ORION S.A., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36563    
Entity Registrant Name ORION S.A.    
Entity Incorporation, State or Country Code N4    
Entity Tax Identification Number 00-0000000    
Entity Address, Address Line One 1700 City Plaza Drive, Suite 300    
Entity Address, City or Town Spring    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 77389    
City Area Code 281    
Local Phone Number 318-2959    
Title of 12(b) Security Common Stocks, no par value    
Trading Symbol OEC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1,280
Entity Common Stock, Shares Outstanding   56,654,098  
Documents Incorporated by Reference Portions of the Company’s 2025 Proxy Statement, in connection with the Company’s 2025 Annual Meeting of Shareholders (in Part III), as indicated herein.    
Entity Central Index Key 0001609804    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Houston, TX
Auditor Firm ID 42
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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 1,877.5 $ 1,893.9 $ 2,030.9
Cost of sales 1,448.7 1,442.9 1,582.1
Gross profit 428.8 451.0 448.8
Selling, general and administrative expenses 237.8 221.9 227.1
Research and development costs 27.1 24.5 21.7
Misappropriation of assets, net 59.3 0.0 0.0
Other expense (income), net 1.9 (0.7) 2.9
Income from operations 102.7 205.3 197.1
Interest and other financial expense, net 49.4 50.9 39.9
Reclassification of actuarial gains from AOCI 0.0 (8.9) 0.0
Income before earnings in affiliated companies and income taxes 53.3 163.3 157.2
Income tax expense 9.7 60.3 51.5
Earnings in affiliated companies, net of tax 0.6 0.5 0.5
Net income $ 44.2 $ 103.5 $ 106.2
Weighted-average shares outstanding (in thousands):      
Basic (in shares) 58,223 58,995 60,902
Diluted (in shares) 58,373 59,980 61,378
Earnings per share      
Basic (in dollars per share) $ 0.76 $ 1.75 $ 1.74
Diluted (in dollars per share) $ 0.76 $ 1.73 $ 1.73
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 44.2 $ 103.5 $ 106.2
Other comprehensive income (loss), net of tax      
Foreign currency translation adjustments (24.3) (7.6) (13.4)
Net gains (losses) on derivatives (5.3) (8.3) 35.2
Defined benefit plans, net (0.4) (11.5) 14.2
Other comprehensive income (loss) (30.0) (27.4) 36.0
Comprehensive income $ 14.2 $ 76.1 $ 142.2
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 44.2 $ 37.5
Accounts receivable, net 211.9 241.0
Inventories, net 290.4 287.1
Income tax receivables 12.6 6.1
Prepaid expenses and other current assets 54.2 74.4
Total current assets 613.3 646.1
Property, plant and equipment, net 965.0 900.1
Right-of-use assets 117.9 110.6
Goodwill 71.5 76.1
Intangible assets, net 18.5 25.5
Investment in equity method affiliates 8.0 5.1
Deferred income tax assets 21.6 30.0
Other assets 41.5 39.9
Total non-current assets 1,244.0 1,187.3
Total assets 1,857.3 1,833.4
Current liabilities    
Accounts payable 156.2 183.7
Current portion of long term-debt and other financial liabilities 258.8 137.0
Accrued liabilities 39.5 41.7
Income taxes payable 4.8 34.2
Other current liabilities 57.4 43.7
Total current liabilities 516.7 440.3
Long-term debt, net 647.0 677.3
Employee benefit plan obligation 58.5 60.4
Deferred income tax liabilities 36.5 66.3
Other liabilities 123.7 110.6
Total non-current liabilities 865.7 914.6
Stockholders' equity    
Common stock 85.3 85.3
Treasury stock, at cost, 3,749,887 and 3,093,487 (82.2) (70.1)
Additional paid-in capital 84.7 85.6
Retained earnings 457.0 417.6
Accumulated other comprehensive loss (69.9) (39.9)
Total stockholders' equity 474.9 478.5
Total liabilities and stockholders' equity $ 1,857.3 $ 1,833.4
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Consolidated Balance Sheets (Parenthetical) - shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, shares authorized (in shares) 65,992,259 65,035,579
Common stock, shares issued (in shares) 60,992,259 60,992,259
Common stock, shares outstanding (in shares) 57,242,372 57,898,772
Treasury stock, cost (in shares) 3,749,887 3,093,487
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 44.2 $ 103.5 $ 106.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation of property, plant and equipment and amortization of intangible assets and right of use assets 125.3 113.0 105.7
Amortization of debt issuance costs 1.5 2.7 1.9
Stock based compensation 15.3 15.4 7.7
Deferred tax (benefit) provision (19.7) 6.3 7.2
Foreign currency transactions (1.7) 5.0 (8.4)
Reclassification of actuarial (gains)/losses from AOCI 0.0 (8.9) 0.0
Other operating non-cash items, net 1.8 0.8 (0.3)
Changes in operating assets and liabilities, net:      
Trade receivables 13.8 131.2 (95.6)
Inventories (19.6) (7.7) (60.1)
Trade payables (14.8) 1.6 9.2
Other provisions 1.4 (4.4) (3.7)
Income tax liabilities (17.8) (2.1) 20.3
Other assets and liabilities, net (4.4) (10.5) (9.1)
Net cash provided by operating activities 125.3 345.9 81.0
Cash flows from investing activities:      
Acquisition of property, plant and equipment (206.7) (172.8) (232.8)
Net cash used in investing activities (206.7) (172.8) (232.8)
Cash flows from financing activities:      
Proceeds from long-term debt borrowings 0.0 12.6 47.8
Repayments of long-term debt (4.1) (3.0) (3.0)
Payments for debt issue costs (0.2) (2.7) (1.5)
Cash inflows related to current financial liabilities 263.1 284.4 223.2
Cash outflows related to current financial liabilities (138.1) (417.9) (107.7)
Dividends paid to stockholders (4.8) (4.9) (5.0)
Repurchases of Common stock (26.6) (65.6) (4.3)
Other financing activities 0.0 0.0 (0.2)
Net cash provided by (used in) financing activities 89.3 (197.1) 149.3
Increase (decrease) in cash, cash equivalents and restricted cash 7.9 (24.0) (2.5)
Cash, cash equivalents and restricted cash at the beginning of the period 40.2 63.4 68.5
Effect of exchange rate changes on cash (3.4) 0.8 (2.6)
Cash, cash equivalents and restricted cash at the end of the period 44.7 40.2 63.4
Less restricted cash at the end of the period 0.5 2.7 2.6
Cash and cash equivalents at the end of the period 44.2 37.5 60.8
Cash paid for interest, net (48.8) (38.9) (33.5)
Cash paid for income taxes (47.3) (56.1) (23.9)
Supplemental disclosure of non-cash activity:      
Lease liabilities $ 28.9 $ 30.0 $ 25.8
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Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Millions
Total
Common stock
Treasury stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2021   60,656,076        
Beginning balance at Dec. 31, 2021 $ 319.7 $ 85.3 $ (6.3) $ 71.4 $ 217.8 $ (48.5)
Increase (Decrease) in Stockholders' Equity            
Net income 106.2       106.2  
Other comprehensive income (loss), net of tax 36.0         36.0
Dividends (5.0)       (5.0)  
Repurchases of Common stock (in shares)   (244,032)        
Repurchases of Common stock (4.3)   (4.3)      
Stock based compensation 7.7     7.7    
Issuance of stock under equity compensation plans (in shares)   159,512        
Issuance of stock under equity compensation plans (0.9)   1.8 (2.7)    
Ending balance (in shares) at Dec. 31, 2022   60,571,556        
Ending balance at Dec. 31, 2022 459.4 $ 85.3 (8.8) 76.4 319.0 (12.5)
Increase (Decrease) in Stockholders' Equity            
Net income 103.5       103.5  
Other comprehensive income (loss), net of tax (27.4)         (27.4)
Dividends (4.9)       (4.9)  
Repurchases of Common stock (in shares)   (2,895,664)        
Repurchases of Common stock (65.6)   (65.6)      
Stock based compensation 15.4     15.4    
Issuance of stock under equity compensation plans (in shares)   222,880        
Issuance of stock under equity compensation plans $ (1.9)   4.3 (6.2)    
Ending balance (in shares) at Dec. 31, 2023 57,898,772 57,898,772        
Ending balance at Dec. 31, 2023 $ 478.5 $ 85.3 (70.1) 85.6 417.6 (39.9)
Increase (Decrease) in Stockholders' Equity            
Net income 44.2       44.2  
Other comprehensive income (loss), net of tax (30.0)         (30.0)
Dividends (4.8)       (4.8)  
Repurchases of Common stock (in shares)   (1,402,999)        
Repurchases of Common stock (26.6)   (26.6)      
Stock based compensation 15.3     15.3    
Issuance of stock under equity compensation plans (in shares)   746,599        
Issuance of stock under equity compensation plans $ (1.7)   14.5 (16.2)    
Ending balance (in shares) at Dec. 31, 2024 57,242,372 57,242,372        
Ending balance at Dec. 31, 2024 $ 474.9 $ 85.3 $ (82.2) $ 84.7 $ 457.0 $ (69.9)
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Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends per share (in USD per share) $ 0.08 $ 0.08 $ 0.08
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies    
Orion S.A.’s Consolidated Financial Statements include Orion S.A. and its subsidiaries (“Orion”, the “Company”, “we”, “us”, “our”, or “OEC”). Orion is a Luxembourg joint stock corporation (société anonyme or S.A.), incorporated in 2014 as a Luxembourg limited liability company (société à responsabilité limitée).
Principles of Consolidation
The accompanying Consolidated Financial Statements have been prepared, in U.S. dollars, in conformity with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). The Consolidated Financial Statements include the accounts of Orion S.A. and its wholly-owned subsidiaries and majority–owned and controlled entities. Subsidiaries are defined as being those companies over which we, either directly or indirectly, have control through a majority of the voting rights or the right to exercise control or to obtain the majority of the benefits and be exposed to the majority of the risks. Subsidiaries are consolidated from the date on which control is obtained until the date such control ceases.
All intercompany transactions and balances have been eliminated in consolidation
Use of Estimates and Assumptions
We make estimates and assumptions to prepare our financial statements in conformity with GAAP. Those estimates and assumptions affect the amount we report in our Consolidated Financial Statements and accompanying Notes. Our actual results could differ from those estimates, and variances could materially affect our financial condition and results of operations in future periods.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents comprise bank balances and cash on hand and also include highly liquid investments with maturities of three-months or less at the date of purchase. We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes.
A majority of our restricted cash and cash equivalents serves as cash collateral deposits, voluntary and/or mandatory, for third-party bank guarantees.
Accounts and Notes Receivables
Accounts receivable are amounts due from customers for merchandise sold or services performed in the ordinary course of business and are carried at transaction price net of allowance for credit losses. Allowance for credit losses is measured using historical loss rates for the respective risk categories and incorporating forward-looking estimates. The corresponding expense for the credit loss allowance is reflected in Selling, general and administrative expenses in the Consolidated Statements of Operations. Past due balances are written-off against credit loss allowance when the accounts are deemed no longer to be collectible.
We enter into agreements with various third-party financial institutions for the sale of certain Accounts receivable. We have concluded that there would generally be no risk of loss to us from non-payment of the sold receivables because:
•The transferred financial assets are isolated beyond the reach of our creditors, even in bankruptcy or other receivership;
•The party purchasing accounts receivables has the right to pledge and or exchange the transferred assets without restrictions; and
•We do not retain effective control over the transferred financial assets.
In the Condensed Consolidated Statements of Operations, the loss on receivables sale is reflected in Other expense (income), net.
Inventories
The Company values inventory at the lower of cost or net realizable value using the average cost method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventories have been reduced to the lower of cost or net realizable value by allowances for slow moving or obsolete goods. If actual circumstances are less favorable than those projected by management in its evaluation of the net realizable value of inventories, additional write-downs may be required.
Property, Plant and Equipment
Property, plant and equipment are recorded at historical cost. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Costs may also include borrowing costs incurred on debt during construction of major projects exceeding one year, costs of major maintenance arising from turnarounds of major units and committed decommissioning costs. Expenditures for major renewals and improvements, which significantly extend the useful lives of the existing property, plant and equipment, are capitalized and depreciated.
Routine maintenance costs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful lives of assets. The depreciable lives for Buildings, Plant and machinery, as well as Furniture, fixtures and office equipment, are between 5 and 50 years, 3 and 25 years, and 3 and 25 years, respectively.
Land is not depreciated.
We evaluate property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which, for us, is generally at the plant group level. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, the asset is written down to its estimated fair value.
Gain or loss on retirement or sale of property, plant and equipment is reflected in Other expense (income), net in the Consolidated Statements of Operations. There were no material write-offs in 2024, 2023 or 2022.
Goodwill
Goodwill is tested for impairment annually as of September 30, or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount.
We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed for each of the reporting units include, but are not limited to, changes in long-term commodity prices, discount rates, competitive environments, planned capacity, cost factors such as raw material prices, and financial performance of the reporting units. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit.
For 2024 and 2023, we performed qualitative impairment assessments of our reporting units, which indicated that the fair value of our reporting units was more likely than not greater than their carrying value including goodwill. Based on this assessment, our historical assessment for impairment and forecasted demand for our products, a quantitative goodwill impairment test at September 30, 2024 was not necessary.
Intangible Assets
Intangible assets comprise trade names and trademarks, customer relationships, developed technologies and software costs. These assets are amortized, using the straight-line method, over their estimated useful lives of 3-15 years or over the term of the related agreement. The useful lives of intangibles related to customer relationships acquired in business combinations are estimated on the basis of contractual arrangements and the probability of a continuing relationship.
We evaluate definite-lived intangible assets with the associated long-lived asset group for impairment whenever impairment indicators are present, such as a significant reduction in cash flows associated with the assets.
Investments in Equity Method Affiliates
We account for equity investments (“equity investments”) using the equity method of accounting if we have the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% voting rights. Under the equity method of accounting, investments are stated initially at cost and are adjusted for subsequent additional investments and our proportionate share of profit or losses and distributions.
We record our share of the profit or losses of the equity method investments, net of income taxes, in the Consolidated Statements of Operations. When our share of losses in an equity investment equals or exceeds our interest in the equity investment, including any other unsecured receivables, we do not recognize further losses, unless we have incurred obligations or made payments on behalf of the equity investment.
We evaluate our equity method investments for impairment when events or changes in circumstances indicate, in our management’s judgment, that the carrying value of such investments may have experienced other-than-temporary decline in value. When evidence of loss in value has occurred, we compare the estimated fair value of investment to the carrying value of investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and our management considers the decline in value to be other-than-temporary, the excess of the carrying value over the estimated fair value is recognized in the Consolidated Financial Statements as an impairment.
We have investments in Kommanditgesellschaft Deutsche Gasrußwerke GmbH & Co and Kommanditgesellschaft Deutsche Gasrußwerke GmbH & Co, (together “DGW”), and Alpha Carbone which are accounted for using the equity method of investment.
Income Taxes
The income tax for the period comprises current and deferred tax. Income tax is recognized in the Consolidated Statements of Operations, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the applicable tax amount is recognized in other comprehensive income or directly in equity, respectively.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the net tax effects of tax carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.
We recognize uncertain income tax positions in our financial statements when we believe it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examination. For a position that is more likely than not to be sustained, the benefit recognized is measured at the largest cumulative amount that is greater than 50 percent likely of being realized.
Other Provisions
Asset retirement obligations—At some sites, we are contractually obligated to decommission our plants upon site exit. Asset retirement obligations are recorded at the present value of the estimated costs to retire the asset at the time the obligation is incurred. That cost, which is capitalized as part of the related long-lived asset, is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the remaining useful life of the related asset.
Environmental provisions—We accrue for environmental remediation costs and other obligations when it is probable that a liability has been incurred and we can reasonably estimate the amount. The amount accrued reflects our assumptions about remediation requirements at the contaminated site, the nature of the remedy, the outcome of discussions with regulatory agencies and other potentially responsible parties at multi-party sites, and the number and financial viability of other potentially responsible parties. We do not reduce its estimated liability for possible recoveries from insurance carriers. Proceeds from insurance carriers are recorded when realized by either the receipt of cash or a contractual agreement. We determine the timing and amount of any liability based upon assumptions regarding future events. Inherent uncertainties exist in such evaluations primarily due to unknown conditions and other circumstances, changing governmental regulations and legal standards regarding liability, and evolving technologies. We adjust these liabilities periodically as remediation efforts progress or as additional technical or legal information becomes available.
Concentrations of Credit Risk
This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In addition, we and many of our customers operate worldwide and are therefore exposed to risks associated with the economic and political forces of various countries and geographic areas. We generally do not obtain any collateral for our receivables.
Foreign Currency Translation
Functional and Reporting Currency—Items included in the financial information of each of Orion’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”) and then translated to the U.S. dollar (“the reporting currency”) as follows:
•Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•Income and expenses for each income statement are translated at monthly average exchange rates; and
•All resulting exchange differences are recognized as a separate component within Other comprehensive income (foreign currency translation adjustments).
Transactions and Balances—Foreign currency transactions are recorded in their respective functional currency using exchange rates prevailing at the dates of the transactions. Exchange gains and losses, resulting from the settlement of such transactions and from remeasurement of monetary assets and liabilities denominated in foreign currencies at period-end exchange rates, are recognized in Interest and other financial expense, net in the Consolidated Statements of Operations.
Revenue Recognition
We recognize revenue when the customers obtain control of promised goods or services. The revenue recognized is the amount of consideration which we expect to receive in exchange for those goods or services. Our contracts with customers are generally for products only and do not include other performance obligations. Generally, we consider purchase orders, which in some cases are governed by master supply agreements, to be contracts with customers. The transaction price as specified on the purchase order or sales contract is considered the standalone selling price for each distinct product. To determine the transaction price at the time when revenue is recognized, we evaluate whether the price is subject to adjustments, such as for discounts or volume rebates, which are stated in the customer contract, to determine the net consideration to which we expect to be entitled.
Revenue from product sales is recognized based on a point in time model when control of the product is transferred to the customer, which typically occurs upon shipment or delivery of the product to the customer and title, risk and rewards of ownership have passed to the customer.
Taxes collected on sales to customers are excluded from the transaction price.
Shipping and handling activities that occur after the transfer of control to the customer are billed to customers and are recorded as sales revenue, as we consider these to be fulfillment costs. Shipping and handling costs are expensed in the period incurred and are included in Selling, general and administration expenses in our Consolidated Statements of Operations.
Payment terms on product sales to our customers typically range from 30 to 90 days. When the period of time between the transfer of control of the goods and the time the customer pays for the goods is one year or less, we do not consider there to be a significant financing component associated with the contract.
We do not have contract assets or liabilities that are material.
Stock-based compensation
Equity instruments are measured at fair value on the grant date. Stock-based compensation expense is generally recognized on a straight-line basis over the requisite service periods of the awards.
We use a Monte Carlo model to determine the fair value of certain stock-based awards that contain market and performance-based conditions. The use of these models requires highly subjective assumptions, such as assumptions about the expected life of the award, vesting probability, expected dividend yield and the volatility of our stock price.
Compensation expense for liability-classified stock-based awards are recognized on a straight-line basis over the vesting period as a liability and remeasured, at fair value, at the balance sheet date.
Leases
At inception of a contract, we determine if the contract contains a lease. When a lease is identified, we recognize a leased asset (i.e., “Right-of-Use” or “ROU” assets) and a corresponding lease liability based on the present value of the lease payments over the lease term, discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. Lease payments include fixed and variable lease components derived from usage or market-based indices, such as the consumer price index. Variable lease payments may fluctuate for a variety of reasons including usage, output, insurance or taxes. These variable amounts are expensed as incurred and not included in the lease assets or lease liabilities. Options to extend or terminate a lease are reflected in the lease payments and lease term when it is reasonably certain that we will exercise those options. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Operations.
Majority of our leases are operating leases for which we recognize lease expense on a straight-line basis over the lease term. We apply the practical expedient to account for lease and associated nonlease components as a single lease component.
Leases with an initial term of 12 months or less are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term.
Financial Instruments and Hedging Activities
Pursuant to our risk management policies, we may choose to enter into derivative transactions to manage market risk volatility associated with changes in commodity pricing, currency exchange rates and interest rates. Derivatives used for this purpose are generally designated as net investment hedges, cash flow hedges or fair value hedges. Derivative instruments are recorded at fair value in the balance sheet. Gains and losses related to changes in the fair value of derivative instruments not designated as hedges are recorded in Interest and other financial expense, net, in the Consolidated Statements of Operations.
Cash flows from derivatives designated as hedges are reported in our Consolidated Statements of Cash Flows under the same category as the cash flows from the hedged items unless the derivative contract contains a significant financing element. Cash flows for derivatives with a significant financing element are classified as Cash flows from financing activities.
Cash Flow Hedges—We enter into accounting cash flow hedges to manage the variability in cash flows of a future transaction. Our cash flow hedges include cross currency swaps, and options and swaps to hedge interest rate and foreign exchange risk. For derivatives designated as accounting cash flow hedges, the gains and losses are recorded in Other comprehensive income (loss) and released to earnings in the same line item and in the same period during which the hedged item affects earnings.
We use regression analysis to assess initial hedge effectiveness. Following the inception of a hedging relationship, hedge effectiveness is assessed quarterly based on qualitative factors, if applicable, or regression analysis.
