0000950170-24-123804 | 10-Q | XBRL Viewer

Common Stock

9 Months Ended

Sep. 30, 2024

4. Common Stock

The following table presents changes in common stock and treasury stock:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Shares in thousands)
Common Stock:
Balance at beginning of period		25,696			24,838			25,163			24,547
Issued for employee stock plans		22			52			555			343
Balance at end of period		25,718			24,890			25,718			24,890
Treasury Stock:
Balance at beginning of period		(5,176	)		(3,965	)		(4,303	)		(3,784	)
Shares repurchased		(274	)		(102	)		(1,147	)		(283	)
Balance at end of period		(5,450	)		(4,067	)		(5,450	)		(4,067	)
Common Stock Outstanding		20,268			20,823			20,268			20,823

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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+ Details

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

13. Commitments and Contingent Liabilities

We are involved in litigation and various proceedings relating to environmental laws and regulations, product liability and other matters. Certain of these matters are discussed below. The ultimate resolution of these contingencies is subject to significant uncertainty and should we fail to prevail in any of these legal matters or should several of these legal matters be resolved against us in the same reporting period, these legal matters could, individually or in the aggregate, be material to the condensed consolidated financial statements.

Environmental and Other Litigation Matters

We are subject to federal, state, local and foreign laws and regulations and potential liabilities relating to the protection of the environment and human health and safety including, among other things, the cleanup of contaminated sites, the treatment, storage and disposal of wastes, the discharge of effluent into waterways, the emission of substances into the air and various health and safety matters. We expect to incur substantial costs for ongoing compliance with such laws and regulations. We may also face governmental or third-party claims, or otherwise incur costs, relating to cleanup of, or for injuries resulting from, contamination at sites associated with past and present operations. We accrue for environmental liabilities when a determination can be made that a liability is probable and reasonably estimable.

Environmental and Other Liabilities Retained or Assumed by Others. We have agreements with former owners of certain of our operating locations under which the former owners retained, assumed and/or agreed to indemnify us against certain environmental and other liabilities. The most significant of these agreements was entered into at Koppers Inc.’s formation on December 29, 1988 (the Acquisition). Under the related asset purchase agreement between Koppers Inc. and Beazer East, subject to certain limitations, Beazer East retained the responsibility for and agreed to indemnify Koppers Inc. against certain liabilities, damages, losses and costs, including, with certain limited exceptions, liabilities under and costs to comply with environmental laws to the extent attributable to acts or omissions occurring prior to the Acquisition and liabilities related to products sold by Beazer East prior to the Acquisition (the Indemnity). Beazer Limited, the parent company of Beazer East, unconditionally guaranteed Beazer East’s performance of the Indemnity pursuant to a guarantee.

The Indemnity provides different mechanisms, subject to certain limitations, by which Beazer East is obligated to indemnify Koppers Inc. with regard to certain environmental, product and other liabilities and imposes certain conditions on Koppers Inc. before receiving such indemnification, including, in some cases, certain limitations regarding the time period as to which claims for indemnification can be brought. In July 2004, Koppers Inc. and Beazer East agreed to amend the environmental indemnification provisions of the December 29, 1988 asset purchase agreement to extend the indemnification period for pre-closing environmental liabilities, subject to the following paragraph, and agreed to share toxic tort litigation defense arising from any sites acquired from Beazer East.

Qualified expenditures under the Indemnity are not subject to a monetary limit. Qualified expenditures under the Indemnity include (i) environmental cleanup liabilities required by third parties, such as investigation, remediation and closure costs, relating to pre-December 29, 1988 (Pre-Closing) acts or omissions of Beazer East or its predecessors; (ii) environmental claims by third parties for personal injuries, property damages and natural resources damages relating to Pre-Closing acts or omissions of Beazer East or its predecessors; (iii) punitive damages for the acts or omissions of Beazer East and its predecessors without regard to the date of the alleged conduct and (iv) product liability claims for products sold by Beazer East or its predecessors without regard to the date of the alleged conduct. The indemnification period ended July 14, 2019 (the Claim Deadline) and Beazer East may now tender certain third-party claims described in sections (i) and (ii) above to Koppers Inc. However, to the extent the third-party claims described in sections (i) and (ii) above were tendered to Beazer East by the Claim Deadline, Beazer East will continue to be required to pay the costs arising from such claims under the Indemnity. Furthermore, the Claim Deadline did not change the provisions of the Indemnity with respect to indemnification for non-environmental claims, such as product liability claims, which claims may continue to be tendered by Koppers Inc. to Beazer East.

The Indemnity provides for the resolution of issues between Koppers Inc. and Beazer East by an arbitrator on an expedited basis upon the request of either party. The arbitrator could be asked, among other things, to make a determination regarding the allocation of environmental responsibilities between Koppers Inc. and Beazer East. Arbitration decisions under the Indemnity are final and binding on the parties.

Contamination has been identified at most manufacturing and other sites of our subsidiaries. One site currently owned and operated by Koppers Inc. in the United States is listed on the National Priorities List promulgated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (CERCLA). Currently, at the properties acquired from Beazer East (which includes the National Priorities List site and all but one of the sites permitted under the Resource Conservation and Recovery Act (RCRA)), a significant portion of all investigative, cleanup and closure activities are being conducted and paid for by Beazer East pursuant to the terms of the Indemnity. In addition, other of Koppers Inc.’s sites are or have been operated under RCRA and various other environmental permits, and remedial and closure activities are being conducted at some of these sites.

To date, the parties that retained, assumed and/or agreed to indemnify us against the liabilities referred to above, including Beazer East, have performed their obligations in all material respects. Periodically, issues have arisen between Koppers Inc. and Beazer East and/or other indemnitors that have been resolved without arbitration. Koppers Inc. and Beazer East engage in discussions from time to time that involve, among other things, the allocation of environmental costs related to certain operating and closed facilities.

If for any reason (including disputed coverage or financial incapability) one or more of such parties fail to perform their obligations and we are held liable for or otherwise required to pay all or part of such liabilities without reimbursement, the imposition of such liabilities on us could have a material adverse effect on our business, financial condition, cash flows and results of operations. Furthermore, we could be required to record a contingent liability on our balance sheet with respect to such matters, which could result in a negative impact to our business, financial condition, cash flows and results of operations.

Domestic Environmental Matters. Koppers Inc. has been named as one of the potentially responsible parties (PRPs) at the Portland Harbor CERCLA site located on the Willamette River in Oregon. Koppers Inc. operated a coal tar pitch terminal near the site. Koppers Inc. has responded to an EPA information request and has executed a PRP agreement which outlines a private process to develop an allocation of past and future costs among more than 80 parties to the site. Koppers Inc. believes it is a de minimis contributor at the site.

The EPA issued its Record of Decision (ROD) in January 2017 for the Portland Harbor CERCLA site. The selected remedy includes a combination of sediment removal, capping, enhanced and monitored natural recovery and riverbank improvements. The ROD does not determine who is responsible for remediation costs. At that time, the net present value and undiscounted costs of the selected remedy as estimated in the ROD were approximately $1.1 billion and $1.7 billion, respectively. These costs are likely to increase given recent submissions to EPA regarding remedy design and because the remedy will not be implemented for several years. Responsibility for implementing and funding that work is yet to be determined. The funding of that work amongst the PRPs is the subject of a separate private allocation process which is ongoing.

Additionally, Koppers Inc. is involved in two separate matters involving natural resource damages at the Portland Harbor site. One matter involves claims by the trustees to recover damages based upon an assessment of damages to natural resources caused by the releases of hazardous substances to the Willamette River. The assessment serves as the foundation to estimate liabilities for settlements of natural resource damages claims or litigation to recover from those who do not settle with the trustee groups. Koppers Inc. has been engaged in a process to resolve its natural resource damage liabilities for the assessment area. A second matter involves a lawsuit filed in January 2017 by the Yakama Nation in Oregon federal court. Yakama Nation seeks recovery for response costs and the costs of assessing injury to natural resources in waterways beyond the current assessment area. Following the most recent court rulings, the Yakama Nation case has been stayed pending completion of the private allocation process for the Portland Harbor CERCLA site.

In September 2009, Koppers Inc. received a general notice letter stating that it may be a PRP at the Newark Bay CERCLA site. In January 2010, Koppers Inc. submitted a response to the general notice letter asserting that Koppers Inc. is a de minimis party at this site.

We have accrued the estimated costs of participating in the PRP group at the Portland Harbor and Newark Bay CERCLA sites and estimated de minimis contributor settlement amounts at the sites totaling $3.8 million as of September 30, 2024. The actual cost could be materially higher as there has not been a determination of how those costs will be allocated among the PRPs at the sites. Accordingly, an unfavorable resolution of these matters may have a material adverse effect on our business, financial condition, cash flows and results of operations.

There are two plant sites related to the Performance Chemicals business and one plant site related to the Utility and Industrial Products business in the United States where we have recorded environmental remediation liabilities for soil and groundwater contamination which occurred prior to our acquisition of the businesses. As of September 30, 2024, our estimated environmental remediation liability for these acquired sites totals $3.7 million.

In June 2024, Koppers Inc. received a letter stating that the Illinois Attorney General’s Office (IL AGO) received an enforcement referral from the Illinois Environmental Protection Agency relating to certain alleged air emissions violations at our Stickney, IL facility. We are cooperating with IL AGO in connection with this matter.

We have not provided a reserve for the Stickney, IL enforcement matter because, at this time, we cannot reasonably determine the probability of a loss, and the amount of loss, if any, cannot be reasonably estimated. The timing of resolution of this matter cannot be reasonably determined. Although Koppers Inc. is vigorously defending this matter, an unfavorable resolution of this matter may have a material adverse effect on our business, financial condition, cash flows and results of operations.

Foreign Environmental Matters. There is one plant site related to the Performance Chemicals business located in Australia where we have recorded an environmental remediation liability for soil and groundwater contamination which occurred prior to the acquisition of the business. As of September 30, 2024, our estimated environmental remediation liability for the acquired site totals $1.3 million.

Environmental Reserves Rollforward. The following table reflects changes in the accrual for environmental remediation. As of September 30, 2024 and December 31, 2023, $2.3 million and $2.2 million, respectively, were classified as current liabilities.


