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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rates, including discrete items, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Effective tax rate (1)
(2.7)%15.2 %(8.7)%16.4 %
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(1) The decrease in the effective rate for the three and six months ended June 30, 2025, was primarily due to the goodwill impairment charge within our Advanced Polymers Technologies reportable segment, resulting in an overall book loss with a net tax liability.
The below table provides a reconciliation between our reported effective tax rates and the EAETR.
Three Months Ended June 30,
20252024
In millions, except percentagesBefore taxTaxEffective tax rate % impactBefore taxTaxEffective tax rate % impact
Consolidated operations$(142.7)$3.8 (2.7)%$(334.6)$(50.9)15.2 %
Discrete items:
Restructuring and other (income) charges, net (1)
21.9 5.2 10.0 2.4 
(Gain) loss on strategic investments (2)
2.5 0.6 (0.1)— 
Goodwill impairment (3)
183.8 5.1 349.1 57.0 
Proxy contest charges (4)
0.3 0.1 — — 
Other tax only discrete items
— (0.2)— (0.5)
Total discrete items208.5 10.8 359.0 58.9 
Consolidated operations, before discrete items$65.8 $14.6 $24.4 $8.0 
EAETR (5)
22.2 %33.5 %
Six Months Ended June 30,
20252024
In millions, except percentagesBefore taxTaxEffective tax rate % impactBefore taxTaxEffective tax rate % impact
Consolidated operations$(115.9)$10.1 (8.7)%$(406.5)$(66.8)16.4 %
Discrete items:
Restructuring and other (income) charges, net (1)
34.2 8.1 74.8 17.5 
(Gain) loss on strategic investments (2)
2.5 0.6 4.7 1.1 
Goodwill impairment (3)
183.8 5.1 349.1 57.0 
Proxy contest charges (4)
8.2 1.9 — — 
Other tax only discrete items— (0.6)— (1.4)
Total discrete items228.7 15.1 428.6 74.2 
Consolidated operations, before discrete items$112.8 $25.2 $22.1 $7.4 
EAETR (5)
22.3 %34.5 %
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(1) See Note 11 for further information. For the three and six months ended June 30, 2024, the charge includes zero and $2.5 million of lower of cost or market charges associated with the Performance Chemicals repositioning. Amounts are included in "Cost of sales" on the condensed consolidated statements of operations.
(2) See Note 4 for further information.
(3) See Note 7 for further information.
(4) See Note 14 for further information.
(5) Decrease in EAETR for the three and six months ended June 30, 2025, as compared to June 30, 2024, primarily reflects a shift in the projected mix of earnings across jurisdictions with varying tax rates, most notably in the U.S. Additionally, the increase in U.S. taxable income in 2025 is driving an increased benefit from the foreign-derived intangible income deduction as compared to 2024. The EAETR tax percentage shown for three and six months ended June 30, 2024 may not precisely recalculate due to rounding.