We have cross-currency swap contracts designated as cash flow hedges to reduce our exposure to the foreign currency exchange risk associated with certain intercompany loans and debt denominated in currencies other than the functional currency of the issuer. Under the terms of these contracts, we make interest payments in euros and receive interest in U.S. dollars. Upon the maturities of these contracts, we will pay the principal amount of the loans in euros and receive U.S. dollars from our counterparties.
Net Investment Hedges—We enter into foreign currency derivatives and foreign currency denominated debt to reduce the volatility in stockholders’ equity resulting from changes in currency exchange rates of our foreign subsidiaries with respect to the U.S. dollar. Our foreign currency derivatives consist of cross-currency contracts and forward exchange contracts.
For derivatives designated as accounting net investment hedges, gains or losses attributable to changes in spot foreign exchange rates over the designation period are reflected in foreign currency translation adjustments within Other comprehensive income (loss). Recognition in earnings is delayed until the net investment is sold or substantially liquidated. At that time, the amount recognized is reported in the same line item as the gain or loss on the liquidation of the hedged foreign operations. For our cross-currency swaps, the associated interest receipts and payments are recorded in Interest expense. For our foreign currency forward contracts, we amortize initial forward point values on a straight-line basis to Interest expense over the life of the hedging instrument. We monitor on a quarterly basis for any overhedged positions requiring de-designation and re-designation of the hedge to remove such over-hedged condition.
Fair Value of Financial Instruments
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. An established hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of Orion. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability.
Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.
•Level 1—inputs are based on quoted prices for identical instruments traded in active markets.
•Level 2—inputs are based on quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities.
•Level 3—one or more significant inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques.
For level 2, we use the following inputs and valuation techniques to estimate the fair value of our financial instruments:
•Cross-Currency Swaps—The fair value of our cross-currency swaps is calculated using the present value of future cash flows discounted using observable inputs such as known notional value amounts, yield curves, basis curves, as applicable, and with the foreign currency leg revalued using published spot and forward exchange rates on the valuation date.
•Floating-for-Fixed Interest Rate Swaps—The fair value of our floating-for-fixed interest rate swaps is calculated using the present value of future cash flows using observable inputs such as benchmark interest rates and market yield curves.
•Long-Term Debt—The fair value of our Term-Loan is calculated using pricing data obtained from well-established and recognized vendors of market data for debt valuations. The fair value of our term loan is determined based on a discounted cash flow model using observable inputs such as benchmark interest rates and public information regarding our credit risk.
The carrying amounts that we have reported for financial instruments, including Cash and cash equivalents, Restricted cash and cash equivalents, Accounts receivable, Accounts payable and Short-term debts, approximate their fair values due to the short maturity of those instruments.
Employee Benefits
Pension Plans:
Defined Benefit Plans—Our defined benefit pension obligations are measured in accordance with the projected unit credit method. The calculations and the resulting amounts recorded in our Consolidated Financial Statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, mortality tables, and other factors. We evaluate the assumptions used on an annual basis.
Past service cost and actual return on plan assets in excess of expected return are initially recorded in Other comprehensive income and subsequently recognized in earnings over the average remaining service period of the participants to the extent it exceeds the "corridor". The corridor is defined as the greater of 10 percent of the accumulated projected benefit obligation or the fair value of the plan assets as of the beginning of the year.
Defined contribution obligations—Defined contribution obligations arise from commitments and state pension schemes (statutory pension insurance). We account for our contributions to a defined contribution plan on an accrual basis. An asset or liability may result from advance payments or payments due, respectively, to a defined contribution fund.
v3.25.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Recently Adopted Accounting Standards
Segment—In November 2023, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment. This ASU improves disclosures about a public entity’s reportable segments, including expanded segment expenses disclosure.
We adopted this standard on January 1, 2024 for the 2024 fiscal year, and for interim periods beginning January 1, 2025. The adoption of this standard did not have a material impact to our Consolidated Financial Statements. Refer to Note R. Segment Financial Information for additional information.
Recently Issued Accounting Standards Not Yet Adopted
Consolidated Statements of Operations—In November 2024, the FASB issued ASU 2024-03, and in January 2025, ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) and Clarifying the Effective Date, respectively. This ASU requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items.
This ASU does not change the expense captions an entity presents in the face of its Consolidated Statements of Operations. Rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the Consolidated Financial Statements.
This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Consolidated Financial Statements, however, will require additional disclosures in the footnotes to the Consolidated Financial Statements.
Income Taxes—In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU:
•Establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
•Requires disaggregated information about a reporting entity’s effective tax rate reconciliation.
•Requires disaggregated information about a reporting entity’s information on income taxes paid.
•Requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.
•Is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Consolidated Financial Statements, however, will require additional disclosures in Note P. Income Taxes.
v3.25.0.1
Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts Receivable Accounts Receivable
Accounts receivable, at December 31, are as follows:
20242023
(In millions)
Accounts receivable$213.1 $242.2 
Expected credit losses(1.2)(1.2)
Accounts receivable, net of expected credit losses$211.9 $241.0 
Allowance for credit losses, at December 31, are as follows:
20242023
(In millions)
Allowance for credit losses as of January 1,$(1.2)$(2.6)
Credit loss income and utilization— 0.4 
Foreign currency translation effects— 1.0 
Allowance for credit losses as of December 31,$(1.2)$(1.2)
Accounts Receivable Factoring Facilities―For the fiscal years ended December 31, 2024 and 2023, the gross amounts of receivables sold were $440.7 million and $427.2 million, respectively.
In the Condensed Consolidated Statements of Operations, the loss on receivables sold is reflected in Other expense (income), net. For the fiscal years ended December 31, 2024 and 2023, the loss on receivables sale was $5.0 million and $4.4 million, respectively.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories, net of reserves, at December 31, are as follows:
20242023
(In millions)
Raw materials, consumables and supplies, net$103.8 $113.8 
Work in process0.1 0.2 
Finished goods, net186.5 173.1 
Total$290.4 $287.1 
As of December 31, 2024 and 2023, inventory reserves were approximately $32.8 million and $25.4 million, respectively. The inventory reserve primarily relates to spare-parts and finished goods.
v3.25.0.1
Prepaid Expenses and Other Current Assets and Other Assets
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets and Other Assets Prepaid Expenses and Other Current Assets and Other Assets
Prepaid expenses and Other current assets, at December 31, consist of the following components:
20242023
(In millions)
VAT$29.0 $37.3 
Deposits9.9 15.6 
Restricted Cash0.5 2.7 
Miscellaneous other14.8 18.8 
Total$54.2 $74.4 
Other assets, at December 31, consist of the following components:
20242023
(In millions)
Financial assets$39.5 $36.5 
Miscellaneous other2.0 3.4 
Total$41.5 $39.9 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment, at December 31, consists of the following:
20242023
(In millions)
Land$28.2 $30.7 
Land rights and buildings139.9 138.1 
Plant and machinery1,339.7 1,308.3 
Other equipment, furniture and fixtures, including Asset retirement obligation51.0 46.2 
Construction in progress215.9 140.0 
Total property, plant and equipment1,774.7 1,663.3 
Less: accumulated depreciation809.7 763.2 
Net property, plant and equipment$965.0 $900.1 
Depreciation expense was $101.5 million, $92.4 million and $89.0 million for fiscal years ending December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Orion has entered into lease contracts as a lessee and is not acting as a lessor. The vast majority of Orion’s lease contracts are for operating assets such as rail cars, company cars, offices and office equipment, etc. Lease costs for the years ended December 31, are as follows:
202420232022
(In millions)
Finance lease costs$11.2 $9.3 $7.1 
Operating lease costs11.18.57.1
Short-term leasing costs5.35.54.6
Total$27.6 $23.3 $18.8 
ROU assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets, at December 31, are as follows:
20242023
(In millions)
ROU Assets
Operating leases $36.6 $21.7 
Finance leases81.3 88.9 
Total$117.9 $110.6 
Lease Liabilities(1)
Operating leases
Current$9.6 $6.1 
Long-term26.5 15.4 
36.1 21.5 
Finance leases
Current5.6 6.5 
Long-term80.0 84.9 
85.6 91.4 
Total$121.7 $112.9 
(1) Reflected in Current and Other liabilities in the Consolidated Balance Sheets.
The weighted remaining average minimum lease period for finance and operating leases are 16.1 years and 6.3 years, respectively.
Maturities of operating and finance lease liabilities are as follows:
Finance LeasesOperating LeasesTotal
(In millions)
Next 12 months$9.3 $10.7 $20.0 
1 to 2 years10.3 5.3 15.6 
2 to 3 years10.3 4.4 14.7 
3 to 4 years10.3 3.8 14.1 
4 to 5 years8.5 3.4 11.9 
More than 5 years73.5 13.4 86.9 
Total undiscounted minimum lease payments122.2 41.0 163.2 
Imputed interest36.6 4.9 41.5 
Lease liability (current and non-current)$85.6 $36.1 $121.7 
The weighted average discount rate applied to the lease liabilities for finance and operating leases are 4.8% and 5.6%, respectively.
Leases Leases
Orion has entered into lease contracts as a lessee and is not acting as a lessor. The vast majority of Orion’s lease contracts are for operating assets such as rail cars, company cars, offices and office equipment, etc. Lease costs for the years ended December 31, are as follows:
202420232022
(In millions)
Finance lease costs$11.2 $9.3 $7.1 
Operating lease costs11.18.57.1
Short-term leasing costs5.35.54.6
Total$27.6 $23.3 $18.8 
ROU assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets, at December 31, are as follows:
20242023
(In millions)
ROU Assets
Operating leases $36.6 $21.7 
Finance leases81.3 88.9 
Total$117.9 $110.6 
Lease Liabilities(1)
Operating leases
Current$9.6 $6.1 
Long-term26.5 15.4 
36.1 21.5 
Finance leases
Current5.6 6.5 
Long-term80.0 84.9 
85.6 91.4 
Total$121.7 $112.9 
(1) Reflected in Current and Other liabilities in the Consolidated Balance Sheets.
The weighted remaining average minimum lease period for finance and operating leases are 16.1 years and 6.3 years, respectively.
Maturities of operating and finance lease liabilities are as follows:
Finance LeasesOperating LeasesTotal
(In millions)
Next 12 months$9.3 $10.7 $20.0 
1 to 2 years10.3 5.3 15.6 
2 to 3 years10.3 4.4 14.7 
3 to 4 years10.3 3.8 14.1 
4 to 5 years8.5 3.4 11.9 
More than 5 years73.5 13.4 86.9 
Total undiscounted minimum lease payments122.2 41.0 163.2 
Imputed interest36.6 4.9 41.5 
Lease liability (current and non-current)$85.6 $36.1 $121.7 
The weighted average discount rate applied to the lease liabilities for finance and operating leases are 4.8% and 5.6%, respectively.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The carrying amount of goodwill attributable to each reportable segment for the years ended December 31, are as follows:
GoodwillRubberSpecialtyTotal
(In millions)
Balance as of January 1, 2023
$29.4 $44.0 $73.4 
Foreign currency impact1.1 1.6 2.7 
Balance as of December 31, 2023
30.5 45.6 76.1 
Foreign currency impact(1.9)(2.7)(4.6)
Balance as of December 31, 2024
$28.6 $42.9 $71.5 
Intangible Assets
The components of identifiable intangible assets, at cost, and the related accumulated amortization, at December 31, are as follows:
20242023
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
(In millions)
Developed technology and patents$65.6 $59.7 $5.9 $69.8 $58.7 $11.1 
Customer relationships70.4 68.1 2.3 74.9 72.2 2.7 
Trademarks17.9 16.2 1.7 19.0 15.6 3.4 
Long-term contracts7.3 2.4 4.9 7.7 2.8 4.9 
Other intangible assets46.7 43.0 3.7 46.8 43.4 3.4 
Total intangible assets$207.9 $189.4 $18.5 $218.2 $192.7 $25.5 
Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $7.2 million, $6.1 million and $6.6 million, respectively, and is included in Cost of sales and Selling, general and administrative expenses in the Consolidated Statements of Operations.
The estimated aggregate amortization expense for intangible assets for the fiscal years ending December 31, are as follows:
Year(In millions)
2025$7.1 
20264.1 
20271.4 
20281.0 
20290.8 
Thereafter4.1 
Total aggregated amortization$18.5 
v3.25.0.1
Accruals and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Accruals and Other Liabilities Accruals and Other Liabilities
The components of Current accrued liabilities, at December 31, are as follows:
20242023
(In millions)
Accrued employee compensation$20.6 $16.4 
Accrued liabilities for sales and procurement7.9 8.5 
Accrued liabilities for restructuring2.2 4.5 
Environmental reserves1.8 2.3 
Other accrued liabilities7.0 10.0 
Total$39.5 $41.7 
The components of Other current liabilities, at December 31, are as follows:
20242023
(In millions)
Employee related liabilities$6.3 $6.5 
Current lease liabilities (refer to Note G. Leases )
15.2 12.6 
Other current liabilities35.9 24.6 
Total$57.4 $43.7 
The components of Other long-term liabilities, at December 31, are as follows:
20242023
(In millions)
Employee related liabilities$4.4 $4.8 
Liabilities for asset retirement obligation11.4 4.3 
Environmental reserve0.6 0.7 
Long-term lease liabilities (refer to Note G. Leases )
106.5 100.3 
Other non-current liabilities0.8 0.5 
Total$123.7 $110.6 
v3.25.0.1
Debt and Other Obligations
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt and Other Obligations Debt and Other Obligations
Debt and Other Obligations, at December 31, are as follows:
20242023
(In millions)
Current
Term Loans$3.0 $3.1 
Deferred debt issuance costs - Term Loans(0.8)(0.8)
China Term Loan5.7 — 
Other short-term debt and obligations250.9 134.7 
Current portion of long-term debt and other financial liabilities258.8 137.0 
Non-current
Term Loans598.9 621.8 
Deferred debt issuance costs - Term Loans(2.1)(3.1)
China Term Loan
50.2 58.6 
Long-term debt, net647.0 677.3 
Total $905.8 $814.3 
(a) Term Loan
In 2014, Orion entered into credit agreement (the “Credit Agreement”), which included an $895.0 million term loan, which was allocated to a term loan facility denominated in U.S. dollars of $358.0 million and a term loan facility denominated in euros of €399.0 million with both having an original maturity date of July 25, 2021 (the “Prior Term Loans”). Initial interest was calculated based on three-month EURIBOR (for the euro-denominated loan), and three-month USD-LIBOR (for the USD-denominated loan) plus a 3.75% - 4.00% margin depending on the Company’s net leverage ratio. For both EURIBOR and USD-LIBOR a floor of 1.0% applied. At least 1% of the principal amount is required to be repaid per annum.
In September 2021, Orion entered into the Ninth Amendment to the Credit Agreement, which includes an amended and restated term loan agreement (the "Term Loans"). The Term Loan facility was allocated to a term loan facility denominated in U.S. dollars of $300 million and denominated in euros of €300 million with both having a maturity date of September 2028, replacing the Prior Term Loans. Interest is calculated based on three months EURIBOR (for the euro-denominated loan) plus a margin of 2.50%, or three-month USD-LIBOR (for the USD-denominated loan) plus a margin of 2.25%. For the U.S. dollar loan, a floor of 0.50% applies and for the euro-denominated loan no floor exists. 1% of the principal amount is required to be repaid per annum in respect to the USD-denominated loans, whereas there is no scheduled amortization for the euro-denominated loans.
Due to cessation of U.S. dollar LIBOR after June 30, 2023 (“LIBOR cessation date”), in May 2023, the Company entered into the Eleventh Amendment to the Credit Agreement to update the referenced floating benchmark rate. The U.S. dollar loan, three-month USD-LIBOR was replaced by USD Term SOFR 3M + CAS (Credit Adjustment Spread) effective for all interest rate periods after June 30, 2023.
The Term Loans include a sustainability-linked margin adjustment that applies to both the euro and U.S. dollar loans. The margin adjustment is based on annual SO2 and NOx emission reduction targets for the Company’s North American plants between 2022 and 2028, respectively. Specifically, the credit spread on the Term Loans will decline or rise by up to 10 basis points depending on the emissions profile of the Company’s North American plants, in aggregate. Starting in 2022 and continuing through 2025, the Company reviews annually whether both interim targets have been met. If the Company achieves both targets, it will benefit from up to a 10-basis point credit spread reduction for the prospective 12 months period following the submission of the annual ESG compliance certificate. For the period from 2026 to 2028, a margin step-up by 5 or 10 basis points would occur if Orion does not maintain the reduced emissions profile of one or both targets.
During 2024, the Company received a 10 basis point interest rate reduction on its sustainability linked Term-Loan because it met 2023 emissions target.
In connection with the September 2021 modification of the Term Loan, Orion incurred approximately $7.8 million of refinancing costs of which $2.8 million of loan origination costs were capitalized and $5.0 million of other fees were directly expensed.
Other provisions of the Credit Agreement relating to the Term Loans remained unchanged.
The Term Loan interest rates as of December 31 were as follows:
20242023
Euro-denominated Term Loan6.1 %5.6 %
U.S. dollars denominated Term Loan7.4 %7.4 %
(b) China Term Loan
To partially finance the construction of our Huaibei facility in China, on March 16, 2022, our wholly owned subsidiary, Orion Engineered Carbons (Huaibei) Co., Ltd. (“OECCL”), entered into a 4.5% fixed interest rate, CNY500 million (approximately $68 million), eight-year term-loan agreement with The Bank of China (“China Term-Loan”) maturing on December 21, 2029. OECCL is required to repay the China Term-Loan principal in semi-annual payments beginning June 2024. Interest is payable quarterly, beginning June 2022. The agreement restricts OECCL’s ability to make external investments, repay intercompany loan or distribute dividends. The principal repayments under the agreement are: 2% in 2024, 10% in 2025 and 22% each year thereafter, concluding in June 2029. The China Term-Loan is secured with the Huaibei facility’s land, construction in progress, and buildings as collateral. As of December 31, 2024, we have drawn $55.9 million on the facility.
(c) Other Short-Term Debt and Obligations
Other short-term debt and obligations, at December 31 were as follows:
20242023
(In millions)
Revolving Credit Facility$— $— 
Ancillary Credit Facilities
OEC GmbH outstanding borrowings147.8 88.8 
OEC LLC outstanding borrowings14.0 21.1 
OEC Huaibei outstanding borrowings16.5 — 
Korea Working Capital Loans (capacity $49.2 million)
Uncommitted1.7 1.9 
Committed22.7 20.1 
China Working Capital Loans11.7 2.8 
Repurchase Agreement36.5 — 
Total of Other Short-term Debt and Obligations$250.9 $134.7 
Supplemental information:
Total ancillary capacity - EUR€234.0 €214.0 
Total ancillary capacity - U.S. Dollars$243.1 $236.5 
Revolving Credit Facility
In 2014, under the Credit Agreement, we entered into a €115.0 million multicurrency revolving credit facility (“Prior RCF”) with an original maturity date of July 25, 2019. Interest is calculated based on EURIBOR (for euro drawings), and USD-LIBOR (for U.S. dollar drawings) plus a 2.5% - 3.0% margin (depending on leverage ratio).
Subsequent to 2014, Orion entered into a number of amendments, which largely were made to increase the Prior RCF capacity. The Prior RCF amendment completed in April 2019, extended the Prior RCF maturity date to April 25, 2024, increased the aggregate amount of revolving credit commitments in euro by €75.0 million and reduced the interest margin to a 1.7% to 2.7% range, using a revised pricing grid. In May 2022, we added an additional €100 million of capacity to our Prior RCF which expands our facility to €350.0 million.
In October 2023, Orion entered into the Thirteenth Amendment to the Credit Agreement, which amended and restated our revolving credit facility (as amended and restated, the “RCF”) and extended the maturity to September 2028. We voluntarily reduced the borrowing capacity under the RCF from €350 million to €300 million. Interest is calculated based on EURIBOR plus a 1.65% - 3.30% margin (depending on leverage ratio).
The RCF includes a sustainability-linked margin adjustment. Starting in 2024 continuing through 2028, the credit spread will increase or decrease up to 5 basis points depending on two key performance indicators: greenhouse gas intensity and environmental, social and governance rating from EcoVadis, a provider of corporate sustainability rating.
Other provisions of the Credit Agreement relating to the RCF remained unchanged, including the commitment fee, which remains at 35% of the interest margin or 1.0% at December 31, 2024.
As of December 31, 2024 and 2023, there were no borrowings under the RCF.
Letters of credit can be issued for the amount available under the RCF and ancillary facilities. The weighted average interest rates on the utilized RCF and ancillary facilities as of December 31, 2024 and 2023 were 5.7% and 6.2%, respectively.
For the years ended December 31, 2024 and 2023, amortized transaction costs were $0.7 million and $1.9 million, respectively. Amortized transaction costs in 2023 included the release of $0.5 million from Prior RCF.
Unamortized transaction costs included in the Consolidated Balance Sheets, as of December 31, 2024 and 2023, were approximately $2.6 million and $3.6 million, respectively.
As of December 31, 2024, the Company’s net leverage ratio, as defined under the Credit Agreement, was 3.14x.
Ancillary Credit Facilities—As part of the RCF, the Company can also establish ancillary credit facilities by converting the commitments of select lenders under the RCF into bilateral credit agreements. Borrowings under the ancillary credit facilities reduce RCF availability. For RCF financial covenant testing, borrowing under ancillary credit facilities are considered debt drawn under the RCF, as discussed elsewhere in this footnote.