	Period ended
	September 30, 2024			December 31, 2023
(Dollars in millions)
Balance at beginning of period	$	10.6		$	10.9
Expense		0.2			0.2
Cash expenditures		(0.2	)		(0.4	)
Currency translation		0.0			(0.1	)
Balance at end of period	$	10.6		$	10.6

Segment Information - Schedule of Segment Revenues for Significant Product Lines (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 554.3	$ 550.4	$ 1,615.1	$ 1,641.0
Intersegment Revenues [Member]
Segment Reporting Information [Line Items]
Net sales	31.9	32.7	97.8	87.7
Railroad and Utility Products and Services [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	248.1	234.0	727.1	681.5
Railroad and Utility Products and Services [Member] \| Railroad Treated Products [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	146.2	142.7	443.7	408.7
Railroad and Utility Products and Services [Member] \| Utility Poles [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	77.0	68.9	217.6	203.4
Railroad and Utility Products and Services [Member] \| Railroad Infrastructure Products and Services [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	24.9	22.4	65.8	69.4
Performance Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	176.7	179.4	503.7	507.2
Performance Chemicals [Member] \| Intersegment Revenues [Member]
Segment Reporting Information [Line Items]
Net sales	8.3	8.4	24.5	21.2
Performance Chemicals [Member] \| Wood Preservative Products [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	165.4	166.9	468.8	470.4
Performance Chemicals [Member] \| Other Products [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	11.3	12.5	34.9	36.8
Carbon Materials and Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	129.5	137.0	384.3	452.3
Carbon Materials and Chemicals [Member] \| Intersegment Revenues [Member]
Segment Reporting Information [Line Items]
Net sales	23.6	24.3	73.3	66.5
Carbon Materials and Chemicals [Member] \| Pitch and Related Products [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	82.7	89.6	229.0	305.3
Carbon Materials and Chemicals [Member] \| Phthalic Anhydride, Naphthalene and Other Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	29.2	27.9	98.2	86.9
Carbon Materials and Chemicals [Member] \| Carbon Black Feedstock and Distillates [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	$ 17.6	$ 19.5	$ 57.1	$ 60.1

Pensions and Post-Retirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss			$ 20.0
United Kingdom [Member]
Defined Benefit Plan Disclosure [Line Items]
Premium payment			$ 67.8
Forecast [Member] \| US Qualified Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional Cash Funding	$ 25.0
Pension settlement loss	$ 40.0	$ 4.0

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 7.1	$ 6.5
Property, plant and equipment, accumulated depreciation	$ 504.4	$ 473.2
Senior Convertible Preferred Stock, par value	$ 0.01	$ 0.01
Senior Convertible Preferred Stock, shares authorized	10,000,000	10,000,000
Senior Convertible Preferred Stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	80,000,000	80,000,000
Common Stock, shares issued	25,717,647	25,163,238
Treasury stock, shares	5,450,278	4,302,996

Pensions and Post-Retirement Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pensions and Post-Retirement Benefit Plans

10. Pensions and Post-Retirement Benefit Plans

We maintain a number of defined benefit and defined contribution plans to provide retirement benefits for employees in the United States, as well as employees outside the United States.

We have commenced with a plan to terminate our United States qualified pension plan and are targeting the completion of this effort in the first quarter of 2025. We estimate that a termination will require additional cash funding of $25 million in 2025 and will result in an estimated settlement loss of $40 million, before tax, subject to changes to certain assumptions including the discount rate, which could have a material impact on the settlement loss. Of the estimated settlement loss, we expect that $4 million, before tax, will be incurred in the fourth quarter of 2024 with the remainder being recognized in the first quarter of 2025.

In connection with the planned termination of our defined benefit pension plan in the United Kingdom, in 2021, we entered into a buy-in bulk annuity insurance policy in exchange for a premium payment of $67.8 million, which is subject to adjustment as a result of subsequent data cleansing activities. Under the terms of this buy-in insurance policy, the insurer is liable to pay the benefits of the plan, but the plan still retains full legal responsibility to pay the benefits to members using the insurance payments. The buy-in policy will be treated as a plan asset going forward until such time as the buy-in policy is converted to a buy-out policy, which is when individual insurance policies will be assigned to each member of the plan and the plan will no longer have legal responsibility to pay the benefits to the members. The data cleansing effort has been substantially completed and we expect to recognize a pre-tax pension settlement loss of approximately $20 million upon the pension obligation becoming irrevocably settled.

The timing of the conversion to a buy-out policy and related recognition of the estimated pension settlement loss may be impacted by a ruling from the High Court of Justice in the United Kingdom in the case of Virgin Media Limited v NTL Pension Trustees II Limited and Others related to certain amendments to UK pension plans. On July 25, 2024, the Court of Appeal dismissed the appeal of the ruling from the High Court of Justice. We are currently waiting to see if there will be legislative intervention or further guidance on the application of the ruling.

The following table provides the components of net periodic benefit cost for the pension plans:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Dollars in millions)
Service cost	$	0.5		$	0.4		$	1.3		$	1.2
Interest cost		1.8			2.1			5.8			6.2
Expected return on plan assets		(1.5	)		(1.7	)		(4.6	)		(5.2	)
Amortization of net loss		0.5			0.5			1.5			1.6
Net periodic benefit cost	$	1.3		$	1.3		$	4.0		$	3.8
Defined contribution plan expense	$	2.1		$	3.2		$	6.8		$	8.0

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Segment Information - Summary of Results of Segment Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from external customers:
Depreciation and amortization expense	$ 17.9	$ 14.3	$ 52.2	$ 42.7
Items excluded from the determination of segment profit:
LIFO (expense) benefit	1.2	(2.8)	(2.9)	(3.3)
Impairment, restructuring and plant closure costs	(0.4)	(0.1)	(0.4)	(0.1)
(Loss) gain on sale of assets	(9.7)	0.0	(9.7)	1.8
Mark-to-market commodity hedging gains	0.0	0.0	3.0	0.0
Acquisition inventory step-up amortization	(0.8)	0.0	(2.3)	0.0
Interest expense	(20.2)	(19.0)	(57.9)	(53.3)
Depreciation and amortization	(17.9)	(14.3)	(52.2)	(42.7)
Income tax expense	(10.6)	(8.3)	(25.2)	(28.1)
Net income	19.0	26.2	58.8	76.8
Operating Segments [Member] \| Railroad and Utility Products and Services [Member]
Revenues from external customers:
Depreciation and amortization expense	8.7	6.2	25.1	17.9
Adjusted EBITDA:
Adjusted EBITDA	24.7	25.1	64.8	63.2
Operating Segments [Member] \| Performance Chemicals [Member]
Revenues from external customers:
Depreciation and amortization expense	3.8	3.5	10.7	10.5
Adjusted EBITDA:
Adjusted EBITDA	40.0	35.2	114.1	93.8
Operating Segments [Member] \| Carbon Materials and Chemicals [Member]
Revenues from external customers:
Depreciation and amortization expense	5.4	4.6	16.4	14.3
Adjusted EBITDA:
Adjusted EBITDA	$ 12.7	$ 10.4	$ 27.5	$ 45.5

Pensions and Post-Retirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost for Pension Plans

The following table provides the components of net periodic benefit cost for the pension plans:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Dollars in millions)
Service cost	$	0.5		$	0.4		$	1.3		$	1.2
Interest cost		1.8			2.1			5.8			6.2
Expected return on plan assets		(1.5	)		(1.7	)		(4.6	)		(5.2	)
Amortization of net loss		0.5			0.5			1.5			1.6
Net periodic benefit cost	$	1.3		$	1.3		$	4.0		$	3.8
Defined contribution plan expense	$	2.1		$	3.2		$	6.8		$	8.0

Derivative Financial Instruments - Schedule of Unrealized Gain from Contract Where Hedge Accounting Was Not Elected (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Hedges [Member] \| Contracts Where Hedge Accounting Was not Elected [Member]
Derivative [Line Items]
Gain from contracts where hedge accounting was not elected	$ 0.8	$ 0.0	$ 3.6	$ 0.0

Leases - Schedule of Supplemental Condensed Consolidated Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease right-of-use assets	$ 91.9	$ 90.5
Current operating lease liabilities	25.7	22.9
Operating lease liabilities	$ 66.0	$ 67.4

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

7. Segment Information

We have three reportable segments: Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC) and Carbon Materials and Chemicals (CMC). Our reportable segments contain multiple aggregated business units since management believes the long-term financial performance of these business units is affected by similar economic conditions. The reportable segments are each managed separately because they manufacture and distribute distinct products with different production processes.

Our RUPS segment primarily sells pressure-treated railroad ties to the railroad industry and treated utility poles to utility markets. Railroad products and services include procuring and treating items such as crossties, switch ties and various types of lumber used for railroad bridges and crossings. Utility products include the pressure treatment of transmission and distribution poles for electric, telephone and broadband utilities. In addition, we provide untreated wood products and rail joint bars, which are steel bars used to join rails together for railroads, to the railroad markets and inspection services to the utility markets. We also operate a railroad services business that conducts engineering, design, repair and inspection services for railroad bridges and a business related to the recovery of used crossties, serving the same customer base as our North American railroad business.

Our PC segment develops, manufactures, and markets wood preservation chemicals and wood treatment technologies and services to a diverse range of end-markets including residential, industrial, commercial construction and agricultural applications.

Our CMC segment is primarily a manufacturer of creosote, carbon pitch, naphthalene, phthalic anhydride and carbon black feedstock. Creosote is used in the treatment of wood and carbon black feedstock is used in the production of carbon black. Carbon pitch is a critical raw material used in the production of aluminum and steel. Naphthalene is used for the production of phthalic anhydride and as a surfactant in the production of concrete. Phthalic anhydride is used in the production of plasticizers, polyester resins and alkyd paints.

Our primary measure of segment profitability is adjusted EBITDA which we define as income before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of our operating results. These items include impairment, restructuring and plant closure costs, mark-to-market commodity hedging, gain or loss on sale of assets and LIFO inventory effects. This presentation is consistent with how our chief operating decision maker evaluates the results of operations and makes strategic decisions about the business. In addition, adjusted EBITDA is the primary measure used to determine the level of achievement of management’s short-term incentive goals and related payout, as well as one of the measures used to determine performance and related payouts for certain performance share units granted to management. For these reasons, we believe that adjusted EBITDA represents the most relevant measure of segment profit and loss.

Adjusted EBITDA is reconciled to net income on a consolidated basis, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment transactions are eliminated in consolidation.

Contract Balances

The timing of revenue recognition results in both billed accounts receivable and unbilled receivables, both classified as accounts receivable, net of allowance within the condensed consolidated balance sheet. Contract assets of $4.0 million and $7.8 million are recorded within accounts receivable, net of allowance within the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023, respectively.

