Discontinued Operations

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On February 28, 2025, we completed the sale of our Alkali Business to an indirect affiliate of WE Soda Ltd for a gross purchase price of $1.425 billion. The sale generated proceeds of approximately $1.0 billion, which reflects the net proceeds after the payment of transaction costs and expenses, the assumption of $413.4 million of our then outstanding 5.875% senior secured notes due 2042 (the “Alkali senior secured notes”) by an indirect affiliate of WE Soda Ltd, and cash divested.

A reconciliation of the line items constituting pretax income from discontinued operations to net income (loss) from discontinued operations, net of tax is as follows:

	Three Months Ended March 31,
	2025		2024
Major classes of line items constituting income (loss) from discontinued operations:
Revenues	$	200,532	$	335,658
Operating costs	(168,871)		(296,966)
General and administrative	(156)		(309)
Depreciation, depletion and amortization	(18,862)		(24,380)
Interest expense, net	(4,179)		(6,400)
Pretax income of discontinued operations	8,464		7,603
Loss from the sale of the Alkali Business	(432,193)		—
Total pretax income (loss) from discontinued operations	(423,729)		7,603
Income tax expense	(16)		—
Net income (loss) from discontinued operations, net of tax	$	(423,745)	$	7,603

A summary of our cash flows associated with our discontinued operations is as follows:

	Three Months Ended March 31,
	2025		2024
Net cash flows provided by operating activities	$	31,453	$	62,007
Net cash flows used in investing activities	(11,666)		(58,715)
Net cash flows used in financing activities	—		(2,976)