As of December 31, 2024, the total commitment was €300 million (approximately $312 million) and was split between an €66 million RCF tranche and €234 million of bilateral ancillary facilities established directly with several banks under the RCF.
As of December 31, 2024 and 2023, committed ancillary credit facilities totaled $243.1 million and $236.5 million, respectively.
As of December 31, 2024, unutilized ancillary borrowing capacity was approximately $58.9 million.
The general terms of the ancillary credit facilities are linked to the terms in the RCF.
Korea Working Capital Loans—For working capital flexibility, we have a local facility of ₩67.5 billion ($45.8 million). As of December 31, 2024, we have outstanding borrowings of ₩33.5 billion ($22.7 million). In the Consolidated Statements of Cash Flows, this loan is reflected in Cash inflows related to current financial liabilities. Due to the short maturity, the carrying value approximates the fair value.
China Working Capital Loans—For working capital flexibility in Qingdao, we have a local facility of CNY 50.0 million ($6.8 million). As of December 31, 2024 and 2023, we have drawn CNY 49.2 million ($6.8 million) and CNY 20.0 million ($2.8 million), respectively.
For working capital flexibility in Huaibei, in October 2024, we began drawings from a facility agreement totaling $10.0 million. As of December 31, 2024, we have drawn $4.9 million (CNY 36.0 million).
In the Consolidated Statements of Cash Flows, these loans are reflected in Cash inflows related to current financial liabilities. Due to the short maturity, the carrying value approximates the fair value.
Repurchase Agreement—On August 23, 2024, we entered into a repurchase agreement to sell European Emission Allowance (“EUA”) certificates. Under the agreement, we sold 500 thousand EUA certificates for €35.1 million cash to a counterparty. The same counterparty has an obligation to resell, and we have the obligation to purchase, the same or substantially the same EUA certificates on June 25, 2025 for €36.5 million. The difference between the consideration received and the amount of consideration to be paid will be recognized as interest expense. At December 31, 2024, the amount outstanding, including accrued interest, was $37.0 million. Due to the short maturity, the carrying value approximates the fair value.
Future Years Payment Schedule
The aggregate principal amounts of long-term debt, excluding finance lease liabilities presented in Note G. Leases, are as follows:
Repayment
(In millions)
2025$8.7 
202615.6 
202715.6 
2028605.4 
202912.5 
2030— 
Total$657.8 
Covenant Compliance
The Credit Agreement contains certain non-financial covenants that, among other things, limit the Company’s ability and the ability of certain of its subsidiaries to (i) incur additional debt, (ii) pay dividends, repurchase stocks or make certain other restricted payments or investments, (iii) incur liens, (iv) sell assets, (v) to pay dividends or to make other payments to the Company, (vi) enter into affiliate
transactions, (vii) engage in sale and leaseback transactions, and (viii) consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to significant exceptions and qualifications.
In addition, there is one financial covenant under the amended RCF that will be tested when RCF utilization (including debt drawn under ancillary credit facility lines) exceeds 50%, which is that net leverage, as defined in the Credit Agreement, is not permitted to exceed 4.0x.
As of December 31, 2024, and 2023, we were in compliance with our debt covenants.
v3.25.0.1
Financial Instruments and Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurement Financial Instruments and Fair Value Measurement
Risk management
We have policies governing the use of derivative instruments and do not enter into financial instruments for trading or speculative purposes.
By using derivative instruments, we are subject to credit and market risk. To minimize counterparty credit (or repayment) risk, we enter into transactions, primarily with investment grade financial institutions. The market risk exposure is not hedged in a manner to completely eliminate the effects of changing market conditions on earnings or cash flow. No significant concentration of credit risk existed as of December 31, 2024 and 2023.
Cash flow hedge
On November 14, 2017 the Company acquired floored forward interest rate swaps to hedge interest rate risk on current euro-denominated term loan financing. On May 15, 2018 the Company entered into a $235.0 million cross-currency swap to hedge both foreign exchange rate and interest rate risk on current USD-denominated term loan financing which replaced the USD-denominated Caps terminated on May 14, 2018. Both of these instruments were designated as accounting hedges at the time we entered into the transactions. In July 2024 our interest rate swap expired and was not renewed. There were no material transactions recorded as a result of the expiration.
In September 2021, the Company restructured its previously existing cross-currency swaps in the amount of $197 million, to align with terms of the new U.S. dollar denominated term loan credit facility. Specifically for changes in the loan interest margin of 2.25% (formerly 2.0%) and the three-month USD-LIBOR floor of 0.50% (formerly 0.00%). The cross-currency swap became effective on September 30, 2021 and will expire on September 30, 2028, in line with the maturity of the term loan. This cross-currency swap was determined to be highly effective, continues to qualify for hedge accounting and was cost-neutral.
Fair value measurement
The following table summarizes outstanding financial instruments that are measured at fair value on a recurring basis:
December 31, 2024December 31, 2023Balance Sheet Classification
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Assets
Derivatives designated as hedges:
Cross currency swaps$197.0 $38.9 $197.0 $31.3 Other financial assets (non-current)
Interest rate swaps— — 303.9 4.6 Other financial assets (non-current)
Total$197.0 $38.9 $500.9 $35.9 
Liabilities
Derivatives designated as hedges:
Cross currency swaps$— $— $— $— Other liabilities (non-current)
Interest rate swaps— — — — Other liabilities (non-current)
Total$— $— $— $— 
All financial instruments in the table above are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets.
For financial assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. There were no transfers of assets measured at fair value between Level 1 and Level 2, and there were no Level 3 investments during fiscal 2024 and 2023.
Our cross currency swaps designated as a cash flow hedge of principal and interest payments related to our Term Loan matures in September 2028.
The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets.
December 31, 2024December 31, 2023
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Non-derivatives:
Liabilities:
Term loan$601.9 $601.9 $624.9 $617.0 
China Term-loan55.9 56.8 58.6 57.1 
Total$657.8 $658.7 $683.5 $674.1 
Term-Loan and China Term-loan in the table above are classified as Level 2.
At both December 31, 2024 and 2023, the fair values of Cash and cash equivalents and restricted cash, Accounts receivable, net, Accounts payable and Accrued liabilities and short term borrowings approximated their carrying values due to the short-term nature of these instruments.
The carrying amounts of our variable rate debt approximate the fair values due to variable interest rates with short reset periods.
The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effect of Financial Instruments
Year Ended December 31, 2024
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(3.3)$0.1 $— Interest and other financial expense, net
Interest rate swaps(4.1)(0.6)— Interest and other financial expense, net
Total$(7.4)$(0.5)$— 
Effect of Financial Instruments
Year Ended December 31, 2023
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(8.9)$1.7 $— Interest and other financial expense, net
Interest rate swaps(4.9)— — Interest and other financial expense, net
Total$(13.8)$1.7 $— 
Effect of Financial Instruments
Year Ended December 31, 2022
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$31.1 $1.7 $— Interest and other financial expense, net
Interest rate swaps18.1 — — Interest and other financial expense, net
Total$49.2 $1.7 $— 
The amount recognized in AOCI related to cash flow hedges that will be reclassified to the Consolidated Statement of Operations in the next twelve months is approximately $1.1 million.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Provisions are established to cover defined benefit plans for retirement, disability and surviving dependents’ pensions. The benefit obligations vary depending on the legal, tax and economic circumstances in the various countries in which we operate. Generally, the level of benefit depends on the length of service and the remuneration.
We have defined benefit plans in Germany and South Korea for which Germany accounted for approximately 93.1% and 93.6% in 2024 and 2023, respectively, of provisions for projected defined benefit pension plan obligations. Effective at the end of 2013, all defined benefit plans in Germany were modified to close access to new participants and freeze benefits accrued under these plans at December 31, 2013 levels. Interest expense on the frozen obligation relating to these plans will continue to accrue.
We have defined contribution plans in Germany and the U.S. Most employees are eligible to participate by contributing a portion of their compensation. We make employer contributions, such as matching contributions, to certain of these plans.
In South Korea, the Company’s pension plan provides, at the option of employees for either projected benefit or defined contribution benefits. Plan assets relating to this plan reduce the pension provision disclosed.
Obligations and Funded Status
The following provides information about projected benefit obligations, plan assets, the funded status and weighted-average assumptions of the defined benefit pension plan:
Change in Projected Benefit ObligationDecember 31
20242023
(In millions)
Present value of projected benefit obligation at the beginning of the year$65.4 $56.1 
Actuarial (gain)/ loss1.3 7.7 
Service cost0.3 0.3 
Interest cost2.6 2.6 
Benefits paid(1.7)(1.6)
Curtailments, settlements, special and contractual termination benefits(0.4)(1.2)
Currency translation(4.1)1.5 
Present value of projected benefit obligation at the end of the year$63.4 $65.4 
Based on the weighted Macaulay method the projected benefit obligation has a duration of 16.0 years (17.0 years in 2023).
Change in Plan AssetsDecember 31
20242023
(In millions)
Fair value of plan assets at the beginning of the year$3.6 $4.5 
Actual return on plan assets0.2 0.2 
Employer contributions0.5 0.1 
Settlement(0.4)(1.1)
Currency translation(0.5)(0.1)
Fair value of plan assets at the end of the year$3.4 $3.6 
The plan assets are held by Orion Engineered Carbons Co. Ltd. Korea, Bupyeong-gu, South Korea, and relate to qualifying insurance policies. These insurance policies do not have a quoted market price. The actual return on plan assets amounted to $0.2 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively.
Net Unfunded Status December 31
20242023
(In millions)
Projected benefit obligation$63.4 $65.4 
Less: Fair value of plan assets
3.4 3.6 
Net unfunded status$60.0 $61.8 
Amount Recognized in the Consolidated Balance Sheets December 31
20242023
(In millions)
Non-current assets$— $— 
Current liabilities1.5 1.4 
Non-current liabilities58.5 60.4 
Net liability recognized - pension plans$60.0 $61.8 
Pension Assumptions and Strategy
The assumptions used in the actuarial valuation of the underlying the obligations are as follows:
AssumptionsDecember 31
20242023
Discount rate3.6 %3.6 %
Expected long-term rate of return on plan assets3.5 %4.3 %
Rate of compensation/salary increase3.0 %3.0 %
Future pension increase2.9 %2.4 %
Mortality is based on Heubeck guidelines, the generally accepted biometric calculation bases for the balance sheet valuation of pension obligations in Germany.
A 0.5% increase or decrease in the discount rate or in the future pension increase would have impacted the projected benefit obligation as follows:
SensitivitiesDecember 31, 2024
Discount rateFuture pension increase
0.5% decrease0.5% increase0.5% decrease0.5% increase
(In millions)
Impact on projected benefit obligation$4.7 $(4.2)$(6.0)$6.6 
Net Periodic Pension Cost (Benefit)
Years Ended December 31,
202420232022
(In millions)
Service cost$0.3 $0.3 $0.4 
Interest cost2.6 2.6 1.5 
Expected return on plan assets(0.2)(0.2)(0.1)
Net periodic pension cost$2.7 $2.7 $1.8 
The total expected defined benefit pension contribution amounts to $1.7 million in 2025.
The Company paid $19.1 million, $17.9 million and $15.0 million for the years ended December 31, 2024, 2023 and 2022, respectively, for state defined contribution pension schemes (statutory pension insurance) in Germany and other countries. This amount is recognized as personnel expenses in cost of sales and in selling, general and administrative expenses in the Consolidated Statements of Operations.
Estimated Future Benefit Payments
We expect the following benefit payments will be made to plan participants in the years from 2025 to 2034:
Benefit payments(In millions)
2025$1.7 
20261.9 
20272.1 
20282.3 
20293.2 
2030 - 203415.0 
We do not anticipate making funding contributions to the Pension Plan in 2025.
Amounts Recognized in Accumulated Other Comprehensive (Income)/Loss
Amounts recognized in AOCI, at December 31, related to the Company's defined benefit pension plan are as follows:
202420232022
(In millions)
Net actuarial (gain) loss$1.3 $7.7 $(19.5)
Net prior service cost— — — 
Balance in accumulated other comprehensive (income) / loss
$1.3 $7.7 $(19.5)
No amount is estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2025.
Plan Assets
The fair value (all Level 2) of Orion's pension plan assets, at December 31, are as follows:
20242023
(In millions)
Government and corporate fixed income financial instruments
3.4 3.6 
Total pension plan assets
$3.4 $3.6 
Defined Contribution Plans
We provide tax-qualified retirement contribution plans in the United States for the benefit of all full-time employees. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the years ended December 31, 2024, 2023 and 2022 the Company contributions to the Employee Savings Plans were $1.5 million, $2.3 million and $2.0 million, respectively.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under our 2023 Omnibus Incentive Compensation Plan (the “Omnibus Plan”), we are authorized to grant Restricted Stock Units (“RSU”), Performance-based Restricted Stock Units (“PSU”), and other cash and stock awards under our Long-Term Incentive Plan (“LTIP”). The Compensation Committee of the Board of Directors (the “Compensation Committee”) oversees our equity award grants, the type of awards, the required performance measures and the timing and duration of each grant.
Performance-Based Restricted Stock Units—PSU awards are earned based on achievement against one or more performance metrics established by the Compensation Committee in respect of a specified performance period. Earned PSUs range from zero to a specified maximum percentage of a participant’s target award based on the achievement of applicable performance metrics, and are subject to vesting terms based on continued employment.
Certain PSU awards are based on the relative Total Shareholder Return (“TSR”). TSR is an objective calculation that takes into account our TSR as compared to the average of Total Shareholder Return percentage results for the Performance Period of two published indices (S&P SmallCap 600 Index, and the S&P 600 Chemicals Index) and whether our specific TSR is positive or negative. The fair value of PSUs is estimated on the grant date using a Monte-Carlo simulation.
Under the LTIP plans, the PSU vesting period is three years with cliff vesting occurring on December 31 of the third year.
Restricted Stock Units—RSUs entitle the recipient to be paid out an equal number of common stocks upon vesting. The RSUs vesting period is ratably over three years starting on January 1 in the year of the grant.
In certain instances, we issue RSU as sign-on incentives and one-time grants for employees. These RSUs vest over a three-year period and on a cliff vesting basis vesting occurs on the anniversary of the grant.
Restricted Stock—Certain members of our Board of Directors receive compensation in form of Restricted Stock (“RS”) in accordance with our 2023 Non-employee Director Plan. Under this plan 48,688 RS are currently outstanding. The RS vest and become non-forfeitable on the first anniversary of the grant date.
Performance-based Restricted Stock Units
In the following table summarizes PSU activity assuming payout at 100% of target shares for unvested awards:
Number of unitsWeighted-average grant-date fair value per unit
Unvested at January 1, 2024
674,736 $26.67 
Granted348,857 18.99 
Vested(305,939)15.99 
Forfeited(46,591)18.30 
Unvested at December 31, 2024
671,063 $28.13 
During 2023 and 2022 we granted 594,922 and 312,538 performance-based units, respectively, with a per unit weighted-average grant-date fair value of $29.62 and $16.14, respectively.
The 2022 PSU awards based on relative TSR and other metrics will be paid out at a multiple of 1.0X.
Restricted Stock Units
In the following table summarizes RSU activity:
Number of unitsWeighted-average grant-date fair value per unit
Unvested at January 1, 2024
312,177 $21.46 
Granted213,055 20.41 
Vested(195,090)21.18 
Forfeited(34,395)17.37 
Unvested at December 31, 2024
295,747 $21.37 
During 2023 and 2022 weighted average RSU grant-date fair value was $26.14 and $15.83, respectively. Total grant date fair value of RSUs were approximately $5.9 million and $3.8 million during 2023 and 2022, respectively.
Total fair value of RSUs vested was approximately $3.3 million and $7.4 million during 2023 and 2022, respectively.
As of December 31, 2024, we had unrecognized compensation cost of $14.6 million, based on the target amounts, related to unvested PSU, RSU and RS, which is expected to be recognized over a weighted average period of 1.54 years.
During 2024, 2023 and 2022 fiscal years, we recognized compensation expenses of $15.3 million, $15.4 million and $7.7 million, respectively, in the Consolidated Statements of Operations.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Changes in each component of AOCI, net of tax, for fiscal 2024, 2023 and 2022, are as follows:
Currency Translation AdjustmentsHedging Activities AdjustmentsPension and Other Postretirement Benefit Liability AdjustmentTotal
(In millions)
Balance at January 1, 2022$(34.1)$(10.8)$(3.6)$(48.5)
Other comprehensive income (loss) before reclassification(13.6)46.9 20.3 53.6 
Income tax effects0.2 (15.2)(6.3)(21.3)
Amounts reclassified from AOCI— 1.7 — 1.7 
Income tax effects— (0.5)— (0.5)
Currency translation AOCI— 2.3 0.2 2.5 
Balance at December 31,2022(47.5)24.4 10.6 (12.5)
Other comprehensive income (loss) before reclassification(7.9)(14.9)(8.1)(30.9)
Income tax effects0.3 4.7 2.5 7.5 
Amounts reclassified from AOCI— 1.7 (8.9)(7.2)
Income tax effects— (0.5)2.8 2.3 
Currency translation AOCI— 0.7 0.2 0.9 
Balance at December 31,2023(55.1)16.1 (0.9)(39.9)
Other comprehensive income (loss) before reclassification(24.5)(6.7)(0.7)(31.9)
Income tax effects0.2 2.1 0.3 2.6 
Amounts reclassified from AOCI— (0.5)— (0.5)
Income tax effects— 0.1 — 0.1 
Currency translation AOCI— (0.3)— (0.3)
Balance at December 31,2024$(79.4)$10.8 $(1.3)$(69.9)
Amounts recorded in AOCI exceeding 10% of the defined benefit obligation are recorded ratably as reclassification of actuarial gains or losses over the current year through profit and loss separately from income from operations and amounted to $8.9 million income for the year ended December 31, 2023. We were not outside of the 10% corridor for 2024 or 2022.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing net income attributable to Orion by the weighted average number of common stock outstanding during the period. Diluted EPS equals net income attributable to Orion divided by the weighted average number of common stock outstanding during the period, adjusted for the dilutive effect of our stock–based and other equity compensation awards.
The following table reflects the income and share data used in the basic and diluted EPS computations:
Years Ended December 31,
Dollars in millions, shares in thousands and per share amount in dollars202420232022
Net income for the period - attributable to ordinary equity holders of the parent$44.2 $103.5 $106.2 
Weighted average number of ordinary shares58,223 58,995 60,902 
Basic EPS$0.76 $1.75 $1.74 
Dilutive effect of share-based payments150 985 475 
Weighted average number of diluted ordinary shares58,373 59,980 61,378 
Diluted EPS$0.76 $1.73 $1.73 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company operates in multiple jurisdictions with complex tax and regulatory environments and our income tax returns are periodically audited or subjected to review by tax authorities. We monitor tax law changes and the potential impact to our results of operations.
Tax provision (benefit) for income taxes consisted of the following:
Years Ended December 31,
202420232022
(In millions)
Current
Domestic (1)
$8.4 $34.3 $17.8 
Foreign21.0 19.7 26.5 
Total29.4 54.0 44.3 
Deferred
Domestic (1)
(5.2)3.1 7.4 
Foreign(14.5)3.2 (0.2)
Total(19.7)6.3 7.2 
Provision for income taxes$9.7 $60.3 $51.5 
(1) Domestic refers to Germany.
The following table presents the components of income before income taxes for continuing operations for fiscal years 2024, 2023 and 2022 is as follows:
Years Ended December 31,
202420232022
(In millions)
Domestic (1)
$5.5 $119.1 $35.5 
Foreign48.4 44.7 122.2 
Income before income taxes$53.9 $163.8 $157.7 
(1) Domestic refers to Germany.
A statutory corporate income tax rate of 15.00% was used to calculate the current and deferred taxes for the German entities. A solidarity surcharge of 0.825% and a trade tax rate of 16.18%, for the years ended December 31, 2024, 2023 and 2022, respectively, were also reflected in the calculation. As a result, the overall statutory income tax rate for the German entities was 32.00%, for the years ended December 31, 2024, 2023 and 2022. The current and deferred taxes for the non-German entities were calculated using their respective country-specific tax rates.
Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, the amount of tax-free income, and impact of non-deductible expenses.
The following table reconciles the expected tax expense (benefit) at the German statutory tax rate of 32.0% as calculated for the years ended December 31, 2024, 2023 and 2022.
Years Ended December 31,
202420232022
(In millions)
Income before income taxes$53.9 $163.8 $157.7 
Expected income tax thereon17.0 52.3 50.5 
Tax rate differences1.0 (4.2)(4.0)
Effect of cross-border tax laws(9.4)— — 
Change in valuation allowance13.0 5.0 1.8 
Income taxes for prior years(1.0)3.3 — 
Uncertain tax position(13.3)1.6 0.3 
Non-deductible interest expenses— 0.1 1.9 
Non-deductible expenses, and non-deductible taxes1.5 2.1 3.5 
Effects of changes in permanent differences1.2 — — 
Tax effect on tax-free income(1.4)(1.5)(1.4)
Other tax effects1.1 1.6 (1.1)
Income tax expense$9.7 $60.3 $51.5 
Effective tax rate18.0 %36.9 %32.7 %
The 2024 effective income tax rate was 18.0% compared with 36.9% in 2023. The decrease in the effective tax rate was mainly due to the release of uncertain tax positions and changes in U.S. international tax laws. Those were partially offset by the effects of valuation allowances on tax losses and nondeductible expenses.