The following table sets forth revenues for significant product lines, net of all intersegment transactions, for our segments:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Railroad and Utility Products and Services:
Railroad treated products	$	146.2	$	142.7	$	443.7	$	408.7
Utility poles		77.0		68.9		217.6		203.4
Railroad infrastructure products and services		24.9		22.4		65.8		69.4
Total Railroad and Utility Products and Services		248.1		234.0		727.1		681.5
Performance Chemicals:
Wood preservative products		165.4		166.9		468.8		470.4
Other products		11.3		12.5		34.9		36.8
Total Performance Chemicals		176.7		179.4		503.7		507.2
Carbon Materials and Chemicals:
Pitch and related products		82.7		89.6		229.0		305.3
Phthalic anhydride, naphthalene and other chemicals		29.2		27.9		98.2		86.9
Carbon black feedstock and distillates		17.6		19.5		57.1		60.1
Total Carbon Materials and Chemicals		129.5		137.0		384.3		452.3
Total	$	554.3	$	550.4	$	1,615.1	$	1,641.0
Intersegment revenues:
Performance Chemicals	$	8.3	$	8.4	$	24.5	$	21.2
Carbon Materials and Chemicals		23.6		24.3		73.3		66.5
Total	$	31.9	$	32.7	$	97.8	$	87.7

The following table sets forth certain operating data, net of all intersegment transactions, for our segments:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Dollars in millions)
Depreciation and amortization expense:
Railroad and Utility Products and Services	$	8.7		$	6.2		$	25.1		$	17.9
Performance Chemicals		3.8			3.5			10.7			10.5
Carbon Materials and Chemicals		5.4			4.6			16.4			14.3
Total	$	17.9		$	14.3		$	52.2		$	42.7
Adjusted EBITDA:
Railroad and Utility Products and Services	$	24.7		$	25.1		$	64.8		$	63.2
Performance Chemicals		40.0			35.2			114.1			93.8
Carbon Materials and Chemicals		12.7			10.4			27.5			45.5
Items excluded from the determination of segment profit:
LIFO (expense) benefit(1)		1.2			(2.8	)		(2.9	)		(3.3	)
Impairment, restructuring and plant closure costs		(0.4	)		(0.1	)		(0.4	)		(0.1	)
(Loss) gain on sale of assets		(9.7	)		0.0			(9.7	)		1.8
Mark-to-market commodity hedging gains		0.0			0.0			3.0			0.0
Acquisition inventory step-up amortization		(0.8	)		0.0			(2.3	)		0.0
Interest expense		(20.2	)		(19.0	)		(57.9	)		(53.3	)
Depreciation and amortization		(17.9	)		(14.3	)		(52.2	)		(42.7	)
Income tax expense		(10.6	)		(8.3	)		(25.2	)		(28.1	)
Net income	$	19.0		$	26.2		$	58.8		$	76.8

(1)

The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis.

The following table sets forth assets and goodwill allocated to each of our segments:


	September 30, 2024		December 31, 2023
(Dollars in millions)
Segment assets:
Railroad and Utility Products and Services	$	866.2	$	743.7
Performance Chemicals		530.4		520.6
Carbon Materials and Chemicals		532.5		538.9
All other		30.5		32.3
Total	$	1,959.6	$	1,835.5
Goodwill:
Railroad and Utility Products and Services(1)	$	145.9	$	120.6
Performance Chemicals		173.9		173.8
Total	$	319.8	$	294.4

(1)

See Note 2 - Acquisition and Loss on Sale of Assets for increase in goodwill due to business acquisition.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Comprehensive Income (Loss) and Equity - Schedule of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Net income	$ 19.0	$ 26.2	$ 58.8	$ 76.8
Changes in other comprehensive income (loss):
Currency translation adjustment	13.8	(10.1)	0.4	(9.6)
Cash flow hedges, net of tax of $3.0, $(0.6), $(1.1) and $(1.0)	(7.5)	1.6	2.9	2.5
Comprehensive income	25.6	18.1	63.1	70.7
Comprehensive (loss) income attributable to noncontrolling interests	(3.8)	(0.0)	(3.8)	0.4
Comprehensive income attributable to Koppers	$ 29.4	$ 18.1	$ 66.9	$ 70.3

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Gallons	Dec. 31, 2023 Gallons
Derivative [Line Items]
Maximum period hedged in cash flow hedge	36 months
Number of derivative contract \| Gallons	3,200,000	1,500,000
Unrealized gains, reclassification period	12 months
Interest Rate Swaps [Member]
Derivative [Line Items]
Fixed interest rate of loan portion	3.97%
Derivative, notional value	$ 400.0
Derivative, maturity date	Apr. 30, 2027
Unrealized gains, net of tax, expected to be reclassified from other comprehensive income into earnings	$ 0.4
Commodity Price Hedging [Member]
Derivative [Line Items]
Unrealized gains, net of tax, expected to be reclassified from other comprehensive income into earnings	$ 6.0

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following table presents the estimated fair values and the related carrying amounts of our financial instruments:


	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
(Dollars in millions)
Financial assets:
Investments and other assets	$	1.3	$	1.3	$	1.3	$	1.3
Financial liabilities:
Long-term debt (including current portion)	$	999.4	$	989.4	$	860.4	$	849.4

Investments and other assets – Represents the broker-quoted cash surrender value on universal life insurance policies. This asset is classified as Level 2 in the valuation hierarchy.

Debt – The fair value of our long-term debt is estimated based on the market prices for the same or similar issuances or on the current rates offered to us for debt of the same remaining maturities (Level 2). The fair value of our Credit Facility approximates carrying value due to the variable rate nature of this instrument.

See Note 12 – Derivative Financial Instruments, for the fair value of our derivative financial instruments.

Segment Information - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| Segment	3
Contract with customer, asset, net, current \| $	$ 4.0	$ 7.8

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Status and Activity of Non-Vested Stock Units

The following table shows a summary of the status and activity of non-vested stock units:


	Restricted Stock Units			Performance Stock Units			Total Stock Units			Weighted Average Grant Date Fair Value per Unit
Non-vested at December 31, 2023		531,339			580,763			1,112,102		$	33.62
Granted		148,127			182,196			330,323		$	48.86
Credited from dividends		199			9			208		$	41.99
Vested		(230,644	)		(136,560	)		(367,204	)	$	30.88
Forfeited		(10,034	)		(4,113	)		(14,147	)	$	34.56
Non-vested at September 30, 2024		438,987			622,295			1,061,282		$	39.30

Summary of Status and Activity of Stock Options

The following table shows a summary of the status and activity of stock options:


	Options			Weighted Average Exercise Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2023		706,868		$	27.51
Exercised		(149,131	)	$	25.74
Outstanding at September 30, 2024		557,737		$	27.98		4.45	$	5.4
Exercisable at September 30, 2024		485,962		$	27.47		4.08	$	5.0

Schedule of Stock-based Compensation Expense Recognized

The following table presents total stock-based compensation expense recognized in the condensed consolidated statement of operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Selling, general and administrative expenses	$	5.2	$	5.2	$	16.1	$	13.0
Less related income tax benefit		1.5		1.5		4.5		3.7
Decrease in net income attributable to Koppers	$	3.7	$	3.7	$	11.6	$	9.3

Performance Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Options And Performance Award Fair Value Assumptions

We calculated the fair value of the performance stock units with a market condition on the date of grant using a Monte Carlo valuation model and the assumptions listed below:


	January 2024 Grant
Grant date price per share of performance award	$	46.68
Expected volatility		38.14	%
Risk-free interest rate		4.14	%
Look-back period in years		3.00
Grant date fair value per share	$	59.41

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Company's Financial Instruments

The following table presents the estimated fair values and the related carrying amounts of our financial instruments:


	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
(Dollars in millions)
Financial assets:
Investments and other assets	$	1.3	$	1.3	$	1.3	$	1.3
Financial liabilities:
Long-term debt (including current portion)	$	999.4	$	989.4	$	860.4	$	849.4

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock dividends	$ 0.07	$ 0.06	$ 0.21	$ 0.18
Amounts reclassified from accumulated other comprehensive income to net income related to derivative financial instruments, net of tax	$ 3.3	$ 0.2	$ 9.6	$ 2.5

Common Stock - Schedule of Changes in Common Stock and Treasury Stock (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Common Stock, balance at beginning of period	25,696,000	24,838,000	25,163,238	24,547,000
Common Stock, issued for employee stock plans	22,000	52,000	555,000	343,000
Common Stock, balance at end of period	25,717,647	24,890,000	25,717,647	24,890,000
Treasury Stock, balance at beginning of period	(5,176,000)	(3,965,000)	(4,302,996)	(3,784,000)
Treasury Stock, shares repurchased	(274,000)	(102,000)	(1,147,000)	(283,000)
Treasury Stock, balance at end of period	(5,450,278)	(4,067,000)	(5,450,278)	(4,067,000)
Common Stock Outstanding	20,268,000	20,823,000	20,268,000	20,823,000

Pensions and Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost for Pension Plans (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Postemployment Benefits [Abstract]
Service cost	$ 0.5	$ 0.4	$ 1.3	$ 1.2
Interest cost	1.8	2.1	5.8	6.2
Expected return on plan assets	(1.5)	(1.7)	(4.6)	(5.2)
Amortization of net loss	0.5	0.5	1.5	1.6
Net periodic benefit cost	1.3	1.3	4.0	3.8
Defined contribution plan expense	$ 2.1	$ 3.2	$ 6.8	$ 8.0

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes debt:


	Weighted Average Interest Rate			Maturity	September 30, 2024		December 31, 2023
(Dollars in millions)
Credit Facility		7.20	%	2027	$	504.8	$	461.4
Term Loan B		8.10	%	2030		484.6		388.0
Debt					$	989.4	$	849.4
Less current maturities of long-term debt						5.0		5.0
Less unamortized debt issuance costs						8.5		9.0
Long-term debt					$	975.9	$	835.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Comprehensive Income (Loss) and Equity - Schedule of Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Tax (expense) benefit, unrealized gain (loss) on cash flow hedges	$ 3.0	$ (0.6)	$ (1.1)	$ (1.0)

Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Changes in Common Stock and Treasury Stock

The following table presents changes in common stock and treasury stock:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Shares in thousands)
Common Stock:
Balance at beginning of period		25,696			24,838			25,163			24,547
Issued for employee stock plans		22			52			555			343
Balance at end of period		25,718			24,890			25,718			24,890
Treasury Stock:
Balance at beginning of period		(5,176	)		(3,965	)		(4,303	)		(3,784	)
Shares repurchased		(274	)		(102	)		(1,147	)		(283	)
Balance at end of period		(5,450	)		(4,067	)		(5,450	)		(4,067	)
Common Stock Outstanding		20,268			20,823			20,268			20,823

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Basis of Presentation and New Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and New Accounting Pronouncements

1. Basis of Presentation and New Accounting Pronouncements

The accompanying unaudited condensed consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of Koppers Holdings Inc.’s and its subsidiaries’ (Koppers, Koppers Holdings, the Company, we or us) financial position and interim results as of and for the periods presented have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Because our business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been summarized from the audited balance sheet contained in the Annual Report on Form 10-K as of and for the year ended December 31, 2023. Certain prior period amounts in the condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current period’s presentation.

The financial information included herein should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023.

