Discontinued Operations

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On February 28, 2025, we completed the sale of the 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 loss from discontinued operations, net of tax, is as follows:

	Three Months Ended March 31,
	2026		2025
Major classes of line items constituting net loss from discontinued operations:
Revenues	$	—	$	200,532
Operating costs	—		(168,871)
General and administrative	—		(156)
Depreciation, depletion and amortization	—		(18,862)
Interest expense, net	—		(4,179)
Pretax income from discontinued operations	—		8,464
Loss from the sale of the Alkali Business	—		(432,193)
Total pretax loss from discontinued operations	—		(423,729)
Income tax expense	—		(16)
Net loss from discontinued operations, net of tax	$	—	$	(423,745)

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

	Three Months Ended March 31,
	2026		2025
Net cash flows provided by operating activities	$	—	$	31,453
Net cash flows used in investing activities	—		(11,666)
Net cash flows used in financing activities	—		—