For the tax year ended December 31, 2024, additional valuation allowances were established primarily related to certain foreign net operating losses and other deferred tax assets. As part of the process of preparing the consolidated financial statements, we are required to determine the provision for income taxes. This process involves measuring temporary and permanent differences resulting from differing treatment of items for tax and accounting purposes. Non-deductible expenses and non-deductible taxes were analyzed and resulted in additional income tax.
Differences resulting from differing treatment of items for tax and accounting purpose, the net operating loss, and tax credit carryforwards result in deferred tax assets and liabilities. The deferred tax effects of tax losses, credit and interest carryforwards (“tax attributes”) and the tax effects of temporary differences between the tax basis of assets and liabilities and their amounts reported in the Consolidated Financial Statements, reduced by a valuation allowance where appropriate, are presented below.
December 31
20242023
(In millions)
Deferred tax assets
   Inventories$5.8 $3.0 
   Deferred Compensation4.0 4.1
   Provisions 14.3 13.0 
   Liabilities including leases liabilities42.5 40.3 
Loss carryforwards54.0 51.1 
Interest carryforwards5.6 7.1 
Tax credits21.0 8.1 
   Other 2.6 3.2
Total deferred tax assets149.8 129.9 
Deferred tax asset valuation allowances(50.5)(40.1)
Net deferred tax assets$99.3 $89.8 
Deferred Tax Liabilities
   Intangible assets$1.4 $2.2 
   Property, plant and equipment including right of use assets92.0 89.9 
   Financial assets13.7 10.3 
   Receivables, other assets7.1 9.0 
Other— 14.7 
Total deferred tax liabilities$114.2 $126.1 
Net deferred tax assets / (liabilities)$(14.9)$(36.3)
Our net deferred tax assets and liabilities reflected in our balance sheet are as follows:
Net deferred tax positionDecember 31
20242023
(In millions)
Deferred tax assets
Net deferred tax assets$21.6 $30.0 
Deferred tax liabilities
Net deferred tax liabilities36.5 66.3 
Net deferred tax asset / (liability) positions$(14.9)$(36.3)
As of each reporting date, management considers the weight of all evidence, both positive and negative, to determine if a valuation allowance is necessary for each jurisdiction's deferred tax assets. We place greater weight on historical evidence over future projections of our ability to utilize deferred tax assets. We consider future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, and taxable income in prior carryback year(s) if carryback is permitted under applicable law, as well as available prudent and feasible tax planning strategies that would, if necessary, be implemented to ensure realization of the net deferred tax assets. The following table presents a summary of our valuation allowance positions:
Valuation allowance202420232022
(In millions)
As of January 1,$40.1 $38.1 $36.3 
   Additions for Loss carryforwards 10.6 6.0 5.2 
   Additions Other0.2 0.2 0.8 
   Reduction for Tax Credits— — (4.2)
   Reduction for Loss and Interest carryforwards (0.4)(4.2)— 
As of December 31,$50.5 $40.1 $38.1 
The following table provides detail surrounding the expiration dates of the gross amount of tax loss carryforwards and tax credits:

December 31, 2024
Net operating loss carryforwards Tax Credits
(In millions)
2025 to 2031$5.0 $6.5 
2032 and thereafter31.1 14.5 
Indefinite carryforwards176.5 — 
Total$212.6 $21.0 
We continue to make an assertion to indefinitely reinvest the unrepatriated earnings of most of our foreign subsidiaries that would incur incremental tax consequences upon the distribution of such earnings. As of December 31, 2024, we did not provide for deferred taxes on earnings of most of our foreign subsidiaries that are indefinitely reinvested. If we were to make a distribution from the unremitted earnings of these subsidiaries, we could be subject to taxes in various jurisdictions. However, it is not practical to estimate the amount of tax that could ultimately be due if such earnings were remitted. If our expectations were to change regarding future tax consequences, we may be required to record additional deferred taxes that could have a material effect on our consolidated financial statements. Deferred tax liabilities amounting to $0.1 million, (2023: $0.1 million, 2022: $1.4 million) were recognized for certain subsidiaries for which we are not indefinitely reinvested, and a dividend distribution is expected in the future.
Tax uncertainties
We had no tax benefit relating to uncertain tax positions unrecognized as of December 31, 2024. Tax benefits totaling $13.3 million and $11.6 million relating to uncertain tax positions were unrecognized as of December 31, 2023 and 2022, respectively. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
202420232022
(In millions)
Balance at beginning of the year$13.3 $11.6 $12.1 
Additions for tax positions of prior year— 1.7 — 
Reductions of tax positions of prior year(11.9)— (0.5)
Reductions related to settlements and other(1.4)— — 
Balance at end of the year$— $13.3 $11.6 
As per December 31, 2024 we released all uncertain tax positions in a total amount of $13.3 million and related interest and penalties and associated interest and penalties. We did not accrue anything for interest and penalties as of December 31, 2024. We accrued $4.4 million and $4.0 million for interest and penalties as of December 31, 2023 and 2022, respectively.
Orion and certain subsidiaries are under audit in several jurisdictions. In 2024, the audits in Germany for periods 2011-2017 had been closed and an audit in France has been initiated. It is reasonably possible that our existing liabilities for unrecognized tax benefits may increase in future, primarily due to the progression of open audits. We cannot reasonably estimate a range of potential changes in our existing liabilities for unrecognized tax benefits due to various uncertainties, such as the unresolved nature of various audits.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Long-Term Commitments—To safeguard the supply of raw materials, contractual purchase commitments under long-term supply agreements for raw materials, primarily carbon black oil and natural gas, are in place are as follows:
MaturityDecember 31, 2024
(In millions)
2025$78.7 
202682.2 
202782.2 
202882.2 
202982.2 
2030 and thereafter
313.8 
Total$721.3 
Legal Proceedings—We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate. We regularly assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases.
The outcome of legal proceedings is inherently uncertain, and we offer no assurances as to the outcome of any of these matters or their effect on the Company.
Based on a consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material adverse effect upon our operations, financial condition or impact the Consolidated Financial Statements.
Loss due to misappropriation of assets, net—On August 10, 2024, the Company determined that a Company employee, who is not a Named Executive Officer, was the target of a criminal scheme that resulted in multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties. As a result of this incident, we recognized a one-time pre-tax charge of approximately $55.7 million, net of recoveries, for the unrecovered fraudulently induced wire transfers. The Company has cooperated, and will continue to cooperate, with law enforcement as appropriate and is pursuing recovery of these funds through all legally available means, including potentially available insurance coverage. The incident did not result in any unauthorized access to data or systems maintained by the Company. The business and operations of the Company were not affected. In addition, we incurred $3.6 million of professional fees in connection with our investigations. Together, the amount of $59.3 million is reported in Loss due to misappropriation of assets, net in our Condensed Consolidated Statements of Operations.
The tax benefit related to Loss due to misappropriation of assets, net was $16.4 million.
Pledges and guarantees
The Company has pledged the majority of its assets (amongst others shares in affiliates, bank accounts and receivables) within the different regions excluding China as collateral under the Credit Agreement. As of December 31, 2024, the Company had guarantees totaling $23.8 million issued by various financial institutions.
v3.25.0.1
Segment Financial Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Financial Information Segment Financial Information
Segment information
We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two operating segments as follows:
•Rubber Carbon Black—Used in the reinforcement of rubber in tires and mechanical rubber goods, and
•Specialty Carbon Black—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and special applications.
Corporate includes income and expense that cannot be directly allocated to the business segments or are managed on the corporate level. This includes Interest and other financial expense, net, taxes and items with less bearing on the underlying core business.
Our operations are managed by senior executives who report to our Chief Executive Officer (“CEO”), the chief operating decision maker (“CODM”). Discrete financial information is available for each of the segments, and the CODM uses operating results of each operating segment for performance evaluation and resource allocation.
Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define Adjusted EBITDA as Income from operations before depreciation and amortization, stock-based compensation, and non-recurring items (such as, restructuring expenses, Loss due to misappropriation of assets, net, etc.) plus Earnings in affiliated companies, net of tax.
The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources.
Segment operating results are as follows:
RubberSpecialtyCorporateTotal
(In millions)
2024
Net sales from external customers$1,231.2 $646.3 $— $1,877.5 
Cost of Sales954.3 494.4 — 1,448.7 
Gross Profit276.9 151.9 — 428.8 
Selling, general and administrative expenses152.1 84.7 1.0 237.8
Loss due to misappropriation of assets, net— — 59.3 59.3
Other segment items14.3 15.7 (1.0)29.0 
Income (loss) from operations110.5 51.5(59.3)102.7
LTIP and other non-operating charges7.2 7.1 — 14.3 
Loss due to misappropriation of assets, net— — 59.3 59.3 
Equity in earnings of affiliated companies, net of tax0.6 — — 0.6 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment75.8 49.5 — 125.3 
Adjusted EBITDA$194.1 $108.1 —$302.2 
Assets$1,047.8 $698.3 $111.2 $1,857.3 
Capital expenditures102.1 104.6 — 206.7 
2023
Net sales from external customers$1,283.3 $610.6 $— $1,893.9 
Cost of Sales992.6 450.3 — 1,442.9 
Gross Profit290.7 160.3 — 451.0 
Selling, general and administrative expenses135.0 85.71.2 221.9
Other segment items12.2 13.5(1.9)23.8
Income (loss) from operations143.5 61.10.7 205.3
LTIP and other non-operating charges7.2 7.0 (0.7)13.5 
Equity in earnings of affiliated companies, net of tax0.5 — — 0.5 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment70.4 42.6 — 113.0 
Adjusted EBITDA$221.6 $110.7 —$332.3 
Assets$1,014.3 $703.4 $115.7 $1,833.4 
Capital expenditures99.5 73.3 — 172.8 
2022
Net sales from external customers$1,355.5 $675.4 $— $2,030.9 
Cost of Sales1,107.4 474.7 — 1,582.1 
Gross Profit248.1 200.7 — 448.8 
Selling, general and administrative expenses137.7 88.60.8 227.1
Other segment items11.0 12.31.3 24.6
Income (loss) from operations99.4 99.8(2.1)197.1
LTIP and other non-operating charges3.4 3.5 2.1 9.0 
Equity in earnings of affiliated companies, net of tax0.5 — — 0.5 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment65.1 40.6 — 105.7 
Adjusted EBITDA$168.4 $143.9 —$312.3 
Assets$1,085.6 $647.1 $156.0 $1,888.7 
Capital expenditures134.1 98.7 — 232.8 
Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.
A reconciliation of Adjusted EBITDA to Income from continuing operations before income taxes for each of the periods presented is as follows:
202420232022
(In millions)
Income before earnings in affiliated companies and income taxes$53.3 $163.3 $157.2 
LTIP and other non-operating charges14.3 13.5 9.0 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment125.3 113.0 105.7 
Loss due to misappropriation of assets, net
Misappropriation of assets, net55.7 — — 
Professional fees related to misappropriation of assets3.6 — — 
Equity in earnings of affiliated companies, net of tax0.6 0.5 0.5 
Interest and other financial expense, net49.4 50.9 39.9 
Reclassification of actuarial (gains)/losses from AOCI— (8.9)— 
Adjusted EBITDA$302.2 $332.3 $312.3 
LTIP and other non-operating charges include the following:
202420232022
(In millions)
LTIP15.3 15.4 7.7 
Environmental reserves— (2.2)(0.4)
Other non-operating(1.0)0.3 1.7 
$14.3 $13.5 $9.0 
Geographic information:
Net salesYears Ended December 31,
202420232022
(In millions)
Americas$622.5 $657.4 $714.3 
USA430.0 470.4 514.6 
Brazil145.5 145.4 157.9 
Rest of Americas47.0 41.6 41.8 
EMEA831.6 804.5 854.6 
Germany168.3 189.5 227.9 
South Africa66.8 69.5 71.4 
Italy83.6 84.8 90.8 
Spain53.3 52.8 $61.0 
Turkey43.7 47.7 56.4 
France46.4 46.2 52.8 
Rest of EMEA369.5 314.0 294.3 
APAC423.4 432.0 462.0 
China187.0 178.3 173.2 
Republic of Korea130.4 139.0 169.6 
Rest of Asia106.0 114.7 119.2 
Total$1,877.5 $1,893.9 $2,030.9 
For the year ended December 31, 2024, one customer in the Rubber segment, aggregating to approximately $280.1 million, accounted for 10% or more of consolidated revenue. For the years ended December 31, 2023 and 2022, two customers in the Rubber segment, aggregating to approximately $466.5 million and $480.2 million, respectively, accounted for 10% or more of consolidated revenue.
Net sales to top ten customersYears Ended December 31,
202420232022
(In millions)
Rubber segment804.1 829.8 864.1 
Specialty segment 165.4 161.4 177.0 
Long-lived tangible assets(1)
December 31
20242023
(In millions)
Germany$168.6 $167.6 
Sweden24.526.1
Italy62.165.3
Poland22.116.7
Rest of Europe23.123.3
Subtotal Europe300.4299.1
United States530.1454.3
South Korea98.2104.2
South Africa27.518.9
Brazil17.720.8
China108.9113.4
Other0.10.1
Total$1,082.9 $1,010.7 
(1) Long-lived assets include property, plant and equipment, net and right-of-use assets, net.
v3.25.0.1
Related Parties
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Parties Related Parties    
Related parties include key management personnel having authority and responsibility for planning, directing and monitoring the activities of the Company directly or indirectly and their close family members.
In the normal course of business, Orion from time to time receives services from, or sells products to, related unconsolidated parties, in transactions that are either not material or approved in accordance with our Related Party Transaction Approval Policy.
As of December 31, 2024, related parties primarily includes our joint venture that is accounted for using the equity method of accounting, “Deutsche Gaßrußwerke” (DGW).
December 31,
20242023
(In millions)
Trade receivables$0.4 $0.4 
Trade payables16.9 29.9 
Years Ended December 31,
202420232022
(In millions)
Purchases$131.0 $111.7 $157.1 
Sales and services3.9 2.5 5.6 
Alpha Carbone—In the second quarter of 2024, we invested in Alpha Carbone (“AC”), a French tire recycling company. This partnership will enable AC to produce commercial volumes of tire pyrolysis oil and recovered carbon black. In addition, we entered in a long-term supply agreement for the tire pyrolysis oil produced by AC. The tire pyrolysis oil will be used to manufacture circular carbon black for tire and rubber goods customers.
We invested approximately $0.3 million (€0.3 million) in shares of AC and agreed to contribute, in 12 installments through 2025, $7.0 million (€6.7 million) in convertible bonds. In 2024, we contributed $2.8 million (€2.7 million) in a convertible bond.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 44.2 $ 103.5 $ 106.2
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We are fully committed to protecting our assets and ensuring security across our Information Technology (“IT”) and Operational Technology (“OT”) environments. Our approach to cybersecurity involves implementing technology standards, processes and an organizational design according to industry practices to strengthen our defenses against cyberattacks. We utilize security technologies, like firewalls, intrusion detection systems and encryption tools to establish defenses against cyber threats. We are committed to updating and patching our systems to ensure that vulnerabilities are promptly addressed. Our processes are aligned to identify weaknesses and areas for improvement by conducting cybersecurity audits and assessments. In the event of a cybersecurity incident, we have a defined incident response plan in place. The plan provides guidance on how to effectively respond. Our employees also undergo regular training programs on identified cybersecurity threats, and their role in maintaining a secure environment.
We continually develop solutions to mitigate the impact of cyber risks from external actors cyber activity, including via portals for potential and current partners with capability to report suspected phishing. Furthermore, we have a risk assessment procedure that identifies and examines cyber risks by taking into account their impact and the likelihood of them being exploited. We evaluate risk as part of our cybersecurity management program to validate capabilities and limitations. Together with our third-party IT service providers, we conduct vulnerability and security assessments, penetration testing and scenario-based evaluations to assess the effectiveness of our security measures against cyber threats. This allows us to make informed decisions regarding the prioritization and mitigation of risks in the IT and OT space. In addition, we also benchmark our measures to marketplace security standards such as the U.S. National Institute of Standards and Technology’s (“NIST”) and other cyber security standards. Regular table-top exercises are conducted, and we have a continuous security improvement process in place.
These processes also take into account risks that arise from our external partnerships and we understand that collaborating with external parties introduces vulnerabilities, such as supply chain risks, possibility of third-party data breach and reliance on partner security measures.
Our approach to managing cybersecurity is designed to ensure oversight and strategic leadership. Leading our cybersecurity risk management efforts is our Chief Information Security Officer (“CISO”).
In the case of cybersecurity incidents, our CISO leads our Cyber Emergency Response Team disclosure process, which is a collaborative process by which our CISO is advised of cyber incidents and communicates and collaborates with relevant departments across the organization to develop and execute an appropriate response.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We are fully committed to protecting our assets and ensuring security across our Information Technology (“IT”) and Operational Technology (“OT”) environments. Our approach to cybersecurity involves implementing technology standards, processes and an organizational design according to industry practices to strengthen our defenses against cyberattacks. We utilize security technologies, like firewalls, intrusion detection systems and encryption tools to establish defenses against cyber threats. We are committed to updating and patching our systems to ensure that vulnerabilities are promptly addressed. Our processes are aligned to identify weaknesses and areas for improvement by conducting cybersecurity audits and assessments.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board has delegated cybersecurity monitoring responsibility to the Audit Committee. Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee. The Audit Committee regularly discusses identified security risks with senior management and reviews management proposed mitigation measures, key cyber initiatives and programs. The Board also considers cybersecurity topics including risk mitigation on a regular basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board has delegated cybersecurity monitoring responsibility to the Audit Committee. Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee. The Audit Committee regularly discusses identified security risks with senior management and reviews management proposed mitigation measures, key cyber initiatives and programs.
Cybersecurity Risk Role of Management [Text Block]
Our approach to managing cybersecurity is designed to ensure oversight and strategic leadership. Leading our cybersecurity risk management efforts is our Chief Information Security Officer (“CISO”).
In the case of cybersecurity incidents, our CISO leads our Cyber Emergency Response Team disclosure process, which is a collaborative process by which our CISO is advised of cyber incidents and communicates and collaborates with relevant departments across the organization to develop and execute an appropriate response.
The Board has delegated cybersecurity monitoring responsibility to the Audit Committee. Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee. The Audit Committee regularly discusses identified security risks with senior management and reviews management proposed mitigation measures, key cyber initiatives and programs. The Board also considers cybersecurity topics including risk mitigation on a regular basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee. The Audit Committee regularly discusses identified security risks with senior management and reviews management proposed mitigation measures, key cyber initiatives and programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our employees also undergo regular training programs on identified cybersecurity threats, and their role in maintaining a secure environment.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
In the case of cybersecurity incidents, our CISO leads our Cyber Emergency Response Team disclosure process, which is a collaborative process by which our CISO is advised of cyber incidents and communicates and collaborates with relevant departments across the organization to develop and execute an appropriate response.
The Board has delegated cybersecurity monitoring responsibility to the Audit Committee. Regular updates on cybersecurity status, material cyber incidents, and cyber risk management from either the Chief Information Officer (“CIO”) or CISO are provided to both the Board and Audit Committee. The Audit Committee regularly discusses identified security risks with senior management and reviews management proposed mitigation measures, key cyber initiatives and programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying Consolidated Financial Statements have been prepared, in U.S. dollars, in conformity with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”). The Consolidated Financial Statements include the accounts of Orion S.A. and its wholly-owned subsidiaries and majority–owned and controlled entities. Subsidiaries are defined as being those companies over which we, either directly or indirectly, have control through a majority of the voting rights or the right to exercise control or to obtain the majority of the benefits and be exposed to the majority of the risks. Subsidiaries are consolidated from the date on which control is obtained until the date such control ceases.
All intercompany transactions and balances have been eliminated in consolidation
Use of Estimates and Assumptions
Use of Estimates and Assumptions
We make estimates and assumptions to prepare our financial statements in conformity with GAAP. Those estimates and assumptions affect the amount we report in our Consolidated Financial Statements and accompanying Notes. Our actual results could differ from those estimates, and variances could materially affect our financial condition and results of operations in future periods.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents comprise bank balances and cash on hand and also include highly liquid investments with maturities of three-months or less at the date of purchase. We record cash and cash equivalents as restricted when we are unable to freely use such cash and cash equivalents for our general operating purposes.
A majority of our restricted cash and cash equivalents serves as cash collateral deposits, voluntary and/or mandatory, for third-party bank guarantees.
Accounts and Notes Receivables
Accounts and Notes Receivables
Accounts receivable are amounts due from customers for merchandise sold or services performed in the ordinary course of business and are carried at transaction price net of allowance for credit losses. Allowance for credit losses is measured using historical loss rates for the respective risk categories and incorporating forward-looking estimates. The corresponding expense for the credit loss allowance is reflected in Selling, general and administrative expenses in the Consolidated Statements of Operations. Past due balances are written-off against credit loss allowance when the accounts are deemed no longer to be collectible.
We enter into agreements with various third-party financial institutions for the sale of certain Accounts receivable. We have concluded that there would generally be no risk of loss to us from non-payment of the sold receivables because:
•The transferred financial assets are isolated beyond the reach of our creditors, even in bankruptcy or other receivership;
•The party purchasing accounts receivables has the right to pledge and or exchange the transferred assets without restrictions; and
•We do not retain effective control over the transferred financial assets.