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosures by expanding the frequency and extent of segment disclosures. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating this ASU to determine its impact on our disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU updates income tax disclosures by requiring annual disclosures of consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. We are currently evaluating this ASU to determine its impact on our disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. This ASU requires the disaggregation of certain expenses into specific categories, such as purchases of inventory, employee compensation, deprecation and intangible asset amortization. Additionally, the amendments require disclosure of the total amount of selling expenses and an annual disclosure of the definition of selling expenses. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any and all prior periods presented in the financial statements. We are currently evaluating this ASU to determine its impact on our disclosures.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Revenues for Significant Product Lines

The following table sets forth revenues for significant product lines, net of all intersegment transactions, for our segments:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Railroad and Utility Products and Services:
Railroad treated products	$	146.2	$	142.7	$	443.7	$	408.7
Utility poles		77.0		68.9		217.6		203.4
Railroad infrastructure products and services		24.9		22.4		65.8		69.4
Total Railroad and Utility Products and Services		248.1		234.0		727.1		681.5
Performance Chemicals:
Wood preservative products		165.4		166.9		468.8		470.4
Other products		11.3		12.5		34.9		36.8
Total Performance Chemicals		176.7		179.4		503.7		507.2
Carbon Materials and Chemicals:
Pitch and related products		82.7		89.6		229.0		305.3
Phthalic anhydride, naphthalene and other chemicals		29.2		27.9		98.2		86.9
Carbon black feedstock and distillates		17.6		19.5		57.1		60.1
Total Carbon Materials and Chemicals		129.5		137.0		384.3		452.3
Total	$	554.3	$	550.4	$	1,615.1	$	1,641.0
Intersegment revenues:
Performance Chemicals	$	8.3	$	8.4	$	24.5	$	21.2
Carbon Materials and Chemicals		23.6		24.3		73.3		66.5
Total	$	31.9	$	32.7	$	97.8	$	87.7

Summary of Results of Segment Operations

The following table sets forth certain operating data, net of all intersegment transactions, for our segments:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Dollars in millions)
Depreciation and amortization expense:
Railroad and Utility Products and Services	$	8.7		$	6.2		$	25.1		$	17.9
Performance Chemicals		3.8			3.5			10.7			10.5
Carbon Materials and Chemicals		5.4			4.6			16.4			14.3
Total	$	17.9		$	14.3		$	52.2		$	42.7
Adjusted EBITDA:
Railroad and Utility Products and Services	$	24.7		$	25.1		$	64.8		$	63.2
Performance Chemicals		40.0			35.2			114.1			93.8
Carbon Materials and Chemicals		12.7			10.4			27.5			45.5
Items excluded from the determination of segment profit:
LIFO (expense) benefit(1)		1.2			(2.8	)		(2.9	)		(3.3	)
Impairment, restructuring and plant closure costs		(0.4	)		(0.1	)		(0.4	)		(0.1	)
(Loss) gain on sale of assets		(9.7	)		0.0			(9.7	)		1.8
Mark-to-market commodity hedging gains		0.0			0.0			3.0			0.0
Acquisition inventory step-up amortization		(0.8	)		0.0			(2.3	)		0.0
Interest expense		(20.2	)		(19.0	)		(57.9	)		(53.3	)
Depreciation and amortization		(17.9	)		(14.3	)		(52.2	)		(42.7	)
Income tax expense		(10.6	)		(8.3	)		(25.2	)		(28.1	)
Net income	$	19.0		$	26.2		$	58.8		$	76.8

(1)

The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis.

Summary of Assets and Goodwill by Segments

The following table sets forth assets and goodwill allocated to each of our segments:


	September 30, 2024		December 31, 2023
(Dollars in millions)
Segment assets:
Railroad and Utility Products and Services	$	866.2	$	743.7
Performance Chemicals		530.4		520.6
Carbon Materials and Chemicals		532.5		538.9
All other		30.5		32.3
Total	$	1,959.6	$	1,835.5
Goodwill:
Railroad and Utility Products and Services(1)	$	145.9	$	120.6
Performance Chemicals		173.9		173.8
Total	$	319.8	$	294.4

(1)

See Note 2 - Acquisition and Loss on Sale of Assets for increase in goodwill due to business acquisition.

Stock-based Compensation - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares for units	1,061,282	1,112,102
Stock options issued	0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Target shares for units	438,987	531,339
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting performance stock units if minimum performance criteria are not achieved	0
Stock options, term in years	3 years
Target shares for units	622,295	580,763
Performance Stock Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award earned by participants	200.00%
Performance Stock Units [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award earned by participants	0.00%
Performance Stock Units [Member] \| Target Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares for units	124,481
Market Condition Units [Member] \| Target Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares for units	56,796

Inventories, Net - Components of Net Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 350.3	$ 348.4
Work in process	15.6	17.9
Finished goods	152.5	139.0
Total	518.4	505.3
Less revaluation to LIFO	112.5	109.6
Net	$ 405.9	$ 395.7

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

11. Debt

The following table summarizes debt:


	Weighted Average Interest Rate			Maturity	September 30, 2024		December 31, 2023
(Dollars in millions)
Credit Facility		7.20	%	2027	$	504.8	$	461.4
Term Loan B		8.10	%	2030		484.6		388.0
Debt					$	989.4	$	849.4
Less current maturities of long-term debt						5.0		5.0
Less unamortized debt issuance costs						8.5		9.0
Long-term debt					$	975.9	$	835.4

Credit Facility

We have a credit agreement (the Credit Facility) with a consortium of banks. The Credit Facility provides for an $800.0 million revolving credit facility, a $50.0 million swingline facility and provides for the ability to incur one or more uncommitted incremental revolving or term loan facilities in an aggregate amount of at least $730.0 million, subject to applicable financial covenants. The interest rate on the Credit Facility is variable and may be based on the Secured Overnight Financing Rate (SOFR), which is the applicable benchmark for current borrowings, or an alternative benchmark depending on the borrowing type.

Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the assets (excluding real property and other customary assets) of Koppers Inc., Koppers Holdings Inc. and our material domestic subsidiaries. The Credit Facility contains certain covenants that may limit Koppers Inc. and its restricted subsidiaries from taking certain actions. These limitations include, among others, restrictions on additional indebtedness, liens, dividends, investments, acquisitions, certain distributions, asset sales, transactions with affiliates and modifications to material documents, including organizational documents. In addition, such covenants may give rise to events of default upon the failure by Koppers Inc. and its restricted subsidiaries to meet certain financial ratios.

As of September 30, 2024, we had approximately $287.4 million of unused revolving credit availability after restrictions from certain letter of credit commitments and other covenants. As of September 30, 2024, $7.8 million of commitments were utilized by outstanding letters of credit.

Term Loan B

In April 2023, a class of senior secured term loans under the Credit Facility (the Term Loan B) was issued at 97 percent of face value, resulting in $388.0 million of net proceeds, before debt financing costs. In April 2024, the Term Loan B was upsized by issuing, at par, an additional $100.0 million of incremental term loans, before debt financing costs. The interest rate on the Term Loan B is variable and is based on, at our option, adjusted Term SOFR Rate or adjusted Daily Simple SOFR. The interest rate margins applicable to adjusted Term SOFR Rate or adjusted Daily Simple SOFR loans are 3.00 percent with a floor of 0.50 percent. The principal balance of the Term Loan B is repayable in quarterly installments on the last business day of each quarterly period in an amount equal to 0.25 percent of the principal amount, with the balance due at maturity on April 10, 2030.

Interest Rate Swaps

See Note 12 – Derivative Financial Instruments for discussion of the interest rate swap agreements, which effectively convert a portion of our variable rate debt to a fixed rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19.0	$ 26.2	$ 58.8	$ 76.8
Changes in other comprehensive income (loss):
Currency translation adjustment	13.8	(10.1)	0.4	(9.6)
Cash flow hedges, net of tax of $3.0, $(0.6), $(1.1) and $(1.0)	(7.5)	1.6	2.9	2.5
Pension adjustments, net of tax of $0.0, $0.1, $0.1 and $0.2	0.3	0.4	1.0	1.0
Comprehensive income	25.6	18.1	63.1	70.7
Comprehensive (loss) income attributable to noncontrolling interests	(3.8)	(0.0)	(3.8)	0.4
Comprehensive income attributable to Koppers	$ 29.4	$ 18.1	$ 66.9	$ 70.3

- Definition

+ References + Details

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Stock-based Compensation - Summary of Status and Activity of Stock Options (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options, Outstanding at December 31, 2023 \| shares	706,868
Option, Exercised \| shares	(149,131)
Options, Outstanding at September 30, 2024 \| shares	557,737
Options, Exercisable at September 30, 2024 \| shares	485,962
Weighted Average Exercise Price per Option, Outstanding at December 31, 2023 \| $ / shares	$ 27.51
Weighted Average Exercise Price per Option, Exercised \| $ / shares	25.74
Weighted Average Exercise Price per Option, Outstanding at September 30, 2024 \| $ / shares	27.98
Weighted Average Exercise Price per Option, Exercisable at September 30, 2024 \| $ / shares	$ 27.47
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2024	4 years 5 months 12 days
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2024	4 years 29 days
Aggregate Intrinsic Value, Outstanding at September 30, 2024 \| $	$ 5.4
Aggregate Intrinsic Value, Exercisable at September 30, 2024 \| $	$ 5.0

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax expense, cash flow hedges, net	$ 3.0	$ (0.6)	$ (1.1)	$ (1.0)
Tax expense, pension adjustments, net	$ 0.0	$ 0.1	$ 0.1	$ 0.2

Earnings and Dividends per Common Share - Additional Information (Detail) - $ / shares		3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends Payable [Line Items]
Quarterly dividend declared per common share		$ 0.07	$ 0.06	$ 0.21	$ 0.18
Forecast [Member] \| Q3 Dividends [Member]
Dividends Payable [Line Items]
Quarterly dividend, declared date	Nov. 07, 2024
Quarterly dividend declared per common share	$ 0.07
Quarterly dividend, payable date	Dec. 16, 2024
Quarterly dividend, payable date of record	Nov. 29, 2024

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Income Taxes Reconciled with Federal Statutory Rate

The estimated annual effective income tax rate differs from the U.S. federal statutory tax rate due to:


	September 30,
	2024			2023
Federal income tax rate		21.0	%		21.0	%
Foreign earnings taxed at different rates		4.1			4.8
Nondeductible expenses		1.9			1.4
State income taxes, net of federal tax benefit		1.1			1.3
Change in tax contingency reserves		0.1			0.1
GILTI inclusion, net of foreign tax credits		(0.2	)		(0.3	)
Estimated annual effective income tax rate		28.0	%		28.3	%

Debt - Additional Information (Detail) - USD ($)	1 Months Ended
Debt - Additional Information (Detail) - USD ($)	Apr. 30, 2023	Sep. 30, 2024	Apr. 30, 2024
Debt Instrument [Line Items]
Revolving credit facility		$ 730,000,000
Term Loan B [Member]
Debt Instrument [Line Items]
Secured term loan			$ 100,000,000
Debt instrument, payment terms	The principal balance of the Term Loan B is repayable in quarterly installments on the last business day of each quarterly period in an amount equal to 0.25 percent of the principal amount, with the balance due at maturity on April 10, 2030.
Percentage of face value of issued debt	97.00%
Net proceeds from secured debt, before debt financing costs	$ 388,000,000
Debt instrument, basis spread on variable rate	3.00%
Debt instrument, floor interest rate	0.50%
Debt instrument, frequency of periodic payment	quarterly
Debt maturity date	Apr. 10, 2030
Debt instrument, percentage of principal payment	0.25%
Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Letters of credit, amount outstanding		7,800,000
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit facility		800,000,000
Swingline Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility		50,000,000
Credit Facility [Member] \| Senior Secured Credit Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, unused borrowing capacity		$ 287,400,000

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Changes in Accrued Liability for Environmental Matters

The following table reflects changes in the accrual for environmental remediation. As of September 30, 2024 and December 31, 2023, $2.3 million and $2.2 million, respectively, were classified as current liabilities.


