to the Company’s cash flow hedges that is expected to be reclassified to the condensed consolidated statements of (loss) income over the next twelve months is $ 5,236 as of March 31, 2025.

AND SUBSIDIARIES

1 unchanged sentence

(Dollars in thousands, except share and per share amounts)

The following table shows the effect of the Company’s cash flow hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023, respectively:

Location and amount of gain (loss) recognized in income on cash flow hedging relationships

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Total amounts of income and expense line items presented in the statement of income in which the effects of cash flow hedges are recorded in interest (expense) income $ ( 11,305 ) $ ( 11,811 ) $ ( 37,609 ) $ ( 30,812 )

The effects of cash flow hedging:

Gain (loss) on cash flow hedging relationships:

Interest contracts:

Amount reclassified from AOCI into income 4,711 6,048 14,029 17,933

The amount of net unrealized gains in AOCI related to the Company’s cash flow hedges that is expected to be reclassified to the condensed consolidated statement of income over the next twelve months is $ 5,456 as of September 30, 2024.

Income Taxes:

The effective income tax rate for the three months ended September 30, 2024 was 24.0 %, compared to 32.3 % for the three months ended September 30, 2023.

The effective income tax rate for the nine months ended September 30, 2024 was 26.9 %, compared to 29.9 % for the nine months ended September 30, 2023.

The Company’s effective income tax rates for the three and nine months ended September 30, 2024 and 2023, respectively, fluctuated primarily due to a reduced discrete tax impact relative to pre-tax book income.

The discrete tax items relate to a stock compensation shortfall, tax expense associated with the recording of accrued penalties and interest on historical uncertain tax positions and a tax benefit related to state tax refunds associated with prior tax years recorded during the current quarter.

The effective income tax rate for the three months ended March 31, 2025 was 13.3 %, compared to 49.1 % for the three months ended March 31, 2024.

The Company’s effective income tax rates for the three months ended March 31, 2025 and 2024, respectively, fluctuated primarily due to a reduced discrete tax impact relative to pre-tax book income, and a reduction to the discrete tax expense related to accrued penalties and interest on historical uncertain tax positions that expired due to statute of limitations in the prior year.

The difference between the U.S.

federal statutory income tax rate and the Company’s effective income tax rate for the nine months ended September 30, 2024 was mainly due to state and local taxes, a discrete shortfall tax expense related to stock compensation and a discrete tax expense associated with the recording of accrued penalties and interest on historical uncertain tax positions.

federal statutory income tax rate and the Company’s effective income tax rate for the three months ended March 31, 2025 was mainly due to state and local taxes and a discrete shortfall tax expense related to stock compensation.

The difference between the U.S.

federal statutory income tax rate and the Company’s effective income tax rate for the nine months ended September 30, 2023 was mainly due to state and local taxes, a discrete shortfall tax expense related to stock compensation, a discrete tax expense associated with the recording of accrued penalties and interest associated with historical uncertain tax positions and a discrete tax benefit connected to state and local tax law changes.

During the fourth quarter of 2024, the Company expects to recognize $ 8,023 of previously net unrecognized tax benefits, excluding interest and penalties, primarily due to the expiration of statutes of limitations during October 2024.

federal statutory income tax rate and the Company’s effective income tax rate for the three months ended March 31, 2024 was mainly due to state and local taxes, a discrete shortfall tax expense related to stock compensation and a discrete tax expense associated with the recording of accrued penalties and interest on historical uncertain tax positions.

Benefit Plans:

The following tables present the components of net periodic (benefit) expense for the Company-sponsored defined benefit pension and postretirement plans, which cover certain employees and retirees located in the U.S.

The following tables present the components of net periodic expense (benefit) for the Company-sponsored defined benefit pension and postretirement plans, which cover certain employees and retirees located in the U.S.

Defined Benefit Pension Plans

Three months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Interest cost $ 823 $ 808

Expected return on plan assets ( 809 ) ( 827 )

Settlement loss (gain) — 22 ( 6 ) 50

Net periodic (benefit) expense $ ( 30 ) $ 59 $ ( 96 ) $ 161

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except share and per share amounts)

Net periodic expense (benefit) $ 14 $ ( 19 )

What changed 10-Q

Item 1. Financial Statements