In the Condensed Consolidated Statements of Operations, the loss on receivables sale is reflected in Other expense (income), net.
Inventories
Inventories
The Company values inventory at the lower of cost or net realizable value using the average cost method. We periodically evaluate the net realizable value of inventories based primarily upon their age, but also upon assumptions of future usage in production, customer demand and market conditions. Inventories have been reduced to the lower of cost or net realizable value by allowances for slow moving or obsolete goods. If actual circumstances are less favorable than those projected by management in its evaluation of the net realizable value of inventories, additional write-downs may be required.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are recorded at historical cost. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Costs may also include borrowing costs incurred on debt during construction of major projects exceeding one year, costs of major maintenance arising from turnarounds of major units and committed decommissioning costs. Expenditures for major renewals and improvements, which significantly extend the useful lives of the existing property, plant and equipment, are capitalized and depreciated.
Routine maintenance costs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful lives of assets. The depreciable lives for Buildings, Plant and machinery, as well as Furniture, fixtures and office equipment, are between 5 and 50 years, 3 and 25 years, and 3 and 25 years, respectively.
Land is not depreciated.
We evaluate property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which, for us, is generally at the plant group level. If it is determined that an asset or asset group’s undiscounted future cash flows will not be sufficient to recover the carrying amount, the asset is written down to its estimated fair value.
Gain or loss on retirement or sale of property, plant and equipment is reflected in Other expense (income), net in the Consolidated Statements of Operations. There were no material write-offs in 2024, 2023 or 2022.
Goodwill
Goodwill
Goodwill is tested for impairment annually as of September 30, or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount.
We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed for each of the reporting units include, but are not limited to, changes in long-term commodity prices, discount rates, competitive environments, planned capacity, cost factors such as raw material prices, and financial performance of the reporting units. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit.
For 2024 and 2023, we performed qualitative impairment assessments of our reporting units, which indicated that the fair value of our reporting units was more likely than not greater than their carrying value including goodwill. Based on this assessment, our historical assessment for impairment and forecasted demand for our products, a quantitative goodwill impairment test at September 30, 2024 was not necessary.
Intangible Assets
Intangible Assets
Intangible assets comprise trade names and trademarks, customer relationships, developed technologies and software costs. These assets are amortized, using the straight-line method, over their estimated useful lives of 3-15 years or over the term of the related agreement. The useful lives of intangibles related to customer relationships acquired in business combinations are estimated on the basis of contractual arrangements and the probability of a continuing relationship.
We evaluate definite-lived intangible assets with the associated long-lived asset group for impairment whenever impairment indicators are present, such as a significant reduction in cash flows associated with the assets.
Investments in Equity Method Affiliates
Investments in Equity Method Affiliates
We account for equity investments (“equity investments”) using the equity method of accounting if we have the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% voting rights. Under the equity method of accounting, investments are stated initially at cost and are adjusted for subsequent additional investments and our proportionate share of profit or losses and distributions.
We record our share of the profit or losses of the equity method investments, net of income taxes, in the Consolidated Statements of Operations. When our share of losses in an equity investment equals or exceeds our interest in the equity investment, including any other unsecured receivables, we do not recognize further losses, unless we have incurred obligations or made payments on behalf of the equity investment.
We evaluate our equity method investments for impairment when events or changes in circumstances indicate, in our management’s judgment, that the carrying value of such investments may have experienced other-than-temporary decline in value. When evidence of loss in value has occurred, we compare the estimated fair value of investment to the carrying value of investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and our management considers the decline in value to be other-than-temporary, the excess of the carrying value over the estimated fair value is recognized in the Consolidated Financial Statements as an impairment.
We have investments in Kommanditgesellschaft Deutsche Gasrußwerke GmbH & Co and Kommanditgesellschaft Deutsche Gasrußwerke GmbH & Co, (together “DGW”), and Alpha Carbone which are accounted for using the equity method of investment.
Income Taxes
Income Taxes
The income tax for the period comprises current and deferred tax. Income tax is recognized in the Consolidated Statements of Operations, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the applicable tax amount is recognized in other comprehensive income or directly in equity, respectively.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the net tax effects of tax carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.
We recognize uncertain income tax positions in our financial statements when we believe it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examination. For a position that is more likely than not to be sustained, the benefit recognized is measured at the largest cumulative amount that is greater than 50 percent likely of being realized.
Other Provisions
Other Provisions
Asset retirement obligations—At some sites, we are contractually obligated to decommission our plants upon site exit. Asset retirement obligations are recorded at the present value of the estimated costs to retire the asset at the time the obligation is incurred. That cost, which is capitalized as part of the related long-lived asset, is depreciated on a straight-line basis over the remaining useful life of the related asset. Accretion expense in connection with the discounted liability is also recognized over the remaining useful life of the related asset.
Environmental provisions—We accrue for environmental remediation costs and other obligations when it is probable that a liability has been incurred and we can reasonably estimate the amount. The amount accrued reflects our assumptions about remediation requirements at the contaminated site, the nature of the remedy, the outcome of discussions with regulatory agencies and other potentially responsible parties at multi-party sites, and the number and financial viability of other potentially responsible parties. We do not reduce its estimated liability for possible recoveries from insurance carriers. Proceeds from insurance carriers are recorded when realized by either the receipt of cash or a contractual agreement. We determine the timing and amount of any liability based upon assumptions regarding future events. Inherent uncertainties exist in such evaluations primarily due to unknown conditions and other circumstances, changing governmental regulations and legal standards regarding liability, and evolving technologies. We adjust these liabilities periodically as remediation efforts progress or as additional technical or legal information becomes available.
Concentrations of Credit Risk
Concentrations of Credit Risk
This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that our customers may be similarly affected by changes in economic or other conditions. In addition, we and many of our customers operate worldwide and are therefore exposed to risks associated with the economic and political forces of various countries and geographic areas. We generally do not obtain any collateral for our receivables.
Foreign Currency Translation
Foreign Currency Translation
Functional and Reporting Currency—Items included in the financial information of each of Orion’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”) and then translated to the U.S. dollar (“the reporting currency”) as follows:
•Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
•Income and expenses for each income statement are translated at monthly average exchange rates; and
•All resulting exchange differences are recognized as a separate component within Other comprehensive income (foreign currency translation adjustments).
Transactions and Balances—Foreign currency transactions are recorded in their respective functional currency using exchange rates prevailing at the dates of the transactions. Exchange gains and losses, resulting from the settlement of such transactions and from remeasurement of monetary assets and liabilities denominated in foreign currencies at period-end exchange rates, are recognized in Interest and other financial expense, net in the Consolidated Statements of Operations.
Revenue Recognition
Revenue Recognition
We recognize revenue when the customers obtain control of promised goods or services. The revenue recognized is the amount of consideration which we expect to receive in exchange for those goods or services. Our contracts with customers are generally for products only and do not include other performance obligations. Generally, we consider purchase orders, which in some cases are governed by master supply agreements, to be contracts with customers. The transaction price as specified on the purchase order or sales contract is considered the standalone selling price for each distinct product. To determine the transaction price at the time when revenue is recognized, we evaluate whether the price is subject to adjustments, such as for discounts or volume rebates, which are stated in the customer contract, to determine the net consideration to which we expect to be entitled.
Revenue from product sales is recognized based on a point in time model when control of the product is transferred to the customer, which typically occurs upon shipment or delivery of the product to the customer and title, risk and rewards of ownership have passed to the customer.
Taxes collected on sales to customers are excluded from the transaction price.
Shipping and handling activities that occur after the transfer of control to the customer are billed to customers and are recorded as sales revenue, as we consider these to be fulfillment costs. Shipping and handling costs are expensed in the period incurred and are included in Selling, general and administration expenses in our Consolidated Statements of Operations.
Payment terms on product sales to our customers typically range from 30 to 90 days. When the period of time between the transfer of control of the goods and the time the customer pays for the goods is one year or less, we do not consider there to be a significant financing component associated with the contract.
We do not have contract assets or liabilities that are material.
Stock-based compensation
Stock-based compensation
Equity instruments are measured at fair value on the grant date. Stock-based compensation expense is generally recognized on a straight-line basis over the requisite service periods of the awards.
We use a Monte Carlo model to determine the fair value of certain stock-based awards that contain market and performance-based conditions. The use of these models requires highly subjective assumptions, such as assumptions about the expected life of the award, vesting probability, expected dividend yield and the volatility of our stock price.
Compensation expense for liability-classified stock-based awards are recognized on a straight-line basis over the vesting period as a liability and remeasured, at fair value, at the balance sheet date.
Leases
Leases
At inception of a contract, we determine if the contract contains a lease. When a lease is identified, we recognize a leased asset (i.e., “Right-of-Use” or “ROU” assets) and a corresponding lease liability based on the present value of the lease payments over the lease term, discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. Lease payments include fixed and variable lease components derived from usage or market-based indices, such as the consumer price index. Variable lease payments may fluctuate for a variety of reasons including usage, output, insurance or taxes. These variable amounts are expensed as incurred and not included in the lease assets or lease liabilities. Options to extend or terminate a lease are reflected in the lease payments and lease term when it is reasonably certain that we will exercise those options. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Operations.
Majority of our leases are operating leases for which we recognize lease expense on a straight-line basis over the lease term. We apply the practical expedient to account for lease and associated nonlease components as a single lease component.
Leases with an initial term of 12 months or less are recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term.
Financial Instruments and Hedging Activities
Financial Instruments and Hedging Activities
Pursuant to our risk management policies, we may choose to enter into derivative transactions to manage market risk volatility associated with changes in commodity pricing, currency exchange rates and interest rates. Derivatives used for this purpose are generally designated as net investment hedges, cash flow hedges or fair value hedges. Derivative instruments are recorded at fair value in the balance sheet. Gains and losses related to changes in the fair value of derivative instruments not designated as hedges are recorded in Interest and other financial expense, net, in the Consolidated Statements of Operations.
Cash flows from derivatives designated as hedges are reported in our Consolidated Statements of Cash Flows under the same category as the cash flows from the hedged items unless the derivative contract contains a significant financing element. Cash flows for derivatives with a significant financing element are classified as Cash flows from financing activities.
Cash Flow Hedges—We enter into accounting cash flow hedges to manage the variability in cash flows of a future transaction. Our cash flow hedges include cross currency swaps, and options and swaps to hedge interest rate and foreign exchange risk. For derivatives designated as accounting cash flow hedges, the gains and losses are recorded in Other comprehensive income (loss) and released to earnings in the same line item and in the same period during which the hedged item affects earnings.
We use regression analysis to assess initial hedge effectiveness. Following the inception of a hedging relationship, hedge effectiveness is assessed quarterly based on qualitative factors, if applicable, or regression analysis.
We have cross-currency swap contracts designated as cash flow hedges to reduce our exposure to the foreign currency exchange risk associated with certain intercompany loans and debt denominated in currencies other than the functional currency of the issuer. Under the terms of these contracts, we make interest payments in euros and receive interest in U.S. dollars. Upon the maturities of these contracts, we will pay the principal amount of the loans in euros and receive U.S. dollars from our counterparties.
Net Investment Hedges—We enter into foreign currency derivatives and foreign currency denominated debt to reduce the volatility in stockholders’ equity resulting from changes in currency exchange rates of our foreign subsidiaries with respect to the U.S. dollar. Our foreign currency derivatives consist of cross-currency contracts and forward exchange contracts.
For derivatives designated as accounting net investment hedges, gains or losses attributable to changes in spot foreign exchange rates over the designation period are reflected in foreign currency translation adjustments within Other comprehensive income (loss). Recognition in earnings is delayed until the net investment is sold or substantially liquidated. At that time, the amount recognized is reported in the same line item as the gain or loss on the liquidation of the hedged foreign operations. For our cross-currency swaps, the associated interest receipts and payments are recorded in Interest expense. For our foreign currency forward contracts, we amortize initial forward point values on a straight-line basis to Interest expense over the life of the hedging instrument. We monitor on a quarterly basis for any overhedged positions requiring de-designation and re-designation of the hedge to remove such over-hedged condition.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. An established hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of Orion. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability.
Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.
•Level 1—inputs are based on quoted prices for identical instruments traded in active markets.
•Level 2—inputs are based on quoted prices for similar instruments in active markets, quoted prices for similar or identical instruments in inactive markets and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets and liabilities.
•Level 3—one or more significant inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar valuation techniques.
For level 2, we use the following inputs and valuation techniques to estimate the fair value of our financial instruments:
•Cross-Currency Swaps—The fair value of our cross-currency swaps is calculated using the present value of future cash flows discounted using observable inputs such as known notional value amounts, yield curves, basis curves, as applicable, and with the foreign currency leg revalued using published spot and forward exchange rates on the valuation date.
•Floating-for-Fixed Interest Rate Swaps—The fair value of our floating-for-fixed interest rate swaps is calculated using the present value of future cash flows using observable inputs such as benchmark interest rates and market yield curves.
•Long-Term Debt—The fair value of our Term-Loan is calculated using pricing data obtained from well-established and recognized vendors of market data for debt valuations. The fair value of our term loan is determined based on a discounted cash flow model using observable inputs such as benchmark interest rates and public information regarding our credit risk.
The carrying amounts that we have reported for financial instruments, including Cash and cash equivalents, Restricted cash and cash equivalents, Accounts receivable, Accounts payable and Short-term debts, approximate their fair values due to the short maturity of those instruments.
Employee Benefits
Employee Benefits
Pension Plans:
Defined Benefit Plans—Our defined benefit pension obligations are measured in accordance with the projected unit credit method. The calculations and the resulting amounts recorded in our Consolidated Financial Statements are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for plan-eligible employees, mortality tables, and other factors. We evaluate the assumptions used on an annual basis.
Past service cost and actual return on plan assets in excess of expected return are initially recorded in Other comprehensive income and subsequently recognized in earnings over the average remaining service period of the participants to the extent it exceeds the "corridor". The corridor is defined as the greater of 10 percent of the accumulated projected benefit obligation or the fair value of the plan assets as of the beginning of the year.
Defined contribution obligations—Defined contribution obligations arise from commitments and state pension schemes (statutory pension insurance). We account for our contributions to a defined contribution plan on an accrual basis. An asset or liability may result from advance payments or payments due, respectively, to a defined contribution fund.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards
Segment—In November 2023, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment. This ASU improves disclosures about a public entity’s reportable segments, including expanded segment expenses disclosure.
We adopted this standard on January 1, 2024 for the 2024 fiscal year, and for interim periods beginning January 1, 2025. The adoption of this standard did not have a material impact to our Consolidated Financial Statements. Refer to Note R. Segment Financial Information for additional information.
Recently Issued Accounting Standards Not Yet Adopted
Consolidated Statements of Operations—In November 2024, the FASB issued ASU 2024-03, and in January 2025, ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) and Clarifying the Effective Date, respectively. This ASU requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items.
This ASU does not change the expense captions an entity presents in the face of its Consolidated Statements of Operations. Rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the Consolidated Financial Statements.
This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Consolidated Financial Statements, however, will require additional disclosures in the footnotes to the Consolidated Financial Statements.
Income Taxes—In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU:
•Establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
•Requires disaggregated information about a reporting entity’s effective tax rate reconciliation.
•Requires disaggregated information about a reporting entity’s information on income taxes paid.
•Requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.
•Is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Consolidated Financial Statements, however, will require additional disclosures in Note P. Income Taxes.
v3.25.0.1
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, at December 31, are as follows:
20242023
(In millions)
Accounts receivable$213.1 $242.2 
Expected credit losses(1.2)(1.2)
Accounts receivable, net of expected credit losses$211.9 $241.0 
Schedule of Allowance for Credit Losses
Allowance for credit losses, at December 31, are as follows:
20242023
(In millions)
Allowance for credit losses as of January 1,$(1.2)$(2.6)
Credit loss income and utilization— 0.4 
Foreign currency translation effects— 1.0 
Allowance for credit losses as of December 31,$(1.2)$(1.2)
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
Inventories, net of reserves, at December 31, are as follows:
20242023
(In millions)
Raw materials, consumables and supplies, net$103.8 $113.8 
Work in process0.1 0.2 
Finished goods, net186.5 173.1 
Total$290.4 $287.1 
v3.25.0.1
Prepaid Expenses and Other Current Assets and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and Other current assets, at December 31, consist of the following components:
20242023
(In millions)
VAT$29.0 $37.3 
Deposits9.9 15.6 
Restricted Cash0.5 2.7 
Miscellaneous other14.8 18.8 
Total$54.2 $74.4 
Other assets, at December 31, consist of the following components:
20242023
(In millions)
Financial assets$39.5 $36.5 
Miscellaneous other2.0 3.4 
Total$41.5 $39.9 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment, at December 31, consists of the following:
20242023
(In millions)
Land$28.2 $30.7 
Land rights and buildings139.9 138.1 
Plant and machinery1,339.7 1,308.3 
Other equipment, furniture and fixtures, including Asset retirement obligation51.0 46.2 
Construction in progress215.9 140.0 
Total property, plant and equipment1,774.7 1,663.3 
Less: accumulated depreciation809.7 763.2 
Net property, plant and equipment$965.0 $900.1 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Cost The vast majority of Orion’s lease contracts are for operating assets such as rail cars, company cars, offices and office equipment, etc. Lease costs for the years ended December 31, are as follows:
202420232022
(In millions)
Finance lease costs$11.2 $9.3 $7.1 
Operating lease costs11.18.57.1
Short-term leasing costs5.35.54.6
Total$27.6 $23.3 $18.8 
Schedule of Assets and Liabilities, Lessee
ROU assets and lease liabilities related to operating and finance leases reflected in the Consolidated Balance Sheets, at December 31, are as follows:
20242023
(In millions)
ROU Assets
Operating leases $36.6 $21.7 
Finance leases81.3 88.9 
Total$117.9 $110.6 
Lease Liabilities(1)
Operating leases
Current$9.6 $6.1 
Long-term26.5 15.4 
36.1 21.5 
Finance leases
Current5.6 6.5 
Long-term80.0 84.9 
85.6 91.4 
Total$121.7 $112.9 
(1) Reflected in Current and Other liabilities in the Consolidated Balance Sheets.
Schedule of Minimum Lease Payments
Maturities of operating and finance lease liabilities are as follows:
Finance LeasesOperating LeasesTotal
(In millions)
Next 12 months$9.3 $10.7 $20.0 
1 to 2 years10.3 5.3 15.6 
2 to 3 years10.3 4.4 14.7 
3 to 4 years10.3 3.8 14.1 
4 to 5 years8.5 3.4 11.9 
More than 5 years73.5 13.4 86.9 
Total undiscounted minimum lease payments122.2 41.0 163.2 
Imputed interest36.6 4.9 41.5 
Lease liability (current and non-current)$85.6 $36.1 $121.7 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The carrying amount of goodwill attributable to each reportable segment for the years ended December 31, are as follows:
GoodwillRubberSpecialtyTotal
(In millions)
Balance as of January 1, 2023
$29.4 $44.0 $73.4 
Foreign currency impact1.1 1.6 2.7 
Balance as of December 31, 2023
30.5 45.6 76.1 
Foreign currency impact(1.9)(2.7)(4.6)
Balance as of December 31, 2024
$28.6 $42.9 $71.5 
Schedule of Intangible Assets
The components of identifiable intangible assets, at cost, and the related accumulated amortization, at December 31, are as follows:
20242023
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
(In millions)
Developed technology and patents$65.6 $59.7 $5.9 $69.8 $58.7 $11.1 
Customer relationships70.4 68.1 2.3 74.9 72.2 2.7 
Trademarks17.9 16.2 1.7 19.0 15.6 3.4 
Long-term contracts7.3 2.4 4.9 7.7 2.8 4.9 
Other intangible assets46.7 43.0 3.7 46.8 43.4 3.4 
Total intangible assets$207.9 $189.4 $18.5 $218.2 $192.7 $25.5 
Schedule of Future Amortization Expense
The estimated aggregate amortization expense for intangible assets for the fiscal years ending December 31, are as follows:
Year(In millions)
2025$7.1 
20264.1 
20271.4 
20281.0 
20290.8 
Thereafter4.1 
Total aggregated amortization$18.5 
v3.25.0.1
Accruals and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Current Accrued Liabilities and Other Current Liabilities
The components of Current accrued liabilities, at December 31, are as follows:
20242023
(In millions)
Accrued employee compensation$20.6 $16.4 
Accrued liabilities for sales and procurement7.9 8.5 
Accrued liabilities for restructuring2.2 4.5 
Environmental reserves1.8 2.3 
Other accrued liabilities7.0 10.0 
Total$39.5 $41.7 
The components of Other current liabilities, at December 31, are as follows:
20242023
(In millions)
Employee related liabilities$6.3 $6.5 
Current lease liabilities (refer to Note G. Leases )
15.2 12.6 
Other current liabilities35.9 24.6 
Total$57.4 $43.7 
Schedule of Other Long-term Liabilities
The components of Other long-term liabilities, at December 31, are as follows:
20242023
(In millions)
Employee related liabilities$4.4 $4.8 
Liabilities for asset retirement obligation11.4 4.3 
Environmental reserve0.6 0.7 
Long-term lease liabilities (refer to Note G. Leases )
106.5 100.3 
Other non-current liabilities0.8 0.5 
Total$123.7 $110.6 
v3.25.0.1
Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Arrangements
Debt and Other Obligations, at December 31, are as follows:
20242023
(In millions)
Current
Term Loans$3.0 $3.1 
Deferred debt issuance costs - Term Loans(0.8)(0.8)
China Term Loan5.7 — 
Other short-term debt and obligations250.9 134.7 
Current portion of long-term debt and other financial liabilities258.8 137.0 
Non-current
Term Loans598.9 621.8 
Deferred debt issuance costs - Term Loans(2.1)(3.1)
China Term Loan
50.2 58.6 
Long-term debt, net647.0 677.3 
Total $905.8 $814.3 
Schedule of Interest Rate
The Term Loan interest rates as of December 31 were as follows:
20242023
Euro-denominated Term Loan6.1 %5.6 %
U.S. dollars denominated Term Loan7.4 %7.4 %
Schedule of Line of Ancillary Facilities
Other short-term debt and obligations, at December 31 were as follows:
20242023
(In millions)
Revolving Credit Facility$— $— 
Ancillary Credit Facilities
OEC GmbH outstanding borrowings147.8 88.8 
OEC LLC outstanding borrowings14.0 21.1 
OEC Huaibei outstanding borrowings16.5 — 
Korea Working Capital Loans (capacity $49.2 million)
Uncommitted1.7 1.9 
Committed22.7 20.1 
China Working Capital Loans11.7 2.8 
Repurchase Agreement36.5 — 
Total of Other Short-term Debt and Obligations$250.9 $134.7 
Supplemental information:
Total ancillary capacity - EUR€234.0 €214.0 
Total ancillary capacity - U.S. Dollars$243.1 $236.5 
Schedule of Future Years Payment Schedule
The aggregate principal amounts of long-term debt, excluding finance lease liabilities presented in Note G. Leases, are as follows:
Repayment
(In millions)
2025$8.7 
202615.6 
202715.6 
2028605.4 
202912.5 
2030— 
Total$657.8 
v3.25.0.1
Financial Instruments and Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Derivatives Instruments
The following table summarizes outstanding financial instruments that are measured at fair value on a recurring basis:
December 31, 2024December 31, 2023Balance Sheet Classification
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Assets
Derivatives designated as hedges:
Cross currency swaps$197.0 $38.9 $197.0 $31.3 Other financial assets (non-current)
Interest rate swaps— — 303.9 4.6 Other financial assets (non-current)
Total$197.0 $38.9 $500.9 $35.9 
Liabilities
Derivatives designated as hedges:
Cross currency swaps$— $— $— $— Other liabilities (non-current)
Interest rate swaps— — — — Other liabilities (non-current)
Total$— $— $— $— 
The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effect of Financial Instruments
Year Ended December 31, 2024
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(3.3)$0.1 $— Interest and other financial expense, net
Interest rate swaps(4.1)(0.6)— Interest and other financial expense, net
Total$(7.4)$(0.5)$— 
Effect of Financial Instruments
Year Ended December 31, 2023
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(8.9)$1.7 $— Interest and other financial expense, net
Interest rate swaps(4.9)— — Interest and other financial expense, net
Total$(13.8)$1.7 $— 
Effect of Financial Instruments
Year Ended December 31, 2022
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeAdditional Gain (Loss) Recognized in IncomeIncome Statement Classification
(In millions)
Derivatives designated as hedges:
Cross currency swaps$31.1 $1.7 $— Interest and other financial expense, net
Interest rate swaps18.1 — — Interest and other financial expense, net
Total$49.2 $1.7 $— 
Schedule of Fair Value Measurements Not Recurring
The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets.