	Period ended
	September 30, 2024			December 31, 2023
(Dollars in millions)
Balance at beginning of period	$	10.6		$	10.9
Expense		0.2			0.2
Cash expenditures		(0.2	)		(0.4	)
Currency translation		0.0			(0.1	)
Balance at end of period	$	10.6		$	10.6

Commitments and Contingent Liabilities - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Site Party Plant	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Environmental remediation and regulation liability	$ 10.6	$ 10.6	$ 10.9
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current
Accrued liability for environmental matters, current	$ 2.3	$ 2.2
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Portland Harbor and Newark Bay CERCLA sites [Member]
Loss Contingencies [Line Items]
Costs of participating in PRP group	$ 3.8
Beazer East [Member]
Loss Contingencies [Line Items]
Sites listed on National Priorities List \| Site	1
Oregon [Member]
Loss Contingencies [Line Items]
Number of potential responsible parties \| Party	80
Net present value of selected remedy estimation	$ 1,100.0
Undiscounted cost of selected remedy estimation	1,700.0
United States [Member]
Loss Contingencies [Line Items]
Environmental remediation and regulation liability	$ 3.7
United States [Member] \| Performance Chemicals [Member]
Loss Contingencies [Line Items]
Number of plant sites \| Plant	2
United States [Member] \| Utility and Industrial Products [Member]
Loss Contingencies [Line Items]
Number of plant sites \| Plant	1
Australia [Member] \| Performance Chemicals [Member]
Loss Contingencies [Line Items]
Environmental remediation and regulation liability	$ 1.3
Number of plant sites \| Plant	1

Stock-based Compensation - Summary of Status and Activity of Non-Vested Stock Units (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance	1,112,102
Granted	330,323
Credited from dividends	208
Vested	(367,204)
Forfeited	(14,147)
Non-vested, Ending Balance	1,061,282
Beginning Balance, Non-vested, Weighted Average Grant Date Fair Value per Unit \| $ / shares	$ 33.62
Granted, Weighted Average Grant Date Fair Value per Unit \| $ / shares	48.86
Credited from dividends, Weighted Average Grant Date Fair Value per Unit \| $ / shares	41.99
Vested, Weighted Average Grant Date Fair Value per Unit \| $ / shares	30.88
Forfeited, Weighted Average Grant Date Fair Value per Unit \| $ / shares	34.56
Ending Balance, Non-vested, Weighted Average Grant Date Fair Value per Unit \| $ / shares	$ 39.3
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance	531,339
Granted	148,127
Credited from dividends	199
Vested	(230,644)
Forfeited	(10,034)
Non-vested, Ending Balance	438,987
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance	580,763
Granted	182,196
Credited from dividends	9
Vested	(136,560)
Forfeited	(4,113)
Non-vested, Ending Balance	622,295

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	KOP
Entity Registrant Name	KOPPERS HOLDINGS INC.
Entity Central Index Key	0001315257
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		20,268,927
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	1-32737
Entity Tax Identification Number	20-1878963
Entity Address, Address Line One	436 Seventh Avenue
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	227-2001
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	PA

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

9. Inventories, net


	September 30, 2024		December 31, 2023
(Dollars in millions)
Raw materials	$	350.3	$	348.4
Work in process		15.6		17.9
Finished goods		152.5		139.0
Total	$	518.4	$	505.3
Less revaluation to LIFO		112.5		109.6
Net	$	405.9	$	395.7

Commitments and Contingent Liabilities - Changes in Accrued Liability for Environmental Matters (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Balance at beginning of period	$ 10.6	$ 10.9
Expense	0.2	0.2
Cash expenditures	(0.2)	(0.4)
Currency translation	0.0	(0.1)
Balance at end of period	$ 10.6	$ 10.6

Earnings and Dividends per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings and Dividends per Common Share

5. Earnings and Dividends per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions, except share and per share amounts)
Net income attributable to Koppers	$	22.8	$	26.3	$	62.6	$	76.3
Weighted average common shares outstanding (in thousands):
Basic		20,409		20,828		20,790		20,838
Effect of dilutive securities		552		831		658		708
Diluted		20,961		21,659		21,448		21,546
Earnings per common share:
Basic	$	1.12	$	1.27	$	3.01	$	3.66
Diluted		1.09		1.22		2.92		3.54
Other data:
Antidilutive securities excluded from computation of diluted earnings per common share		274		311		61		496

On November 7, 2024, we declared a quarterly dividend of $0.07 per common share, payable on December 16, 2024 to shareholders of record as of November 29, 2024.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

12. Derivative Financial Instruments

We utilize derivative instruments to manage exposures to risks that have been identified, measured and are capable of being mitigated. The primary risks that we manage by using derivative instruments are commodity price risk associated with copper and fuel oil, foreign currency exchange risk, principally the U.S. dollar, Australian dollar and British pound sterling, and interest rate risk associated with variable rate borrowings. Generally, we enter into master netting arrangements with the counterparties and offset net derivative positions with the same counterparties. Currently, our agreements do not require cash collateral.

The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. The derivative instruments are classified as current or noncurrent based upon the expected timing of cash flows and are subject to offset under our master netting arrangements. A derivative instrument's fair value is determined using significant other observable inputs, a Level 2 fair value measurement.

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instruments representing hedge ineffectiveness are recognized in current earnings.

Swap contracts on copper are used to manage the price risk associated with forecasted purchases of materials used in our manufacturing processes. Generally, we will not hedge cash flow exposures for durations longer than 36 months and we have hedged certain volumes of copper through the end of 2025. We designate certain of our commodity swaps as cash flow hedges of forecasted purchases of commodities. For those commodity swaps where hedge accounting is not elected, the fair value of the commodity swap is recognized as an asset or liability on the condensed consolidated balance sheet and the related unrealized gain or loss on the derivative is reported in current earnings. These amounts are classified in cost of sales in the condensed consolidated statement of operations.

We enter into heating oil swap contracts to manage price risk associated with fuel oil purchases for our plant operations and certain raw material requirements. The fair value associated with these swap contracts are not designated as hedges, and the related unrealized gain or loss on the derivative is reported in current earnings. These amounts are classified in cost of sales in the condensed consolidated statement of operations. As of September 30, 2024 and December 31, 2023, we had contracts totaling 3.2 million and 1.5 million gallons, respectively.

We enter into foreign currency forward contracts to manage foreign currency risk associated with our receivable and payable balances in addition to foreign-denominated sales. The fair value associated with forward contracts related to foreign currency that are not designated as hedges, and the related unrealized gain or loss on the derivative is reported in current earnings. These amounts are classified in cost of sales in the condensed consolidated statement of operations.

We enter into interest rate swaps to effectively convert portions of our variable interest rate debt into fixed rate debt to add stability to interest expense and to manage our exposure to interest rate movements. We entered into interest rate swap agreements with an aggregate notional value of $400.0 million at a weighted average fixed SOFR rate of 3.97 percent for a portion of our variable rate debt. All swap agreements expire in April 2027. The interest rate swaps have been designated as cash flow hedges on interest payments involving the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

See the condensed consolidated statement of comprehensive income and condensed consolidated statement of shareholders' equity for amounts recorded in other comprehensive income and for amounts reclassified from accumulated other comprehensive income into net income.

The fair value of the outstanding derivative contracts recorded in the balance sheet are as follows:


			September 30, 2024
	Copper Swap Contracts		Heating Oil Contracts			Foreign Currency Forward Contracts		Interest Rate Swap Contracts			Total
(Dollars in millions)
Derivative contracts	$	11.9	$	0.0		$	0.1	$	0.7		$	12.7
Other assets		2.0		0.0			0.0		0.0			2.0
Accrued liabilities		0.0		(0.9	)		0.0		(1.2	)		(2.1	)
Other long-term liabilities		0.0		0.0			0.0		(5.7	)		(5.7	)
Net asset (liability) on balance sheet	$	13.9	$	(0.9	)	$	0.1	$	(6.2	)	$	6.9
Accumulated other comprehensive gain, net of tax	$	6.7	$	0.0		$	0.0	$	4.7		$	11.4


			December 31, 2023
	Copper Swap Contracts		Heating Oil Contracts			Foreign Currency Forward Contracts			Interest Rate Swap Contracts			Total
(Dollars in millions)
Derivative contracts	$	4.1	$	0.0		$	0.2		$	2.8		$	7.1
Accrued liabilities		0.0		(0.3	)		(0.1	)		0.0			(0.4	)
Other long-term liabilities		0.0		0.0			0.0			(6.5	)		(6.5	)
Net asset (liability) on balance sheet	$	4.1	$	(0.3	)	$	0.1		$	(3.7	)	$	0.2
Accumulated other comprehensive gain (loss), net of tax	$	2.0	$	0.0		$	0.0		$	(2.9	)	$	(0.9	)

We estimate that unrealized gains, net of tax, for commodity price hedging of $6.0 million and unrealized losses, net of tax, for interest rate swaps of $0.4 million, respectively, will be reclassified from other comprehensive income into earnings over the next twelve months.