December 31, 2024December 31, 2023
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Non-derivatives:
Liabilities:
Term loan$601.9 $601.9 $624.9 $617.0 
China Term-loan55.9 56.8 58.6 57.1 
Total$657.8 $658.7 $683.5 $674.1 
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations
Change in Projected Benefit ObligationDecember 31
20242023
(In millions)
Present value of projected benefit obligation at the beginning of the year$65.4 $56.1 
Actuarial (gain)/ loss1.3 7.7 
Service cost0.3 0.3 
Interest cost2.6 2.6 
Benefits paid(1.7)(1.6)
Curtailments, settlements, special and contractual termination benefits(0.4)(1.2)
Currency translation(4.1)1.5 
Present value of projected benefit obligation at the end of the year$63.4 $65.4 
Schedule of Changes in Fair Value of Plan Assets
Change in Plan AssetsDecember 31
20242023
(In millions)
Fair value of plan assets at the beginning of the year$3.6 $4.5 
Actual return on plan assets0.2 0.2 
Employer contributions0.5 0.1 
Settlement(0.4)(1.1)
Currency translation(0.5)(0.1)
Fair value of plan assets at the end of the year$3.4 $3.6 
Schedule of Net Funded Status
Net Unfunded Status December 31
20242023
(In millions)
Projected benefit obligation$63.4 $65.4 
Less: Fair value of plan assets
3.4 3.6 
Net unfunded status$60.0 $61.8 
Schedule of Amounts Recognized in Balance Sheet
Amount Recognized in the Consolidated Balance Sheets December 31
20242023
(In millions)
Non-current assets$— $— 
Current liabilities1.5 1.4 
Non-current liabilities58.5 60.4 
Net liability recognized - pension plans$60.0 $61.8 
Schedule of Assumptions Used
The assumptions used in the actuarial valuation of the underlying the obligations are as follows:
AssumptionsDecember 31
20242023
Discount rate3.6 %3.6 %
Expected long-term rate of return on plan assets3.5 %4.3 %
Rate of compensation/salary increase3.0 %3.0 %
Future pension increase2.9 %2.4 %
Mortality is based on Heubeck guidelines, the generally accepted biometric calculation bases for the balance sheet valuation of pension obligations in Germany.
A 0.5% increase or decrease in the discount rate or in the future pension increase would have impacted the projected benefit obligation as follows:
SensitivitiesDecember 31, 2024
Discount rateFuture pension increase
0.5% decrease0.5% increase0.5% decrease0.5% increase
(In millions)
Impact on projected benefit obligation$4.7 $(4.2)$(6.0)$6.6 
Schedule of Net Periodic Pension Cost (Benefit)
Net Periodic Pension Cost (Benefit)
Years Ended December 31,
202420232022
(In millions)
Service cost$0.3 $0.3 $0.4 
Interest cost2.6 2.6 1.5 
Expected return on plan assets(0.2)(0.2)(0.1)
Net periodic pension cost$2.7 $2.7 $1.8 
Schedule of Expected Benefit Payments
We expect the following benefit payments will be made to plan participants in the years from 2025 to 2034:
Benefit payments(In millions)
2025$1.7 
20261.9 
20272.1 
20282.3 
20293.2 
2030 - 203415.0 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in AOCI, at December 31, related to the Company's defined benefit pension plan are as follows:
202420232022
(In millions)
Net actuarial (gain) loss$1.3 $7.7 $(19.5)
Net prior service cost— — — 
Balance in accumulated other comprehensive (income) / loss
$1.3 $7.7 $(19.5)
Schedule of Allocation of Plan Assets
The fair value (all Level 2) of Orion's pension plan assets, at December 31, are as follows:
20242023
(In millions)
Government and corporate fixed income financial instruments
3.4 3.6 
Total pension plan assets
$3.4 $3.6 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity of PSUs
In the following table summarizes PSU activity assuming payout at 100% of target shares for unvested awards:
Number of unitsWeighted-average grant-date fair value per unit
Unvested at January 1, 2024
674,736 $26.67 
Granted348,857 18.99 
Vested(305,939)15.99 
Forfeited(46,591)18.30 
Unvested at December 31, 2024
671,063 $28.13 
Schedule of Activity of RSUs
In the following table summarizes RSU activity:
Number of unitsWeighted-average grant-date fair value per unit
Unvested at January 1, 2024
312,177 $21.46 
Granted213,055 20.41 
Vested(195,090)21.18 
Forfeited(34,395)17.37 
Unvested at December 31, 2024
295,747 $21.37 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Changes in AOCI, Net of Tax
Changes in each component of AOCI, net of tax, for fiscal 2024, 2023 and 2022, are as follows:
Currency Translation AdjustmentsHedging Activities AdjustmentsPension and Other Postretirement Benefit Liability AdjustmentTotal
(In millions)
Balance at January 1, 2022$(34.1)$(10.8)$(3.6)$(48.5)
Other comprehensive income (loss) before reclassification(13.6)46.9 20.3 53.6 
Income tax effects0.2 (15.2)(6.3)(21.3)
Amounts reclassified from AOCI— 1.7 — 1.7 
Income tax effects— (0.5)— (0.5)
Currency translation AOCI— 2.3 0.2 2.5 
Balance at December 31,2022(47.5)24.4 10.6 (12.5)
Other comprehensive income (loss) before reclassification(7.9)(14.9)(8.1)(30.9)
Income tax effects0.3 4.7 2.5 7.5 
Amounts reclassified from AOCI— 1.7 (8.9)(7.2)
Income tax effects— (0.5)2.8 2.3 
Currency translation AOCI— 0.7 0.2 0.9 
Balance at December 31,2023(55.1)16.1 (0.9)(39.9)
Other comprehensive income (loss) before reclassification(24.5)(6.7)(0.7)(31.9)
Income tax effects0.2 2.1 0.3 2.6 
Amounts reclassified from AOCI— (0.5)— (0.5)
Income tax effects— 0.1 — 0.1 
Currency translation AOCI— (0.3)— (0.3)
Balance at December 31,2024$(79.4)$10.8 $(1.3)$(69.9)
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS
The following table reflects the income and share data used in the basic and diluted EPS computations:
Years Ended December 31,
Dollars in millions, shares in thousands and per share amount in dollars202420232022
Net income for the period - attributable to ordinary equity holders of the parent$44.2 $103.5 $106.2 
Weighted average number of ordinary shares58,223 58,995 60,902 
Basic EPS$0.76 $1.75 $1.74 
Dilutive effect of share-based payments150 985 475 
Weighted average number of diluted ordinary shares58,373 59,980 61,378 
Diluted EPS$0.76 $1.73 $1.73 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Tax Provision (Benefit) for Income Taxes
Tax provision (benefit) for income taxes consisted of the following:
Years Ended December 31,
202420232022
(In millions)
Current
Domestic (1)
$8.4 $34.3 $17.8 
Foreign21.0 19.7 26.5 
Total29.4 54.0 44.3 
Deferred
Domestic (1)
(5.2)3.1 7.4 
Foreign(14.5)3.2 (0.2)
Total(19.7)6.3 7.2 
Provision for income taxes$9.7 $60.3 $51.5 
(1) Domestic refers to Germany.
Schedule of Income before Income Taxes
The following table presents the components of income before income taxes for continuing operations for fiscal years 2024, 2023 and 2022 is as follows:
Years Ended December 31,
202420232022
(In millions)
Domestic (1)
$5.5 $119.1 $35.5 
Foreign48.4 44.7 122.2 
Income before income taxes$53.9 $163.8 $157.7 
(1) Domestic refers to Germany.
Schedule of Effective Tax Rate Reconciliation
The following table reconciles the expected tax expense (benefit) at the German statutory tax rate of 32.0% as calculated for the years ended December 31, 2024, 2023 and 2022.
Years Ended December 31,
202420232022
(In millions)
Income before income taxes$53.9 $163.8 $157.7 
Expected income tax thereon17.0 52.3 50.5 
Tax rate differences1.0 (4.2)(4.0)
Effect of cross-border tax laws(9.4)— — 
Change in valuation allowance13.0 5.0 1.8 
Income taxes for prior years(1.0)3.3 — 
Uncertain tax position(13.3)1.6 0.3 
Non-deductible interest expenses— 0.1 1.9 
Non-deductible expenses, and non-deductible taxes1.5 2.1 3.5 
Effects of changes in permanent differences1.2 — — 
Tax effect on tax-free income(1.4)(1.5)(1.4)
Other tax effects1.1 1.6 (1.1)
Income tax expense$9.7 $60.3 $51.5 
Effective tax rate18.0 %36.9 %32.7 %
Schedule of Significant Components of Deferred Income Taxes The deferred tax effects of tax losses, credit and interest carryforwards (“tax attributes”) and the tax effects of temporary differences between the tax basis of assets and liabilities and their amounts reported in the Consolidated Financial Statements, reduced by a valuation allowance where appropriate, are presented below.
December 31
20242023
(In millions)
Deferred tax assets
   Inventories$5.8 $3.0 
   Deferred Compensation4.0 4.1
   Provisions 14.3 13.0 
   Liabilities including leases liabilities42.5 40.3 
Loss carryforwards54.0 51.1 
Interest carryforwards5.6 7.1 
Tax credits21.0 8.1 
   Other 2.6 3.2
Total deferred tax assets149.8 129.9 
Deferred tax asset valuation allowances(50.5)(40.1)
Net deferred tax assets$99.3 $89.8 
Deferred Tax Liabilities
   Intangible assets$1.4 $2.2 
   Property, plant and equipment including right of use assets92.0 89.9 
   Financial assets13.7 10.3 
   Receivables, other assets7.1 9.0 
Other— 14.7 
Total deferred tax liabilities$114.2 $126.1 
Net deferred tax assets / (liabilities)$(14.9)$(36.3)
Our net deferred tax assets and liabilities reflected in our balance sheet are as follows:
Net deferred tax positionDecember 31
20242023
(In millions)
Deferred tax assets
Net deferred tax assets$21.6 $30.0 
Deferred tax liabilities
Net deferred tax liabilities36.5 66.3 
Net deferred tax asset / (liability) positions$(14.9)$(36.3)
Schedule of Valuation Allowance The following table presents a summary of our valuation allowance positions:
Valuation allowance202420232022
(In millions)
As of January 1,$40.1 $38.1 $36.3 
   Additions for Loss carryforwards 10.6 6.0 5.2 
   Additions Other0.2 0.2 0.8 
   Reduction for Tax Credits— — (4.2)
   Reduction for Loss and Interest carryforwards (0.4)(4.2)— 
As of December 31,$50.5 $40.1 $38.1 
Schedule of Tax Loss and Interest Carryforwards
The following table provides detail surrounding the expiration dates of the gross amount of tax loss carryforwards and tax credits:

December 31, 2024
Net operating loss carryforwards Tax Credits
(In millions)
2025 to 2031$5.0 $6.5 
2032 and thereafter31.1 14.5 
Indefinite carryforwards176.5 — 
Total$212.6 $21.0 
Schedule of Unrecognized Tax Benefits The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
202420232022
(In millions)
Balance at beginning of the year$13.3 $11.6 $12.1 
Additions for tax positions of prior year— 1.7 — 
Reductions of tax positions of prior year(11.9)— (0.5)
Reductions related to settlements and other(1.4)— — 
Balance at end of the year$— $13.3 $11.6 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Purchase Commitments To safeguard the supply of raw materials, contractual purchase commitments under long-term supply agreements for raw materials, primarily carbon black oil and natural gas, are in place are as follows:
MaturityDecember 31, 2024
(In millions)
2025$78.7 
202682.2 
202782.2 
202882.2 
202982.2 
2030 and thereafter
313.8 
Total$721.3 
v3.25.0.1
Segment Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Segment operating results are as follows:
RubberSpecialtyCorporateTotal
(In millions)
2024
Net sales from external customers$1,231.2 $646.3 $— $1,877.5 
Cost of Sales954.3 494.4 — 1,448.7 
Gross Profit276.9 151.9 — 428.8 
Selling, general and administrative expenses152.1 84.7 1.0 237.8
Loss due to misappropriation of assets, net— — 59.3 59.3
Other segment items14.3 15.7 (1.0)29.0 
Income (loss) from operations110.5 51.5(59.3)102.7
LTIP and other non-operating charges7.2 7.1 — 14.3 
Loss due to misappropriation of assets, net— — 59.3 59.3 
Equity in earnings of affiliated companies, net of tax0.6 — — 0.6 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment75.8 49.5 — 125.3 
Adjusted EBITDA$194.1 $108.1 —$302.2 
Assets$1,047.8 $698.3 $111.2 $1,857.3 
Capital expenditures102.1 104.6 — 206.7 
2023
Net sales from external customers$1,283.3 $610.6 $— $1,893.9 
Cost of Sales992.6 450.3 — 1,442.9 
Gross Profit290.7 160.3 — 451.0 
Selling, general and administrative expenses135.0 85.71.2 221.9
Other segment items12.2 13.5(1.9)23.8
Income (loss) from operations143.5 61.10.7 205.3
LTIP and other non-operating charges7.2 7.0 (0.7)13.5 
Equity in earnings of affiliated companies, net of tax0.5 — — 0.5 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment70.4 42.6 — 113.0 
Adjusted EBITDA$221.6 $110.7 —$332.3 
Assets$1,014.3 $703.4 $115.7 $1,833.4 
Capital expenditures99.5 73.3 — 172.8 
2022
Net sales from external customers$1,355.5 $675.4 $— $2,030.9 
Cost of Sales1,107.4 474.7 — 1,582.1 
Gross Profit248.1 200.7 — 448.8 
Selling, general and administrative expenses137.7 88.60.8 227.1
Other segment items11.0 12.31.3 24.6
Income (loss) from operations99.4 99.8(2.1)197.1
LTIP and other non-operating charges3.4 3.5 2.1 9.0 
Equity in earnings of affiliated companies, net of tax0.5 — — 0.5 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment65.1 40.6 — 105.7 
Adjusted EBITDA$168.4 $143.9 —$312.3 
Assets$1,085.6 $647.1 $156.0 $1,888.7 
Capital expenditures134.1 98.7 — 232.8 
Other segment items—Other segment items for each reportable segment includes Research and Development costs and Other expense (income), net.
A reconciliation of Adjusted EBITDA to Income from continuing operations before income taxes for each of the periods presented is as follows:
202420232022
(In millions)
Income before earnings in affiliated companies and income taxes$53.3 $163.3 $157.2 
LTIP and other non-operating charges14.3 13.5 9.0 
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment125.3 113.0 105.7 
Loss due to misappropriation of assets, net
Misappropriation of assets, net55.7 — — 
Professional fees related to misappropriation of assets3.6 — — 
Equity in earnings of affiliated companies, net of tax0.6 0.5 0.5 
Interest and other financial expense, net49.4 50.9 39.9 
Reclassification of actuarial (gains)/losses from AOCI— (8.9)— 
Adjusted EBITDA$302.2 $332.3 $312.3 
LTIP and other non-operating charges include the following:
202420232022
(In millions)
LTIP15.3 15.4 7.7 
Environmental reserves— (2.2)(0.4)
Other non-operating(1.0)0.3 1.7 
$14.3 $13.5 $9.0 
Schedule of Geographic Information
Geographic information:
Net salesYears Ended December 31,
202420232022
(In millions)
Americas$622.5 $657.4 $714.3 
USA430.0 470.4 514.6 
Brazil145.5 145.4 157.9 
Rest of Americas47.0 41.6 41.8 
EMEA831.6 804.5 854.6 
Germany168.3 189.5 227.9 
South Africa66.8 69.5 71.4 
Italy83.6 84.8 90.8 
Spain53.3 52.8 $61.0 
Turkey43.7 47.7 56.4 
France46.4 46.2 52.8 
Rest of EMEA369.5 314.0 294.3 
APAC423.4 432.0 462.0 
China187.0 178.3 173.2 
Republic of Korea130.4 139.0 169.6 
Rest of Asia106.0 114.7 119.2 
Total$1,877.5 $1,893.9 $2,030.9 
Long-lived tangible assets(1)
December 31
20242023
(In millions)
Germany$168.6 $167.6 
Sweden24.526.1
Italy62.165.3
Poland22.116.7
Rest of Europe23.123.3
Subtotal Europe300.4299.1
United States530.1454.3
South Korea98.2104.2
South Africa27.518.9
Brazil17.720.8
China108.9113.4
Other0.10.1
Total$1,082.9 $1,010.7 
(1) Long-lived assets include property, plant and equipment, net and right-of-use assets, net.