Copper Swap Contracts

As of the periods presented, we had outstanding copper swap contracts of the following amounts:


	Units Outstanding (in Pounds)				Net Fair Value – Asset
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
(Amounts in millions)
Cash flow hedges		17.9		31.7	$	8.8	$	2.6
Contracts where hedge accounting was not elected		14.5		9.5		5.1		1.5
Total		32.4		41.2	$	13.9	$	4.1

The unrealized gain from copper swap contracts where hedge accounting was not elected is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Gain from contracts where hedge accounting was not elected	$	0.8	$	0.0	$	3.6	$	0.0

Foreign Currency Forward Contracts

The net currency units outstanding for contracts were:


	September 30, 2024		December 31, 2023
(In millions)
United States Dollars		USD 7.0		USD 10.3
British Pound Sterling		GBP 0.5		GBP 0.0
Australian Dollars		AUD 0.0		AUD 3.0

Segment Information - Summary of Assets and Goodwill by Segments (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Apr. 01, 2024	Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 1,959.6		$ 1,835.5
Goodwill	319.8	$ 25.3	294.4
Railroad and Utility Products and Services [Member] \| Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	866.2		743.7
Goodwill	145.9		120.6
Performance Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	530.4		520.6
Goodwill	173.9		173.8
Carbon Materials and Chemicals [Member] \| Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	532.5		538.9
All Other [Member] \| Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 30.5		$ 32.3

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Derivative Financial Instruments - Schedule of Fair Value of Outstanding Derivative Contracts Recorded in Balance Sheet (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Net asset (liability) on balance sheet	$ 6.9	$ 0.2
Accumulated other comprehensive gain (loss), net of tax	11.4	(0.9)
Copper Swap Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	13.9	4.1
Accumulated other comprehensive gain (loss), net of tax	6.7	2.0
Heating Oil Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(0.9)	(0.3)
Accumulated other comprehensive gain (loss), net of tax	0.0	0.0
Forward Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.1	0.1
Accumulated other comprehensive gain (loss), net of tax	0.0	0.0
Interest Rate Swaps [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(6.2)	(3.7)
Accumulated other comprehensive gain (loss), net of tax	4.7	(2.9)
Derivative Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	12.7	7.1
Derivative Contracts [Member] \| Copper Swap Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	11.9	4.1
Derivative Contracts [Member] \| Heating Oil Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	0.0
Derivative Contracts [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.1	0.2
Derivative Contracts [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.7	2.8
Other Assets [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	2.0
Other Assets [Member] \| Copper Swap Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	2.0
Other Assets [Member] \| Heating Oil Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0
Other Assets [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0
Other Assets [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0
Accrued Liabilities [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(2.1)	(0.4)
Accrued Liabilities [Member] \| Copper Swap Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	0.0
Accrued Liabilities [Member] \| Heating Oil Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(0.9)	(0.3)
Accrued Liabilities [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	(0.1)
Accrued Liabilities [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(1.2)	0.0
Other Long-Term Liabilities [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	(5.7)	(6.5)
Other Long-Term Liabilities [Member] \| Copper Swap Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	0.0
Other Long-Term Liabilities [Member] \| Heating Oil Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	0.0
Other Long-Term Liabilities [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	0.0	0.0
Other Long-Term Liabilities [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Net asset (liability) on balance sheet	$ (5.7)	$ (6.5)

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash provided by (used in) operating activities:
Net income	$ 58.8	$ 76.8
Adjustments to reconcile net cash used in operating activities:
Depreciation and amortization	52.2	42.7
Stock-based compensation	16.1	13.0
Change in derivative contracts	(3.0)	0.0
Non-cash interest expense	2.5	4.1
Loss (gain) on sale of assets	9.4	(2.0)
Insurance proceeds	(1.0)	(0.8)
Deferred income taxes	1.0	1.6
Change in other liabilities	(7.8)	0.6
Other - net	0.3	(1.0)
Changes in working capital:
Accounts receivable	(32.1)	(27.5)
Inventories	4.7	(16.8)
Accounts payable	(31.3)	4.3
Accrued liabilities	(19.8)	(10.0)
Other working capital	(5.3)	(5.5)
Net cash provided by operating activities	44.7	79.5
Cash (used in) provided by investing activities:
Capital expenditures	(58.8)	(91.3)
Insurance proceeds received	1.0	0.8
Acquisitions	(99.4)	0.0
Cash provided by sale of assets	2.8	2.2
Net cash (used in) investing activities	(154.4)	(88.3)
Cash provided by (used in) financing activities:
Borrowings of credit facility	599.1	909.8
Repayments of credit facility	(555.7)	(749.9)
Borrowings of long-term debt	100.0	388.0
Repayments of long-term debt	(4.5)	(501.0)
Issuances of Common Stock	4.5	3.2
Repurchases of Common Stock	(49.5)	(9.8)
Payment of debt issuance costs	(0.9)	(4.9)
Dividends paid	(4.6)	(3.8)
Net cash provided by financing activities	88.4	31.6
Effect of exchange rate changes on cash	(0.7)	(2.6)
Net (decrease) increase in cash and cash equivalents	(22.0)	20.2
Cash and cash equivalents at beginning of period	66.5	33.3
Cash and cash equivalents at end of period	44.5	53.5
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	17.8	16.1
Accrued capital expenditures	2.2	5.6
Acquisition non-cash consideration	$ 2.6	$ 0.0

Stock-based Compensation - Performance Award Fair Value Assumptions (Detail) - January 2024 Grant [Member] - Performance Stock Units [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date price per share of performance award	$ 46.68
Expected volatility	38.14%
Risk-free interest rate	4.14%
Look-back period in years	3 years
Grant date fair value per share	$ 59.41

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes as a percentage of pretax income	35.80%	24.10%	30.00%	26.80%
Minimum effective corporate tax rate income as per pillar two			15.00%
Unrecognized tax benefits	$ 1.6		$ 1.6		$ 1.5

Comprehensive Income (Loss) and Equity - Schedule of Changes in Equity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 513.3	$ 456.6	$ 503.0	$ 403.0
Net income (loss)	19.0	26.2	58.8	76.8
Other comprehensive (loss) income
Unrealized gain (loss) on cash flow hedges	(7.5)	1.6	2.9	2.5
Balance	532.6	476.0	532.6	476.0
Common Stock [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	0.3	0.2	0.3	0.2
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	306.1	273.7	291.1	263.9
Issuance of common stock	0.4	1.3	4.5	3.2
Other comprehensive (loss) income
Balance	311.7	280.1	311.7	280.1
Retained Earnings [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	480.7	407.3	444.0	360.2
Common Stock dividends ($0.07, $0.06, $0.21 and $0.18 per share)	(1.5)	(1.2)	(4.6)	(4.1)
Other comprehensive (loss) income
Balance	502.0	432.4	502.0	432.4
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(91.1)	(95.1)	(88.8)	(97.3)
Other comprehensive (loss) income
Balance	(84.5)	(103.3)	(84.5)	(103.3)
Treasury Stock [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(186.8)	(133.5)	(147.7)	(127.6)
Repurchases of common stock	(10.4)	(3.9)	(49.5)	(9.8)
Other comprehensive (loss) income
Balance	(197.2)	(137.4)	(197.2)	(137.4)
Noncontrolling Interests [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	4.1	4.0	4.1	3.6
Other comprehensive (loss) income
Balance	$ 0.3	$ 4.0	$ 0.3	$ 4.0

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Outstanding Derivative contracts

The fair value of the outstanding derivative contracts recorded in the balance sheet are as follows:


			September 30, 2024
	Copper Swap Contracts		Heating Oil Contracts			Foreign Currency Forward Contracts		Interest Rate Swap Contracts			Total
(Dollars in millions)
Derivative contracts	$	11.9	$	0.0		$	0.1	$	0.7		$	12.7
Other assets		2.0		0.0			0.0		0.0			2.0
Accrued liabilities		0.0		(0.9	)		0.0		(1.2	)		(2.1	)
Other long-term liabilities		0.0		0.0			0.0		(5.7	)		(5.7	)
Net asset (liability) on balance sheet	$	13.9	$	(0.9	)	$	0.1	$	(6.2	)	$	6.9
Accumulated other comprehensive gain, net of tax	$	6.7	$	0.0		$	0.0	$	4.7		$	11.4


			December 31, 2023
	Copper Swap Contracts		Heating Oil Contracts			Foreign Currency Forward Contracts			Interest Rate Swap Contracts			Total
(Dollars in millions)
Derivative contracts	$	4.1	$	0.0		$	0.2		$	2.8		$	7.1
Accrued liabilities		0.0		(0.3	)		(0.1	)		0.0			(0.4	)
Other long-term liabilities		0.0		0.0			0.0			(6.5	)		(6.5	)
Net asset (liability) on balance sheet	$	4.1	$	(0.3	)	$	0.1		$	(3.7	)	$	0.2
Accumulated other comprehensive gain (loss), net of tax	$	2.0	$	0.0		$	0.0		$	(2.9	)	$	(0.9	)

Schedule of Outstanding Copper Swap Contracts

As of the periods presented, we had outstanding copper swap contracts of the following amounts:


	Units Outstanding (in Pounds)				Net Fair Value – Asset
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
(Amounts in millions)
Cash flow hedges		17.9		31.7	$	8.8	$	2.6
Contracts where hedge accounting was not elected		14.5		9.5		5.1		1.5
Total		32.4		41.2	$	13.9	$	4.1

Schedule of Unrealized Gain from Contract Where Hedge Accounting Was Not Elected

The unrealized gain from copper swap contracts where hedge accounting was not elected is as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Gain from contracts where hedge accounting was not elected	$	0.8	$	0.0	$	3.6	$	0.0

Summary of Net Currency Units Outstanding

The net currency units outstanding for contracts were:


	September 30, 2024		December 31, 2023
(In millions)
United States Dollars		USD 7.0		USD 10.3
British Pound Sterling		GBP 0.5		GBP 0.0
Australian Dollars		AUD 0.0		AUD 3.0

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Components of Net Inventories


	September 30, 2024		December 31, 2023
(Dollars in millions)
Raw materials	$	350.3	$	348.4
Work in process		15.6		17.9
Finished goods		152.5		139.0
Total	$	518.4	$	505.3
Less revaluation to LIFO		112.5		109.6
Net	$	405.9	$	395.7

Condensed Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 554.3	$ 550.4	$ 1,615.1	$ 1,641.0
Cost of sales	433.1	439.0	1,276.1	1,313.0
Depreciation and amortization	17.9	14.3	52.2	42.7
Selling, general and administrative expenses	43.9	43.8	135.3	129.1
Loss (gain) on sale of assets	9.7	0.0	9.7	(1.8)
Operating profit	49.7	53.3	141.8	158.0
Other Income, net	0.1	0.2	0.1	0.2
Interest expense	20.2	19.0	57.9	53.3
Income before income taxes	29.6	34.5	84.0	104.9
Income tax expense	10.6	8.3	25.2	28.1
Net income	19.0	26.2	58.8	76.8
Net (loss) income attributable to noncontrolling interests	(3.8)	(0.1)	(3.8)	0.5
Net income attributable to Koppers	$ 22.8	$ 26.3	$ 62.6	$ 76.3
Earnings per common share attributable to Koppers common shareholders:
Basic	$ 1.12	$ 1.27	$ 3.01	$ 3.66
Diluted	$ 1.09	$ 1.22	$ 2.92	$ 3.54
Weighted average shares outstanding (in thousands):
Basic	20,409	20,828	20,790	20,838
Diluted	20,961	21,659	21,448	21,546

Comprehensive Income (Loss) and Equity - Additional Information (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Quarterly dividend declared per common share	$ 0.07	$ 0.06	$ 0.21	$ 0.18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisition and Loss on Sale of Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Apr. 01, 2024
Business Acquisition [Line Items]
Customer relationship intangible assets useful life			15 years
Brown Wood Preserving Company, Inc [Member]
Business Acquisition [Line Items]
Value of the assets acquired			$ 100
KCCC
Business Acquisition [Line Items]
Ownership percentage		60.00%
TISCO
Business Acquisition [Line Items]
Ownership percentage		40.00%
Loss from acquisition	$ 6

Derivative Financial Instruments - Schedule of Outstanding Copper Swap Contracts (Detail) - Copper Swap Contracts [Member] £ in Millions, $ in Millions	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)
Derivatives Fair Value [Line Items]
Copper Swap Contracts Units Outstanding \| £	£ 32.4		£ 41.2
Net Fair Value - Asset \| $		$ 13.9		$ 4.1
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Copper Swap Contracts Units Outstanding \| £	17.9		31.7
Net Fair Value - Asset \| $		8.8		2.6
Contracts Where Hedge Accounting Was not Elected [Member]
Derivatives Fair Value [Line Items]
Copper Swap Contracts Units Outstanding \| £	£ 14.5		£ 9.5
Net Fair Value - Asset \| $		$ 5.1		$ 1.5

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Earnings and Dividends per Common Share - Schedule of Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Koppers	$ 22.8	$ 26.3	$ 62.6	$ 76.3
Weighted average common shares outstanding (in thousands):
Basic	20,409	20,828	20,790	20,838
Effect of dilutive securities	552	831	658	708
Diluted	20,961	21,659	21,448	21,546
Earnings per common share – continuing operations:
Basic	$ 1.12	$ 1.27	$ 3.01	$ 3.66
Diluted	$ 1.09	$ 1.22	$ 2.92	$ 3.54
Other data:
Antidilutive securities excluded from computation of diluted earnings per common share	274	311	61	496

Acquisition and Loss on Sale of Assets

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition and Loss on Sale of Assets

2. Acquisition and Loss on Sale of Assets

Acquisition

On April 1, 2024, we completed our acquisition of substantially all of the assets of Brown Wood Preserving Company, Inc. and certain of its affiliates (Brown Wood) for approximately $100 million in cash, after post-closing working capital adjustments. We financed the acquisition with cash and available borrowings under our Credit Facility (as defined in Note 11 – Debt). Brown Wood is a utility pole treating business with principal operating locations in Alabama and Mississippi. The business we acquired, as well as the sales function, has been operationally integrated into our existing network of utility pole plants and distribution yards. We believe the acquisition, which is included in our RUPS segment, increased our presence in existing markets and offers an attractive entry point to new geographic markets for our utility pole business. Transaction costs, revenue and profit related to the acquisition were not material for the three and nine months ended September 30, 2024.

We accounted for the transaction as a business combination. The following table summarizes the preliminary purchase price and estimated fair value of assets acquired and liabilities assumed as of April 1, 2024. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. We expect to finalize the purchase price allocation once we have received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised, if necessary. Accordingly, the unaudited condensed consolidated financial statements include a preliminary fair value determination based on assumptions and estimates that, while considered reasonable, are subject to changes, which may be material.


(Dollars in millions)
Cash consideration(1)	$	102.0

Accounts receivable		5.2
Inventories		14.4
Property, plant and equipment		28.0
Customer relationship intangible assets		32.2
Operating lease right-of-use assets		2.4
Fair value of assets acquired		82.2
Accounts payable and accrued liabilities		3.1
Current operating lease liabilities		1.1
Operating lease liabilities		1.3
Fair value of liabilities assumed		5.5

Goodwill	$	25.3

(1)

The difference between total cash consideration and cash paid on the condensed consolidated statement of cash flows relates to the settlement of pre-existing relationships with our PC segment and Brown Wood, as the settlement was deemed additional consideration.

The customer relationship intangible assets have a useful life of 15 years and are amortized on a straight-line basis. Goodwill has been allocated to the Company’s RUPS segment. The Company expects the goodwill recognized will be deductible for tax purposes. Recognized goodwill is attributable to the expected synergies and other intangible assets that do not qualify for separate recognition.

Loss on Sale of Assets

Koppers (China) Carbon & Chemical Company Limited (KCCC), which ceased operations in 2015, is owned 60 percent by a wholly owned subsidiary of Koppers and 40 percent by Tangshan Iron & Steel Group Co. Ltd. (TISCO). In July 2024, Koppers and TISCO signed an agreement to effectuate the ultimate liquidation of KCCC later in 2024 whereby TISCO will assume the remaining assets, including land, and liabilities of KCCC. As a result, we recorded a loss of approximately $6 million, net of non-controlling interest, during the three months ending September 30, 2024.

Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense recognized:
Less related income tax benefit	$ 1.5	$ 1.5	$ 4.5	$ 3.7
Decrease in net income attributable to Koppers	3.7	3.7	11.6	9.3
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense recognized:
Stock-based compensation expense	$ 5.2	$ 5.2	$ 16.1	$ 13.0

Income Taxes - Summary of Income Taxes Reconciled with Federal Statutory Rate (Detail)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%
Foreign earnings taxed at different rates	4.10%	4.80%
Nondeductible expenses	1.90%	1.40%
State income taxes, net of federal tax benefit	1.10%	1.30%
Change in tax contingency reserves	0.10%	0.10%
GILTI inclusion, net of foreign tax credits	(0.20%)	(0.30%)
Estimated annual effective income tax rate	28.00%	28.30%

Acquisition and Loss on Sale of Assets (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Summary of Preliminary Purchase Price and Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price and estimated fair value of assets acquired and liabilities assumed as of April 1, 2024. Certain information necessary to complete the purchase price allocation is not yet available, including, but not limited to, final appraisals of assets acquired and liabilities assumed. We expect to finalize the purchase price allocation once we have received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised, if necessary. Accordingly, the unaudited condensed consolidated financial statements include a preliminary fair value determination based on assumptions and estimates that, while considered reasonable, are subject to changes, which may be material.


(Dollars in millions)
Cash consideration(1)	$	102.0

Accounts receivable		5.2
Inventories		14.4
Property, plant and equipment		28.0
Customer relationship intangible assets		32.2
Operating lease right-of-use assets		2.4
Fair value of assets acquired		82.2
Accounts payable and accrued liabilities		3.1
Current operating lease liabilities		1.1
Operating lease liabilities		1.3
Fair value of liabilities assumed		5.5

Goodwill	$	25.3

(1)

Acquisition and Loss on Sale of Assets - Summary of Preliminary Purchase Price and Estimated Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Apr. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Cash consideration		$ 102.0
Accounts receivable		5.2
Inventories		14.4
Property, plant and equipment		28.0
Customer relationship intangible assets		32.2
Operating lease right-of-use assets		2.4
Fair value of assets acquired		82.2
Accounts payable and accrued liabilities		3.1
Current operating lease liabilities		1.1
Operating lease liabilities		1.3
Fair value of liabilities assumed		5.5
Goodwill	$ 319.8	$ 25.3	$ 294.4

Fair Value Measurements - Schedule of Company's Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value [Member]
Financial assets:
Investments and other assets	$ 1.3	$ 1.3
Financial liabilities:
Long-term debt (including current portion)	999.4	860.4
Carrying Value [Member]
Financial assets:
Investments and other assets	1.3	1.3
Financial liabilities:
Long-term debt (including current portion)	$ 989.4	$ 849.4

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Condensed Consolidated Statement of Shareholders' Equity - USD ($)
$ in Millions

Total

Common Stock [Member]

Additional Paid-In Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Loss [Member]

Treasury Stock [Member]

Noncontrolling Interests [Member]

Balance at Dec. 31, 2022

$ 403.0

$ 0.2

$ 263.9

$ 360.2

$ (97.3)

$ (127.6)

$ 3.6

Employee stock plans

13.0

Issuance of common stock

3.2

Net income attributable to Koppers

76.3

Common Stock dividends ($0.07, $0.06, $0.21 and $0.18 per share)

(4.1)

Net (loss) income attributable to noncontrolling interests

0.5

Currency translation adjustment

(9.6)

(9.5)

(0.1)

Cash flow hedges, net of tax

^[1]

2.5

Pension adjustments, net of tax

^[2]

1.0

Purchases

(9.8)

Balance at Sep. 30, 2023

476.0

280.1

432.4

(103.3)

(137.4)

4.0

Balance at Jun. 30, 2023

456.6

0.2

273.7

407.3

(95.1)

(133.5)

4.0

Employee stock plans

5.1

Issuance of common stock

1.3

Net income attributable to Koppers

26.3

Common Stock dividends ($0.07, $0.06, $0.21 and $0.18 per share)

(1.2)

Net (loss) income attributable to noncontrolling interests

(0.1)

Currency translation adjustment

(10.1)

(10.2)

0.1

Cash flow hedges, net of tax

^[1]

1.6

Pension adjustments, net of tax

^[2]

0.4

Purchases

(3.9)

Balance at Sep. 30, 2023

476.0

280.1

432.4

(103.3)

(137.4)

4.0

Balance at Dec. 31, 2023

503.0

0.3

291.1

444.0

(88.8)

(147.7)

4.1

Employee stock plans

16.1

Issuance of common stock

4.5

Net income attributable to Koppers

62.6

Common Stock dividends ($0.07, $0.06, $0.21 and $0.18 per share)

(4.6)

Net (loss) income attributable to noncontrolling interests

(3.8)

Currency translation adjustment

0.4

0.0

Cash flow hedges, net of tax

^[1]

2.9

Pension adjustments, net of tax

^[2]

1.0

Purchases

(49.5)

Balance at Sep. 30, 2024

532.6

311.7

502.0

(84.5)

(197.2)

0.3

Balance at Jun. 30, 2024

513.3

$ 0.3

306.1

480.7

(91.1)

(186.8)

4.1

Employee stock plans

5.2

Issuance of common stock

0.4

Net income attributable to Koppers

22.8

Common Stock dividends ($0.07, $0.06, $0.21 and $0.18 per share)

(1.5)

Net (loss) income attributable to noncontrolling interests

(3.8)

Currency translation adjustment

13.8

0.0

Cash flow hedges, net of tax

^[1]

(7.5)

Pension adjustments, net of tax

^[2]

0.3

Purchases

(10.4)

Balance at Sep. 30, 2024

$ 532.6

$ 311.7

$ 502.0

$ (84.5)

$ (197.2)

$ 0.3

[1]	Amounts reclassified from accumulated other comprehensive income to net income related to derivative financial instruments, net of tax, were $3.3 million and $0.2 million during the three months ended September 30, 2024 and 2023, respectively, and $9.6 million and $2.5 million during the nine months ended September 30, 2024 and 2023, respectively.
[2]	Amounts reclassified from accumulated other comprehensive income to net income consist of amounts shown for pension adjustments. This component of accumulated other comprehensive income is included in the computation of net periodic pension cost as disclosed in Note 10 – Pensions and Post-Retirement Benefit Plans.