Schedule of Segment Net Sales to Top Ten Customers
Net sales to top ten customersYears Ended December 31,
202420232022
(In millions)
Rubber segment804.1 829.8 864.1 
Specialty segment 165.4 161.4 177.0 
v3.25.0.1
Related Parties (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
December 31,
20242023
(In millions)
Trade receivables$0.4 $0.4 
Trade payables16.9 29.9 
Years Ended December 31,
202420232022
(In millions)
Purchases$131.0 $111.7 $157.1 
Sales and services3.9 2.5 5.6 
v3.25.0.1
Significant Accounting Policies - Property, Plant and Equipment, Narrative (Details)
Dec. 31, 2024
Minimum | Buildings  
Property, Plant and Equipment [Line Items]  
Depreciable life 5 years
Minimum | Plant and Machinery  
Property, Plant and Equipment [Line Items]  
Depreciable life 3 years
Minimum | Furniture, Fixtures and Office Equipment  
Property, Plant and Equipment [Line Items]  
Depreciable life 3 years
Maximum | Buildings  
Property, Plant and Equipment [Line Items]  
Depreciable life 50 years
Maximum | Plant and Machinery  
Property, Plant and Equipment [Line Items]  
Depreciable life 25 years
Maximum | Furniture, Fixtures and Office Equipment  
Property, Plant and Equipment [Line Items]  
Depreciable life 25 years
v3.25.0.1
Significant Accounting Policies - Intangible Assets and Goodwill, Narrative (Details)
Dec. 31, 2024
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Useful life 3 years
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life 15 years
v3.25.0.1
Significant Accounting Policies - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Payment terms Payment terms on product sales to our customers typically range from 30 to 90 days. When the period of time between the transfer of control of the goods and the time the customer pays for the goods is one year or less, we do not consider there to be a significant financing component associated with the contract.
v3.25.0.1
Significant Accounting Policies - Leases (Details)
Dec. 31, 2024
Accounting Policies [Abstract]  
Term of operating leases 12 months
v3.25.0.1
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Receivables [Abstract]      
Accounts receivable $ 213.1 $ 242.2  
Expected credit losses (1.2) (1.2) $ (2.6)
Accounts receivable, net of expected credit losses $ 211.9 $ 241.0  
v3.25.0.1
Accounts Receivable - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance for credit losses as of January 1, $ 1.2 $ 2.6
Credit loss income and utilization 0.0 0.4
Foreign currency translation effects 0.0 1.0
Allowance for credit losses as of December 31, $ 1.2 $ 1.2
v3.25.0.1
Accounts Receivable - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Gross amount of receivables sold $ 440.7 $ 427.2
Loss on receivables sold $ 5.0 $ 4.4
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials, consumables and supplies, net $ 103.8 $ 113.8
Work in process 0.1 0.2
Finished goods, net 186.5 173.1
Total 290.4 287.1
Reserve for obsolete, unmarketable and slow moving assets $ 32.8 $ 25.4
v3.25.0.1
Prepaid Expenses and Other Current Assets and Other Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
VAT $ 29.0 $ 37.3
Deposits 9.9 15.6
Restricted Cash 0.5 2.7
Miscellaneous other 14.8 18.8
Total $ 54.2 $ 74.4
v3.25.0.1
Prepaid Expenses and Other Current Assets and Other Assets - Other Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Financial assets $ 39.5 $ 36.5
Miscellaneous other 2.0 3.4
Total $ 41.5 $ 39.9
v3.25.0.1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 1,774.7 $ 1,663.3
Less: accumulated depreciation 809.7 763.2
Net property, plant and equipment 965.0 900.1
Land    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 28.2 30.7
Land rights and buildings    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 139.9 138.1
Plant and machinery    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 1,339.7 1,308.3
Other equipment, furniture and fixtures, including Asset retirement obligation    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 51.0 46.2
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 215.9 $ 140.0
v3.25.0.1
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 101.5 $ 92.4 $ 89.0
v3.25.0.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Finance lease costs $ 11.2 $ 9.3 $ 7.1
Operating lease costs 11.1 8.5 7.1
Short-term leasing costs 5.3 5.5 4.6
Total $ 27.6 $ 23.3 $ 18.8
v3.25.0.1
Leases - Schedule of Assets and Liabilities, Lessee (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ROU Assets    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating and finance lease, net carrying amount Operating and finance lease, net carrying amount
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating and finance lease, net carrying amount Operating and finance lease, net carrying amount
Operating leases $ 36.6 $ 21.7
Finance leases 81.3 88.9
Operating and finance lease, net carrying amount $ 117.9 $ 110.6
Operating leases    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Current $ 9.6 $ 6.1
Long-term 26.5 15.4
Operating lease liability $ 36.1 $ 21.5
Finance leases    
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Current $ 5.6 $ 6.5
Long-term 80.0 84.9
Finance lease liability 85.6 91.4
Lease liability (current and non-current) $ 121.7 $ 112.9
v3.25.0.1
Leases - Narrative (Details)
Dec. 31, 2024
Leases [Abstract]  
Finance lease, weighted average minimum lease term 16 years 1 month 6 days
Operating lease, weighted average minimum lease term 6 years 3 months 18 days
Finance lease, weighted average discount rate 4.80%
Operating lease, weighted average discount rate 5.60%
v3.25.0.1
Leases - Schedule of Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finance Leases    
Next 12 months $ 9.3  
1 to 2 years 10.3  
2 to 3 years 10.3  
3 to 4 years 10.3  
4 to 5 years 8.5  
More than 5 years 73.5  
Total undiscounted minimum lease payments 122.2  
Imputed interest 36.6  
Lease liability (current and non-current) 85.6 $ 91.4
Operating Leases    
Next 12 months 10.7  
1 to 2 years 5.3  
2 to 3 years 4.4  
3 to 4 years 3.8  
4 to 5 years 3.4  
More than 5 years 13.4  
Total undiscounted minimum lease payments 41.0  
Imputed interest 4.9  
Lease liability (current and non-current) 36.1 21.5
Next 12 months 20.0  
1 to 2 years 15.6  
2 to 3 years 14.7  
3 to 4 years 14.1  
4 to 5 years 11.9  
More than 5 years 86.9  
Total undiscounted minimum lease payments 163.2  
Imputed interest 41.5  
Lease liability (current and non-current) $ 121.7 $ 112.9
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Carrying Value of Goodwill by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 76.1 $ 73.4
Foreign currency impact (4.6) 2.7
Goodwill, ending balance 71.5 76.1
Rubber    
Goodwill [Roll Forward]    
Goodwill, beginning balance 30.5 29.4
Foreign currency impact (1.9) 1.1
Goodwill, ending balance 28.6 30.5
Specialty    
Goodwill [Roll Forward]    
Goodwill, beginning balance 45.6 44.0
Foreign currency impact (2.7) 1.6
Goodwill, ending balance $ 42.9 $ 45.6
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Cost $ 207.9 $ 218.2
Accumulated Amortization 189.4 192.7
Net 18.5 25.5
Developed technology and patents    
Finite-Lived Intangible Assets [Line Items]    
Cost 65.6 69.8
Accumulated Amortization 59.7 58.7
Net 5.9 11.1
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost 70.4 74.9
Accumulated Amortization 68.1 72.2
Net 2.3 2.7
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Cost 17.9 19.0
Accumulated Amortization 16.2 15.6
Net 1.7 3.4
Long-term contracts    
Finite-Lived Intangible Assets [Line Items]    
Cost 7.3 7.7
Accumulated Amortization 2.4 2.8
Net 4.9 4.9
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Cost 46.7 46.8
Accumulated Amortization 43.0 43.4
Net $ 3.7 $ 3.4
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 7.2 $ 6.1 $ 6.6
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]    
2025 $ 7.1  
2026 4.1  
2027 1.4  
2028 1.0  
2029 0.8  
Thereafter 4.1  
Net $ 18.5 $ 25.5
v3.25.0.1
Accruals and Other Liabilities - Schedule of Current Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Accrued employee compensation $ 20.6 $ 16.4
Accrued liabilities for sales and procurement 7.9 8.5
Accrued liabilities for restructuring 2.2 4.5
Environmental reserves 1.8 2.3
Other accrued liabilities 7.0 10.0
Total $ 39.5 $ 41.7
v3.25.0.1
Accruals and Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Employee related liabilities $ 6.3 $ 6.5
Current lease liabilities (refer to Note G. Leases ) 15.2 12.6
Other current liabilities 35.9 24.6
Total $ 57.4 $ 43.7
v3.25.0.1
Accruals and Other Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Employee related liabilities $ 4.4 $ 4.8
Liabilities for asset retirement obligation 11.4 4.3
Environmental reserve 0.6 0.7
Long-term lease liabilities (refer to Note G. Leases ) 106.5 100.3
Other non-current liabilities 0.8 0.5
Total $ 123.7 $ 110.6
v3.25.0.1
Debt and Other Obligations - Schedule of Debt Arrangements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current    
Other short-term debt and obligations $ 250.9 $ 134.7
Current portion of long-term debt and other financial liabilities 258.8 137.0
Non-current    
Long-term debt, net 647.0 677.3
Total 905.8 814.3
Term Loan | Term Loans    
Current    
Term Loans 3.0 3.1
Deferred debt issuance costs - Term Loans (0.8) (0.8)
Non-current    
Term Loans 598.9 621.8
Deferred debt issuance costs - Term Loans (2.1) (3.1)
Term Loan | China Term Loan    
Current    
Term Loans 5.7 0.0
Non-current    
China Term Loan $ 50.2 $ 58.6
v3.25.0.1
Debt and Other Obligations - Term Loan (Details) - Term Loan
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 16, 2022
USD ($)
Aug. 31, 2021
Sep. 30, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2014
USD ($)
Mar. 16, 2022
CNY (¥)
Sep. 30, 2021
EUR (€)
Dec. 31, 2014
EUR (€)
Line of Credit Facility [Line Items]                  
Term Loan           $ 895.0      
Required repayment per annum (at least) (as a percent)     1.00%     1.00%      
Emission reduction targets       0.10%          
Credit spread reduction       0.10%          
Achievement of targets prospective period       12 months          
Margin step-up for failure to achieve one target       0.05%          
Margin step-up for failure to achieve both targets       0.10%          
Basis point reduction         0.10%        
Debt issuance costs, gross     $ 7.8            
Debt issuance costs, net     2.8            
Debt related commitment fees     $ 5.0            
Orion Engineered Carbons (Huaibei) Co., Ltd                  
Line of Credit Facility [Line Items]                  
Term of loan (in years) 8 years                
Euro-denominated Term Loan                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     2.50%            
Variable rate basis floor           1.00%      
Euro-denominated Term Loan | Minimum                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate           3.75%      
Euro-denominated Term Loan | Maximum                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate           4.00%      
Formerly LIBOR                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     2.25%            
Variable rate basis floor     0.50%            
U.S. dollars denominated Term Loan                  
Line of Credit Facility [Line Items]                  
Term Loan     $ 300.0     $ 358.0      
U.S. dollars denominated Term Loan | Formerly LIBOR                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate   2.00% 2.25%            
Euro-denominated Term Loan                  
Line of Credit Facility [Line Items]                  
Term Loan | €               € 300.0 € 399.0
China Term Loan                  
Line of Credit Facility [Line Items]                  
China Term Loan       $ 50.2 $ 58.6        
China Term Loan | Orion Engineered Carbons (Huaibei) Co., Ltd                  
Line of Credit Facility [Line Items]                  
Term Loan $ 68.0           ¥ 500,000,000    
Debt interest (as a percent) 4.50%           4.50%    
Principal repayments year two (as a percent) 2.00%                
Principal repayments year three (as a percent) 10.00%                
Principal repayments annual after year three (as a percent) 22.00%                
China Term Loan       $ 55.9          
v3.25.0.1
Debt and Other Obligations - Average Term Loan Interest Rates (Details) - Term Loan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Euro-denominated Term Loan    
Debt Instrument [Line Items]    
Term Loan interest rates 6.10% 5.60%
U.S. dollars denominated Term Loan    
Debt Instrument [Line Items]    
Term Loan interest rates 7.40% 7.40%
v3.25.0.1
Debt and Other Obligations - Other Short-Term Debt and Obligations (Details)
₩ in Billions
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
KRW (₩)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Oct. 31, 2023
EUR (€)
Sep. 30, 2023
EUR (€)
May 31, 2022
EUR (€)
Dec. 31, 2014
EUR (€)
Debt Instrument [Line Items]                  
Repurchase Agreement $ 36,500,000     $ 0          
Total of Other Short-term Debt and Obligations 250,900,000     134,700,000          
Revolving Credit Facility | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Outstanding 0     0          
Borrowing capacity 312,000,000 € 300,000,000       € 300,000,000 € 350,000,000 € 350,000,000 € 115,000,000
Revolving Credit Facility | Ancillary Credit Facilities                  
Debt Instrument [Line Items]                  
Borrowing capacity 243,100,000 € 234,000,000   236,500,000 € 214,000,000.0        
Revolving Credit Facility | Ancillary Credit Facilities | OEC GmbH outstanding borrowings                  
Debt Instrument [Line Items]                  
Outstanding 147,800,000     88,800,000          
Revolving Credit Facility | Ancillary Credit Facilities | OEC LLC outstanding borrowings                  
Debt Instrument [Line Items]                  
Outstanding 14,000,000.0     21,100,000          
Revolving Credit Facility | Ancillary Credit Facilities | OEC Huaibei outstanding borrowings                  
Debt Instrument [Line Items]                  
Outstanding 16,500,000     0          
Working Capital Loan | South Korea                  
Debt Instrument [Line Items]                  
Borrowing capacity 49,200,000                
Working Capital Loan | Uncommitted | South Korea                  
Debt Instrument [Line Items]                  
Outstanding 1,700,000     1,900,000          
Working Capital Loan | Committed | South Korea                  
Debt Instrument [Line Items]                  
Outstanding       20,100,000          
Working Capital Loan | China Working Capital Loans | China                  
Debt Instrument [Line Items]                  
Outstanding 11,700,000     $ 2,800,000          
Working Capital Loan | Korea Working Capital Loans | South Korea                  
Debt Instrument [Line Items]                  
Outstanding 22,700,000   ₩ 33.5            
Borrowing capacity $ 45,800,000   ₩ 67.5            
v3.25.0.1
Debt and Other Obligations - Revolving Credit Facility (Details)
 1 Months Ended 12 Months Ended
Oct. 31, 2023
EUR (€)
Apr. 30, 2019
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2014
EUR (€)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Sep. 30, 2023
EUR (€)
May 31, 2022
EUR (€)
Debt Instrument [Line Items]                    
Amortization of debt issuance costs     $ 1,500,000 $ 2,700,000 $ 1,900,000          
Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Amortization of debt issuance costs     $ 700,000 1,900,000            
Leverage ratio     3.14       3.14      
Remaining borrowing capacity     $ 58,900,000              
Revolving Credit Facility | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Borrowing capacity € 300,000,000   $ 312,000,000     € 115,000,000 € 300,000,000   € 350,000,000 € 350,000,000
Expanded facility   $ 75,000,000               € 100,000,000
Credit spread increase or decrease rate 0.05%                  
Interest margin     35.00%              
Commitment fee percentage     100.00%              
Outstanding     $ 0 $ 0            
Weighted average interest rate     5.70% 6.20%     5.70% 6.20%    
Amortization of debt issuance costs       $ 500,000            
Transaction costs     $ 2,600,000 3,600,000            
Leverage ratio     4.0       4.0      
Revolving Credit Facility | Revolving Credit Facility | Minimum | EURIBOR and LIBOR                    
Debt Instrument [Line Items]                    
Basis spread on variable rate   1.70%       2.50%        
Revolving Credit Facility | Revolving Credit Facility | Minimum | Euro-denominated Term Loan                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 1.65%                  
Revolving Credit Facility | Revolving Credit Facility | Maximum | EURIBOR and LIBOR                    
Debt Instrument [Line Items]                    
Basis spread on variable rate   2.70%       3.00%        
Revolving Credit Facility | Revolving Credit Facility | Maximum | Euro-denominated Term Loan                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 3.30%                  
Revolving Credit Facility | RCF tranche                    
Debt Instrument [Line Items]                    
Borrowing capacity | €             € 66,000,000      
Revolving Credit Facility | Ancillary Credit Facilities                    
Debt Instrument [Line Items]                    
Borrowing capacity     $ 243,100,000 $ 236,500,000     € 234,000,000 € 214,000,000.0    
v3.25.0.1
Debt and Other Obligations - Other Narrative (Details)
emissions_certificate in Thousands, € in Millions, ¥ in Millions, $ in Millions
Aug. 23, 2024
EUR (€)
emissions_certificate
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CNY (¥)
Oct. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
CNY (¥)
Debt Instrument [Line Items]            
Number of emission allowance certificates sold | emissions_certificate 500          
Proceeds from sale of emissions certificate | € € 35.1          
Emissions certificates, repurchase obligation amount | € € 36.5          
Amount outstanding, including accrued interest   $ 37.0        
South Korea | Working Capital Loan            
Debt Instrument [Line Items]            
Borrowing capacity   49.2        
South Korea | Working Capital Loan | Committed            
Debt Instrument [Line Items]            
Outstanding         $ 20.1  
China | Working Capital Loan | China Working Capital Loans            
Debt Instrument [Line Items]            
Outstanding   11.7     2.8  
Qingdao | Working Capital Loan | China Working Capital Loans            
Debt Instrument [Line Items]            
Borrowing capacity   6.8 ¥ 50.0      
Outstanding   6.8 49.2   $ 2.8 ¥ 20.0
Huaibei | Working Capital Loan | China Working Capital Loans            
Debt Instrument [Line Items]            
Borrowing capacity       $ 10.0    
Outstanding   $ 4.9 ¥ 36.0      
v3.25.0.1
Debt and Other Obligations - Schedule of Future Years Payments (Details) - Term Loans
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 8.7
2026 15.6
2027 15.6
2028 605.4
2029 12.5
2030 0.0
Total $ 657.8
v3.25.0.1
Debt and Other Obligations - Covenant Compliance (Details) - Revolving Credit Facility
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Leverage ratio 3.14
Revolving Credit Facility  
Debt Instrument [Line Items]  
RCF utilization 50.00%
Leverage ratio 4.0
v3.25.0.1
Financial Instruments and Fair Value Measurement - Narrative (Details) - USD ($)
 1 Months Ended
Aug. 31, 2021
Sep. 30, 2021
Dec. 31, 2024
Dec. 31, 2023
May 15, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative asset, notional amount     $ 197,000,000.0 $ 500,900,000  
AOCI related to cash flow hedges expected to be reclassified     1,100,000    
Term Loan | Formerly LIBOR          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Basis spread on variable rate   2.25%      
Variable rate basis floor   0.50%      
Term Loan | U.S. dollars denominated Term Loan | Formerly LIBOR          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Basis spread on variable rate 2.00% 2.25%      
Term Loan | U.S. dollars denominated Term Loan | Three Month USD LIBOR          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Variable rate basis floor 0.00% 0.50%      
Cross currency swaps | Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Derivative asset, notional amount   $ 197,000,000 $ 197,000,000.0 $ 197,000,000.0  
Cross currency swaps | Cash Flow Hedge | Designated as Hedging Instrument          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount converted into EUR         $ 235,000,000
v3.25.0.1
Financial Instruments and Fair Value Measurement - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2021
Assets      
Notional Amount $ 197.0 $ 500.9  
Fair Value $ 38.9 $ 35.9  
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Liabilities      
Notional Amount $ 0.0 $ 0.0  
Fair Value $ 0.0 $ 0.0  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities  
Cross currency swaps | Designated as Hedging Instrument      
Assets      
Notional Amount $ 197.0 $ 197.0 $ 197.0
Fair Value 38.9 31.3  
Liabilities      
Notional Amount 0.0 0.0  
Fair Value 0.0 0.0  
Interest rate swaps | Designated as Hedging Instrument      
Assets      
Notional Amount 0.0 303.9  
Fair Value 0.0 4.6  
Liabilities      
Notional Amount 0.0 0.0  
Fair Value $ 0.0 $ 0.0  
v3.25.0.1
Financial Instruments and Fair Value Measurement - Fair Value of Non-Derivate Financial Instruments (Details) - Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Notional Amount    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan $ 657.8 $ 683.5
Fair Value    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan 658.7 674.1
Term loan | Notional Amount    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan 601.9 624.9
Term loan | Fair Value    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan 601.9 617.0
China Term-loan | Notional Amount    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan 55.9 58.6
China Term-loan | Fair Value    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Term loan $ 56.8 $ 57.1
v3.25.0.1
Financial Instruments and Fair Value Measurement - Summary of Effect Of Instruments Recorded In AOCI (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in AOCI $ (7.4) $ (13.8) $ 49.2
Gain (Loss) Reclassified from AOCI to Income (0.5) 1.7 1.7
Additional Gain (Loss) Recognized in Income 0.0 0.0 0.0
Cross currency swaps | Interest and other financial expense, net      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in AOCI (3.3) (8.9) 31.1
Gain (Loss) Reclassified from AOCI to Income 0.1 1.7 1.7
Additional Gain (Loss) Recognized in Income 0.0 0.0 0.0
Interest rate swaps | Interest and other financial expense, net      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (Loss) Recognized in AOCI (4.1) (4.9) 18.1
Gain (Loss) Reclassified from AOCI to Income (0.6) 0.0 0.0
Additional Gain (Loss) Recognized in Income $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Duration of defined benefit obligation 16 years 17 years  
Actual return on plan assets $ 0.2 $ 0.2  