Debt - Schedule of Long-Term Debt Instruments (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 989.4	$ 849.4
Less current maturities of long-term debt	5.0	5.0
Less unamortized debt issuance costs	8.5	9.0
Long-term debt	$ 975.9	835.4
Term Loan B [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	8.10%
Debt, Maturity	2030
Debt	$ 484.6	388.0
7.20 Percent Credit Facility [Member] \| Credit Facility [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	7.20%
Debt, Maturity	2027
Debt	$ 504.8	$ 461.4

Derivative Financial Instruments - Summary of Net Currency Units Outstanding (Detail)	Sep. 30, 2024 AUD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)
Offsetting [Abstract]
Net currency units outstanding	$ 0	£ 500,000	$ 7,000,000	$ 3,000,000	£ 0	$ 10,300,000

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On November 8, 2024, we committed to a workforce reduction program across selected U.S. locations, which is intended to streamline operations and reduce costs. This workforce reduction program will result in the reallocation of people and resources, which will include voluntary and involuntary reductions in employees. The first stage of reductions will be carried out through a voluntary exit program that will give eligible employees the option of taking a separation package that will include enhanced severance benefits consisting of cash and health and welfare coverage. The voluntary program will first be offered to approximately 90 employees in the U.S. The voluntary program is expected to reduce the number of involuntary separations.

At this time, we have not fully defined all of the specific cost reduction actions that may be taken. As such, while the charges and associated cash payments are expected to be material in the aggregate, we are unable at this time to make a good faith determination of the cost estimates, or ranges of cost estimates, associated with actions to be implemented. We expect to incur pre-tax restructuring charges including but not limited to employee severance and related benefit costs. We also expect to incur consulting and other professional service fees to help execute these actions as well as for the design and implementation of the future structures and processes. These cost reduction initiatives are expected to be substantially complete by the end of the first quarter of 2025.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

Effective Tax Rate

The income tax provision for interim periods is comprised of an estimated annual effective income tax rate applied to current year ordinary income and tax associated with discrete items. These discrete items generally relate to excess stock compensation deductions, changes in tax laws, adjustments to unrecognized tax benefits and changes of estimated tax liability to the actual liability determined upon filing income tax returns. To determine the annual effective tax rate, management is required to make estimates of annual pretax income in each domestic and foreign jurisdiction in which we conduct business. Entities that have historical pre-tax losses and current year estimated pre-tax losses that are not projected to generate a future benefit are excluded from the estimated annual effective income tax rate.

The estimated annual effective income tax rate differs from the U.S. federal statutory tax rate due to:


	September 30,
	2024			2023
Federal income tax rate		21.0	%		21.0	%
Foreign earnings taxed at different rates		4.1			4.8
Nondeductible expenses		1.9			1.4
State income taxes, net of federal tax benefit		1.1			1.3
Change in tax contingency reserves		0.1			0.1
GILTI inclusion, net of foreign tax credits		(0.2	)		(0.3	)
Estimated annual effective income tax rate		28.0	%		28.3	%

Income taxes as a percentage of pretax income were 35.8 percent and 30.0 percent for the three and nine months ended September 30, 2024, respectively, and 24.1 percent and 26.8 percent for the three and nine months ended September 30, 2023, respectively. The effective income tax rates for the three and nine months ended September 30, 2024 were higher than the 2024 estimated annual effective income tax rate due to the loss on the sale of KCCC's assets. This loss has no corresponding tax benefit since KCCC will not have future income to offset this loss. The effective income tax rates for the three and nine months ended September 30, 2023 were slightly different than the 2023 estimated annual effective income tax rate due to various discrete items, which were not material in the aggregate or individually.

During the year, management regularly updates estimates of pre-tax income and income tax expense based on changes in pre-tax income projections by taxable jurisdiction, repatriation of foreign earnings, unrecognized tax benefits and other tax matters. Effective January 1, 2024, certain jurisdictions in which we operate have enacted legislation that is consistent with one or more Organization for Economic Co-operation and Development Global Anti-Base Erosion Model Rules (commonly referred to as "Pillar Two"). These Pillar Two rules include minimum domestic top up taxes, income inclusion rules and undertaxed profit rules all aimed to ensure that multinationals pay a minimum effective corporate tax rate of 15 percent in each jurisdiction in which they operate. We do not expect these Pillar Two rules to materially impact our annual effective rate in 2024.

To the extent that actual results vary from these estimates, the actual annual effective income tax rate at the end of the year could be materially different from the estimated annual effective income tax rate for the nine months ended September 30, 2024.

Unrecognized Tax Benefits

We file income tax returns in the U.S. federal jurisdiction, individual U.S. state jurisdictions and non-U.S. jurisdictions. With few exceptions, we are no longer subject to U.S. federal, U.S. state, or non-U.S. income tax examinations by tax authorities for years prior to 2017.

As of September 30, 2024 and December 31, 2023, unrecognized tax benefits of $1.6 million and $1.5 million, respectively, would affect the effective tax rate if recognized. We do not anticipate material changes to the amount of unrecognized tax benefits within the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings and Dividends per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions, except share and per share amounts)
Net income attributable to Koppers	$	22.8	$	26.3	$	62.6	$	76.3
Weighted average common shares outstanding (in thousands):
Basic		20,409		20,828		20,790		20,838
Effect of dilutive securities		552		831		658		708
Diluted		20,961		21,659		21,448		21,546
Earnings per common share:
Basic	$	1.12	$	1.27	$	3.01	$	3.66
Diluted		1.09		1.22		2.92		3.54
Other data:
Antidilutive securities excluded from computation of diluted earnings per common share		274		311		61		496

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 44.5	$ 66.5
Accounts receivable, net of allowance of $7.1 and $6.5	238.0	202.4
Inventories, net	405.9	395.7
Derivative contracts	12.7	7.1
Other current assets	29.0	27.3
Total current assets	730.1	699.0
Property, plant and equipment, net of accumulated depreciation of $504.4 and $473.2	673.1	631.7
Goodwill	319.8	294.4
Intangible assets, net	123.2	102.2
Operating lease right-of-use assets	91.9	90.5
Deferred tax assets	9.9	10.4
Other assets	11.6	7.3
Total assets	1,959.6	1,835.5
Liabilities
Accounts payable	169.5	202.9
Accrued liabilities	86.8	95.1
Current operating lease liabilities	25.7	22.9
Current maturities of long-term debt	5.0	5.0
Total current liabilities	287.0	325.9
Long-term debt	975.9	835.4
Operating lease liabilities	66.0	67.4
Accrued postretirement benefits	25.3	31.6
Deferred tax liabilities	27.3	25.9
Other long-term liabilities	45.5	46.3
Total liabilities	1,427.0	1,332.5
Commitments and contingent liabilities (Note 13)
Equity
Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000 shares authorized; no shares issued	0.0	0.0
Common Stock, $0.01 par value per share; 80,000,000 shares authorized; 25,717,647 and 25,163,238 shares issued	0.3	0.3
Additional paid-in capital	311.7	291.1
Retained earnings	502.0	444.0
Accumulated other comprehensive loss	(84.5)	(88.8)
Treasury stock, at cost, 5,450,278 and 4,302,996 shares	(197.2)	(147.7)
Total Koppers shareholders’ equity	532.3	498.9
Noncontrolling interests	0.3	4.1
Total equity	532.6	503.0
Total liabilities and equity	$ 1,959.6	$ 1,835.5

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 22.8	$ 26.3	$ 62.6	$ 76.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

6. Stock-based Compensation

The board of directors granted restricted stock units and performance stock units (collectively, the stock units) to certain employee participants in January 2024. No stock options were granted in 2024. Starting in 2023, most grants of restricted stock units vest in three years. Performance stock units have vesting based upon either a performance condition or a market condition. Performance stock units granted with a performance condition have a cumulative three-year performance objective based on adjusted EBITDA (see Note 7 – Segment Information). For performance stock units granted with a market condition, the applicable objective is based on our total shareholder return relative to the Standard & Poor’s SmallCap 600 Materials Index and has multi-year performance objectives. Both types of performance stock units have a three-year period for vesting, if the applicable performance objectives are achieved.

The number of performance stock units granted represents the target award and participants have the ability to earn between zero and 200 percent of the target award based upon actual performance. If minimum performance criteria are not achieved, no performance stock units will vest. For the awards granted in January 2024, target shares for units with a market condition totaled 56,796 and target shares for units with a performance condition totaled 124,481.

We calculated the fair value of the restricted stock units and performance stock units with a performance condition using the market price of the underlying common stock on the date of grant. We calculated the fair value of the performance stock units with a market condition on the date of grant using a Monte Carlo valuation model and the assumptions listed below:


	January 2024 Grant
Grant date price per share of performance award	$	46.68
Expected volatility		38.14	%
Risk-free interest rate		4.14	%
Look-back period in years		3.00
Grant date fair value per share	$	59.41

The following table shows a summary of the status and activity of non-vested stock units:


	Restricted Stock Units			Performance Stock Units			Total Stock Units			Weighted Average Grant Date Fair Value per Unit
Non-vested at December 31, 2023		531,339			580,763			1,112,102		$	33.62
Granted		148,127			182,196			330,323		$	48.86
Credited from dividends		199			9			208		$	41.99
Vested		(230,644	)		(136,560	)		(367,204	)	$	30.88
Forfeited		(10,034	)		(4,113	)		(14,147	)	$	34.56
Non-vested at September 30, 2024		438,987			622,295			1,061,282		$	39.30

The following table shows a summary of the status and activity of stock options:


	Options			Weighted Average Exercise Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2023		706,868		$	27.51
Exercised		(149,131	)	$	25.74
Outstanding at September 30, 2024		557,737		$	27.98		4.45	$	5.4
Exercisable at September 30, 2024		485,962		$	27.47		4.08	$	5.0

The following table presents total stock-based compensation expense recognized in the condensed consolidated statement of operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
(Dollars in millions)
Selling, general and administrative expenses	$	5.2	$	5.2	$	16.1	$	13.0
Less related income tax benefit		1.5		1.5		4.5		3.7
Decrease in net income attributable to Koppers	$	3.7	$	3.7	$	11.6	$	9.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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