Change in discount rate or future pension increase, impact projected benefit obligation, percent 0.50%    
Expected future employer contributions next fiscal year $ 1.7    
Statutory pension insurance 1.5 2.3 $ 2.0
Germany      
Defined Benefit Plan Disclosure [Line Items]      
Statutory pension insurance $ 19.1 $ 17.9 $ 15.0
Projected Benefit Pension Obligation | Geographic Concentration Risk | Germany      
Defined Benefit Plan Disclosure [Line Items]      
Concentration risk percentage 93.10% 93.60%  
v3.25.0.1
Employee Benefit Plans - Change in Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Present value of projected benefit obligation at the beginning of the year $ 65.4 $ 56.1  
Actuarial (gain)/ loss 1.3 7.7  
Service cost 0.3 0.3 $ 0.4
Interest cost 2.6 2.6 1.5
Benefits paid (1.7) (1.6)  
Curtailments, settlements, special and contractual termination benefits (0.4) (1.2)  
Currency translation (4.1) 1.5  
Present value of projected benefit obligation at the end of the year $ 63.4 $ 65.4 $ 56.1
v3.25.0.1
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of plan assets at the beginning of the year $ 3.6 $ 4.5
Actual return on plan assets 0.2 0.2
Employer contributions 0.5 0.1
Settlement (0.4) (1.1)
Currency translation (0.5) (0.1)
Fair value of plan assets at the end of the year $ 3.4 $ 3.6
v3.25.0.1
Employee Benefit Plans - Pension Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Projected benefit obligation $ 63.4 $ 65.4 $ 56.1
Less: Fair value of plan assets 3.4 3.6 $ 4.5
Net unfunded status $ 60.0 $ 61.8  
v3.25.0.1
Employee Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Non-current assets $ 0.0 $ 0.0
Current liabilities 1.5 1.4
Non-current liabilities 58.5 60.4
Net liability recognized - pension plans $ 60.0 $ 61.8
v3.25.0.1
Employee Benefit Plans - Pension Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Discount rate 3.60% 3.60%
Expected long-term rate of return on plan assets 3.50% 4.30%
Rate of compensation/salary increase 3.00% 3.00%
Future pension increase 2.90% 2.40%
v3.25.0.1
Employee Benefit Plans - Discount Rate Change, Projected Benefit Obligation (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Retirement Benefits [Abstract]  
Impact on projected benefit obligation, discount rate, 0.5% decrease $ 4.7
Impact on projected benefit obligation, discount rate, 0.5% increase (4.2)
Impact on projected benefit obligation, future pension increase 0.5% decrease (6.0)
Impact on projected benefit obligation, future pension increase, 0.5% increase $ 6.6
v3.25.0.1
Employee Benefit Plans - Schedule of Net Periodic Pension Cost (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income Not Disclosed Interest cost Interest cost Interest cost
Service cost $ 0.3 $ 0.3 $ 0.4
Interest cost 2.6 2.6 1.5
Expected return on plan assets (0.2) (0.2) (0.1)
Net periodic pension cost $ 2.7 $ 2.7 $ 1.8
v3.25.0.1
Employee Benefit Plans - Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Retirement Benefits [Abstract]  
2025 $ 1.7
2026 1.9
2027 2.1
2028 2.3
2029 3.2
2030 - 2034 $ 15.0
v3.25.0.1
Employee Benefit Plans - Amounts Recognized in AOCI (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Net actuarial (gain) loss $ 1.3 $ 7.7 $ (19.5)
Net prior service cost 0.0 0.0 0.0
Balance in accumulated other comprehensive (income) / loss $ 1.3 $ 7.7 $ (19.5)
v3.25.0.1
Employee Benefit Plans - Fair Value of Plan Asset Allocation (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total pension plan assets $ 3.4 $ 3.6 $ 4.5
Government and corporate fixed income financial instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total pension plan assets $ 3.4 $ 3.6  
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 14.6    
Unrecognized compensation cost, recognition period 1 year 6 months 14 days    
Compensation expense $ 15.3 $ 15.4 $ 7.7
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Expected performance 100.00%    
Granted during the period (in shares) 348,857 594,922 312,538
Granted (in dollars per share) $ 18.99 $ 29.62 $ 16.14
PSUs | 2022      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Earned range     100.00%
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Granted during the period (in shares) 213,055    
Granted (in dollars per share) $ 20.41 $ 26.14 $ 15.83
Grant date fair value   $ 5.9 $ 3.8
Aggregate grant date fair value   $ 3.3 $ 7.4
RSUs | Vesting Period One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
RSUs | Vesting Period Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
RSUs | Vesting Period Three      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
RSUs | Employees, Sign On | Vesting Period One | Executive Committee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
RSUs | Employees, Sign On | Vesting Period Two | Executive Committee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
RSUs | Employees, Sign On | Vesting Period Three | Executive Committee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage on each of the first, second, and third anniversary of the grant date 33.33%    
Restricted Shares | Non-employee Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding (in shares) 48,688    
Minimum | PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Earned range 0.00%    
v3.25.0.1
Stock-Based Compensation - Movement of PSUs and RSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
PSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding, beginning of period (in shares) 674,736    
Granted (in shares) 348,857 594,922 312,538
Vested (in shares) (305,939)    
Forfeited (in shares) (46,591)    
Outstanding, end of period (in shares) 671,063 674,736  
Weighted-average grant-date fair value per unit      
Beginning balance (in dollars per share) $ 26.67    
Granted (in dollars per share) 18.99 $ 29.62 $ 16.14
Vested (in dollars per share) 15.99    
Forfeited (in dollars per share) 18.30    
Ending balance (in dollars per share) $ 28.13 $ 26.67  
RSUs      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding, beginning of period (in shares) 312,177    
Granted (in shares) 213,055    
Vested (in shares) (195,090)    
Forfeited (in shares) (34,395)    
Outstanding, end of period (in shares) 295,747 312,177  
Weighted-average grant-date fair value per unit      
Beginning balance (in dollars per share) $ 21.46    
Granted (in dollars per share) 20.41 $ 26.14 $ 15.83
Vested (in dollars per share) 21.18    
Forfeited (in dollars per share) 17.37    
Ending balance (in dollars per share) $ 21.37 $ 21.46  
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in AOCI, Net of Tax (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax      
Beginning balance $ 478,500,000 $ 459,400,000 $ 319,700,000
Other comprehensive income (loss) before reclassification (31,900,000) (30,900,000) 53,600,000
Income tax effects 2,600,000 7,500,000 (21,300,000)
Amounts reclassified from AOCI (500,000) (7,200,000) 1,700,000
Income tax effects 100,000 2,300,000 (500,000)
Currency translation AOCI (300,000) 900,000 2,500,000
Ending balance 474,900,000 478,500,000 459,400,000
Accumulated other comprehensive loss      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (39,900,000) (12,500,000) (48,500,000)
Ending balance (69,900,000) (39,900,000) (12,500,000)
Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (55,100,000) (47,500,000) (34,100,000)
Other comprehensive income (loss) before reclassification (24,500,000) (7,900,000) (13,600,000)
Income tax effects 200,000 300,000 200,000
Amounts reclassified from AOCI 0 0 0
Income tax effects 0 0 0
Currency translation AOCI 0 0 0
Ending balance (79,400,000) (55,100,000) (47,500,000)
Hedging Activities Adjustments      
AOCI Attributable to Parent, Net of Tax      
Beginning balance 16,100,000 24,400,000 (10,800,000)
Other comprehensive income (loss) before reclassification (6,700,000) (14,900,000) 46,900,000
Income tax effects 2,100,000 4,700,000 (15,200,000)
Amounts reclassified from AOCI (500,000) 1,700,000 1,700,000
Income tax effects 100,000 (500,000) (500,000)
Currency translation AOCI (300,000) 700,000 2,300,000
Ending balance 10,800,000 16,100,000 24,400,000
Pension and Other Postretirement Benefit Liability Adjustment      
AOCI Attributable to Parent, Net of Tax      
Beginning balance (900,000) 10,600,000 (3,600,000)
Other comprehensive income (loss) before reclassification (700,000) (8,100,000) 20,300,000
Income tax effects 300,000 2,500,000 (6,300,000)
Amounts reclassified from AOCI 0 (8,900,000) 0
Income tax effects 0 2,800,000 0
Currency translation AOCI 0 200,000 200,000
Ending balance $ (1,300,000) $ (900,000) $ 10,600,000
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ 500,000 $ 7,200,000 $ (1,700,000)
Pension and Other Postretirement Benefit Liability Adjustment      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ 0 $ 8,900,000 $ 0
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income for the period - attributable to ordinary equity holders of the parent $ 44.2 $ 103.5 $ 106.2
Weighted average number of ordinary shares (in shares) 58,223 58,995 60,902
Basic EPS (in dollars per share) $ 0.76 $ 1.75 $ 1.74
Dilutive effect of share-based payments (in shares) 150 985 475
Weighted average number of diluted ordinary shares (in shares) 58,373 59,980 61,378
Diluted EPS (in dollars per share) $ 0.76 $ 1.73 $ 1.73
v3.25.0.1
Income Taxes - Schedule of Tax Provisions (Benefit) for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Domestic $ 8.4 $ 34.3 $ 17.8
Foreign 21.0 19.7 26.5
Total 29.4 54.0 44.3
Deferred      
Domestic (5.2) 3.1 7.4
Foreign (14.5) 3.2 (0.2)
Total (19.7) 6.3 7.2
Income tax expense $ 9.7 $ 60.3 $ 51.5
v3.25.0.1
Income Taxes - Schedule of Income before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 5.5 $ 119.1 $ 35.5
Foreign 48.4 44.7 122.2
Income before income taxes $ 53.9 $ 163.8 $ 157.7
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]        
Effective tax rate 18.00% 36.90% 32.70%  
Deferred tax liability due to subsidiaries for which a dividend distribution is expected $ 100,000 $ 100,000 $ 1,400,000  
Tax benefit for uncertain tax positions 0 13,300,000 11,600,000 $ 12,100,000
Unrecognized tax benefits, period increase (decrease) 13,300,000      
Income tax penalties and interest accrued $ 0 $ 4,400,000 $ 4,000,000  
German Entities        
Income Tax Contingency [Line Items]        
Corporate income tax rate 15.00%      
Solidarity surcharge 0.825% 0.825% 0.825%  
Trade tax rate 16.18% 16.18% 16.18%  
Overall tax rate 32.00% 32.00% 32.00%  
v3.25.0.1
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income before income taxes $ 53.9 $ 163.8 $ 157.7
Expected income tax thereon 17.0 52.3 50.5
Tax rate differences 1.0 (4.2) (4.0)
Effect of cross-border tax laws (9.4) 0.0 0.0
Change in valuation allowance 13.0 5.0 1.8
Income taxes for prior years (1.0) 3.3 0.0
Uncertain tax position (13.3) 1.6 0.3
Non-deductible interest expenses 0.0 0.1 1.9
Non-deductible expenses, and non-deductible taxes 1.5 2.1 3.5
Effects of changes in permanent differences 1.2 0.0 0.0
Tax effect on tax-free income (1.4) (1.5) (1.4)
Other tax effects 1.1 1.6 (1.1)
Income tax expense $ 9.7 $ 60.3 $ 51.5
Effective tax rate 18.00% 36.90% 32.70%
v3.25.0.1
Income Taxes - Schedule of Significant Components of Deferred Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets        
Inventories $ 5.8 $ 3.0    
Deferred Compensation 4.0 4.1    
Provisions 14.3 13.0    
Liabilities including leases liabilities 42.5 40.3    
Loss carryforwards 54.0 51.1    
Interest carryforwards 5.6 7.1    
Tax credits 21.0 8.1    
Other 2.6 3.2    
Total deferred tax assets 149.8 129.9    
Deferred tax asset valuation allowances (50.5) (40.1) $ (38.1) $ (36.3)
Net deferred tax assets 99.3 89.8    
Deferred Tax Liabilities        
Intangible assets 1.4 2.2    
Property, plant and equipment including right of use assets 92.0 89.9    
Financial assets 13.7 10.3    
Receivables, other assets 7.1 9.0    
Other 0.0 14.7    
Total deferred tax liabilities 114.2 126.1    
Net deferred tax assets / (liabilities) (14.9) (36.3)    
Deferred income tax assets 21.6 30.0    
Deferred income tax liabilities $ 36.5 $ 66.3    
v3.25.0.1
Income Taxes - Valuation Allowance Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance $ 40.1 $ 38.1 $ 36.3
Additions for Loss carryforwards 10.6 6.0 5.2
Additions Other 0.2 0.2 0.8
Reduction for Tax Credits 0.0 0.0 (4.2)
Reduction for Loss and Interest carryforwards (0.4) (4.2) 0.0
Ending balance $ 50.5 $ 40.1 $ 38.1
v3.25.0.1
Income Taxes - Schedule of Tax Loss Carryforwards (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards $ 212.6
Tax Credits 21.0
2025 to 2031  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 5.0
Tax Credits 6.5
2032 and thereafter  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 31.1
Tax Credits 14.5
Indefinite carryforwards  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 176.5
Tax Credits $ 0.0
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits      
Balance at beginning of the year $ 13.3 $ 11.6 $ 12.1
Additions for tax positions of prior year 0.0 1.7 0.0
Reductions of tax positions of prior year (11.9) 0.0 (0.5)
Reductions related to settlements and other (1.4) 0.0 0.0
Balance at end of the year $ 0.0 $ 13.3 $ 11.6
v3.25.0.1
Commitments and Contingencies - Other Long-Term Commitments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Maturity  
2025 $ 78.7
2026 82.2
2027 82.2
2028 82.2
2029 82.2
2030 and thereafter 313.8
Total $ 721.3
v3.25.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 10, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]        
Misappropriation of assets, net $ 55.7 $ 59.3 $ 0.0 $ 0.0
Professional fees related to misappropriation of assets $ 3.6 3.6 $ 0.0 $ 0.0
Tax benefit related to loss   16.4    
Guarantee obligation carrying amount   $ 23.8    
v3.25.0.1
Segment Financial Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Revenue, Major Customer [Line Items]      
Number of operating segments | segment 2    
Sales and services $ 1,877.5 $ 1,893.9 $ 2,030.9
One customer | Net Sales | Customers | Rubber      
Revenue, Major Customer [Line Items]      
Sales and services $ 280.1    
Two customers | Net Sales | Customers | Rubber      
Revenue, Major Customer [Line Items]      
Sales and services   $ 466.5 $ 480.2
v3.25.0.1
Segment Financial Information - Schedule of Segment Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 10, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Net sales from external customers   $ 1,877.5 $ 1,893.9 $ 2,030.9
Cost of Sales   1,448.7 1,442.9 1,582.1
Gross profit   428.8 451.0 448.8
Selling, general and administrative expenses   237.8 221.9 227.1
Loss due to misappropriation of assets, net $ 55.7 59.3 0.0 0.0
Other segment items   29.0 23.8 24.6
Income from operations   102.7 205.3 197.1
LTIP and other non-operating charges   14.3 13.5 9.0
Equity in earnings of affiliated companies, net of tax   0.6 0.5 0.5
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   125.3 113.0 105.7
Adjusted EBITDA   302.2 332.3 312.3
Assets   1,857.3 1,833.4 1,888.7
Capital expenditures   206.7 172.8 232.8
Operating Segments | Rubber        
Segment Reporting Information [Line Items]        
Net sales from external customers   1,231.2 1,283.3 1,355.5
Cost of Sales   954.3 992.6 1,107.4
Gross profit   276.9 290.7 248.1
Selling, general and administrative expenses   152.1 135.0 137.7
Loss due to misappropriation of assets, net   0.0    
Other segment items   14.3 12.2 11.0
Income from operations   110.5 143.5 99.4
LTIP and other non-operating charges   7.2 7.2 3.4
Equity in earnings of affiliated companies, net of tax   0.6 0.5 0.5
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   75.8 70.4 65.1
Adjusted EBITDA   194.1 221.6 168.4
Assets   1,047.8 1,014.3 1,085.6
Capital expenditures   102.1 99.5 134.1
Operating Segments | Specialty        
Segment Reporting Information [Line Items]        
Net sales from external customers   646.3 610.6 675.4
Cost of Sales   494.4 450.3 474.7
Gross profit   151.9 160.3 200.7
Selling, general and administrative expenses   84.7 85.7 88.6
Loss due to misappropriation of assets, net   0.0    
Other segment items   15.7 13.5 12.3
Income from operations   51.5 61.1 99.8
LTIP and other non-operating charges   7.1 7.0 3.5
Equity in earnings of affiliated companies, net of tax   0.0 0.0 0.0
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   49.5 42.6 40.6
Adjusted EBITDA   108.1 110.7 143.9
Assets   698.3 703.4 647.1
Capital expenditures   104.6 73.3 98.7
Corporate        
Segment Reporting Information [Line Items]        
Net sales from external customers   0.0 0.0 0.0
Cost of Sales   0.0 0.0 0.0
Gross profit   0.0 0.0 0.0
Selling, general and administrative expenses   1.0 1.2 0.8
Loss due to misappropriation of assets, net   59.3    
Other segment items   (1.0) (1.9) 1.3
Income from operations   (59.3) 0.7 (2.1)
LTIP and other non-operating charges   0.0 (0.7) 2.1
Equity in earnings of affiliated companies, net of tax   0.0 0.0 0.0
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   0.0 0.0 0.0
Adjusted EBITDA   0.0 0.0 0.0
Assets   111.2 115.7 156.0
Capital expenditures   $ 0.0 $ 0.0 $ 0.0
v3.25.0.1
Segment Financial Information - Schedule of Reconciliation of Income Before Earnings in Affiliated Companies and Income Taxes to Adjusted EBITDA and Corporate Charges (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 10, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Income before earnings in affiliated companies and income taxes   $ 53.3 $ 163.3 $ 157.2
LTIP and other non-operating charges   14.3 13.5 9.0
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   125.3 113.0 105.7
Misappropriation of assets, net   55.7 0.0 0.0
Professional fees related to misappropriation of assets $ 3.6 3.6 0.0 0.0
Equity in earnings of affiliated companies, net of tax   0.6 0.5 0.5
Interest and other financial expense, net   49.4 50.9 39.9
Reclassification of actuarial (gains)/losses from AOCI   0.0 (8.9) 0.0
Adjusted EBITDA   302.2 332.3 312.3
LTIP   15.3 15.4 7.7
Environmental reserves   0.0 (2.2) (0.4)
Other non-operating   (1.0) 0.3 1.7
LTIP and other non-operating charges   14.3 13.5 9.0
Corporate        
Segment Reporting Information [Line Items]        
LTIP and other non-operating charges   0.0 (0.7) 2.1
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment   0.0 0.0 0.0
Equity in earnings of affiliated companies, net of tax   0.0 0.0 0.0
Adjusted EBITDA   0.0 0.0 0.0
LTIP and other non-operating charges   $ 0.0 $ (0.7) $ 2.1
v3.25.0.1
Segment Financial Information - Schedule of Geographic Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,877.5 $ 1,893.9 $ 2,030.9
Customer Location | Americas      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 622.5 657.4 714.3
Customer Location | United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 430.0 470.4 514.6
Customer Location | Brazil      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 145.5 145.4 157.9
Customer Location | Rest of Americas      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 47.0 41.6 41.8
Customer Location | EMEA      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 831.6 804.5 854.6
Customer Location | Germany      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 168.3 189.5 227.9
Customer Location | South Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 66.8 69.5 71.4
Customer Location | Italy      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 83.6 84.8 90.8
Customer Location | Spain      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 53.3 52.8 61.0
Customer Location | Turkey      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 43.7 47.7 56.4
Customer Location | France      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 46.4 46.2 52.8
Customer Location | Rest of EMEA      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 369.5 314.0 294.3
Customer Location | APAC      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 423.4 432.0 462.0
Customer Location | China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 187.0 178.3 173.2
Customer Location | South Korea      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 130.4 139.0 169.6
Customer Location | Rest of Asia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 106.0 $ 114.7 $ 119.2
v3.25.0.1
Segment Financial Information - Schedule of Segment Net Sales to Top Ten Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Major Customer [Line Items]      
Net sales $ 1,877.5 $ 1,893.9 $ 2,030.9
Top Ten Customers | Net Sales | Customers | Rubber      
Revenue, Major Customer [Line Items]      
Net sales 804.1 829.8 864.1
Top Ten Customers | Net Sales | Customers | Specialty      
Revenue, Major Customer [Line Items]      
Net sales $ 165.4 $ 161.4 $ 177.0
v3.25.0.1
Segment Financial Information - Schedule of Long- Lived Tangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Long lived tangible assets $ 1,082.9 $ 1,010.7
Subtotal Europe    
Segment Reporting Information [Line Items]    
Long lived tangible assets 300.4 299.1
Germany    
Segment Reporting Information [Line Items]    
Long lived tangible assets 168.6 167.6
Sweden    
Segment Reporting Information [Line Items]    
Long lived tangible assets 24.5 26.1
Italy    
Segment Reporting Information [Line Items]    
Long lived tangible assets 62.1 65.3
Poland    
Segment Reporting Information [Line Items]    
Long lived tangible assets 22.1 16.7
Rest of Europe    
Segment Reporting Information [Line Items]    
Long lived tangible assets 23.1 23.3
United States    
Segment Reporting Information [Line Items]    
Long lived tangible assets 530.1 454.3
South Korea    
Segment Reporting Information [Line Items]    
Long lived tangible assets 98.2 104.2
South Africa    
Segment Reporting Information [Line Items]    
Long lived tangible assets 27.5 18.9
Brazil    
Segment Reporting Information [Line Items]    
Long lived tangible assets 17.7 20.8
China    
Segment Reporting Information [Line Items]    
Long lived tangible assets 108.9 113.4
Other    
Segment Reporting Information [Line Items]    
Long lived tangible assets $ 0.1 $ 0.1
v3.25.0.1
Related Parties - Schedule of Related Party Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Trade receivables $ 211.9 $ 241.0  
Trade payables 156.2 183.7  
Sales and services 1,877.5 1,893.9 $ 2,030.9
Related party      
Related Party Transaction [Line Items]      
Trade receivables 0.4 0.4  
Trade payables 16.9 29.9  
Purchases 131.0 111.7 157.1
Sales and services $ 3.9 $ 2.5 $ 5.6
v3.25.0.1
Related Parties - Narrative (Details) - 12 months ended Dec. 31, 2024 - Related party
€ in Millions, $ in Millions
USD ($)
installment
EUR (€)
EUR (€)
installment
Convertible Bond Contributions      
Related Party Transaction [Line Items]      
Other commitment, number of installments 12   12
Other commitment, to be paid, year one $ 7.0   € 6.7
Equity Securities      
Related Party Transaction [Line Items]      
Payments to acquire investments 0.3 € 0.3  
Corporate Debt Securities      
Related Party Transaction [Line Items]      
Payments to acquire investments $ 2.8 € 2.7