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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information |
| Three Months Ended September 30, 2025
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corp/Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 924.0 |  |  | $ | 349.6 |  |  | $ | 439.6 |  |  | $ | — |  |  | $ | 1,713.2 |
Cost of goods sold | 758.0 |  |  | 367.4 |  |  | 398.5 |  |  | 5.9 |  |  | 1,529.8 |
Gross margin | 166.0 |  |  | (17.8) |  |  | 41.1 |  |  | (5.9) |  |  | 183.4 |
Other segment items | (38.4) |  |  | (14.4) |  |  | (21.8) |  |  | (24.5) |  |  | (99.1) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (2.9) |  |  | (2.9) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Interest expense | — |  |  | — |  |  | — |  |  | (46.8) |  |  | (46.8) |
Interest income | — |  |  | — |  |  | — |  |  | 1.6 |  |  | 1.6 |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 4.9 |  |  | 4.9 |
Income (loss) before taxes | $ | 127.6 |  |  | $ | (32.2) |  |  | $ | 19.3 |  |  | $ | (73.2) |  |  | $ | 41.5 |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 109.0 |  |  | $ | 13.2 |  |  | $ | 7.8 |  |  | $ | 3.8 |  |  | $ | 133.8 |
Capital spending | 56.2 |  |  | 3.3 |  |  | 10.3 |  |  | 1.3 |  |  | 71.1 |
Assets | 5,203.8 |  |  | 923.8 |  |  | 924.5 |  |  | 548.8 |  |  | 7,600.9 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 624.7 |  |  | $ | 139.5 |  |  | $ | 371.9 |  |  | $ | — |  |  | $ | 1,136.1 |
Europe | 48.4 |  |  | 88.1 |  |  | 22.8 |  |  | — |  |  | 159.3 |
Other foreign | 250.9 |  |  | 122.0 |  |  | 44.9 |  |  | — |  |  | 417.8 |
Total sales | $ | 924.0 |  |  | $ | 349.6 |  |  | $ | 439.6 |  |  | $ | — |  |  | $ | 1,713.2 |
| Nine Months Ended September 30, 2025
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corp/Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 2,828.0 |  |  | $ | 1,012.5 |  |  | $ | 1,275.2 |  |  | $ | — |  |  | $ | 5,115.7 |
Cost of goods sold | 2,431.8 |  |  | 1,052.5 |  |  | 1,143.7 |  |  | 17.5 |  |  | 4,645.5 |
Gross margin | 396.2 |  |  | (40.0) |  |  | 131.5 |  |  | (17.5) |  |  | 470.2 |
Other segment items | (125.4) |  |  | (44.3) |  |  | (64.4) |  |  | (62.6) |  |  | (296.7) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (14.3) |  |  | (14.3) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Interest expense | — |  |  | — |  |  | — |  |  | (142.1) |  |  | (142.1) |
Interest income | — |  |  | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 15.5 |  |  | 15.5 |
Income (loss) before taxes | $ | 270.8 |  |  | $ | (84.3) |  |  | $ | 67.1 |  |  | $ | (216.8) |  |  | $ | 36.8 |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 322.5 |  |  | $ | 39.1 |  |  | $ | 25.2 |  |  | $ | 9.1 |  |  | $ | 395.9 |
Capital spending | 108.0 |  |  | 16.1 |  |  | 33.1 |  |  | 6.3 |  |  | 163.5 |
Assets | 5,203.8 |  |  | 923.8 |  |  | 924.5 |  |  | 548.8 |  |  | 7,600.9 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 1,935.8 |  |  | $ | 424.4 |  |  | $ | 1,115.0 |  |  | $ | — |  |  | $ | 3,475.2 |
Europe | 123.6 |  |  | 283.3 |  |  | 55.8 |  |  | — |  |  | 462.7 |
Other foreign | 768.6 |  |  | 304.8 |  |  | 104.4 |  |  | — |  |  | 1,177.8 |
Total sales | $ | 2,828.0 |  |  | $ | 1,012.5 |  |  | $ | 1,275.2 |  |  | $ | — |  |  | $ | 5,115.7 |
| Three Months Ended September 30, 2024
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corp/Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 871.6 |  |  | $ | 285.1 |  |  | $ | 432.8 |  |  | $ | — |  |  | $ | 1,589.5 |
Cost of goods sold | 778.7 |  |  | 313.2 |  |  | 356.8 |  |  | 6.3 |  |  | 1,455.0 |
Gross margin | 92.9 |  |  | (28.1) |  |  | 76.0 |  |  | (6.3) |  |  | 134.5 |
Other segment items | (47.6) |  |  | (14.7) |  |  | (22.6) |  |  | (26.8) |  |  | (111.7) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (7.9) |  |  | (7.9) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Interest expense | — |  |  | — |  |  | — |  |  | (48.4) |  |  | (48.4) |
Interest income | — |  |  | — |  |  | — |  |  | 1.0 |  |  | 1.0 |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 6.7 |  |  | 6.7 |
Income (loss) before taxes | $ | 45.3 |  |  | $ | (42.8) |  |  | $ | 53.4 |  |  | $ | (81.1) |  |  | $ | (25.2) |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 106.5 |  |  | $ | 13.7 |  |  | $ | 8.5 |  |  | $ | 1.5 |  |  | $ | 130.2 |
Capital spending | 31.2 |  |  | 4.6 |  |  | 8.8 |  |  | 0.1 |  |  | 44.7 |
Assets | 5,307.7 |  |  | 924.5 |  |  | 797.5 |  |  | 488.6 |  |  | 7,518.3 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 616.9 |  |  | $ | 136.2 |  |  | $ | 376.9 |  |  | $ | — |  |  | $ | 1,130.0 |
Europe | 48.5 |  |  | 75.1 |  |  | 22.2 |  |  | — |  |  | 145.8 |
Other foreign | 206.2 |  |  | 73.8 |  |  | 33.7 |  |  | — |  |  | 313.7 |
Total sales | $ | 871.6 |  |  | $ | 285.1 |  |  | $ | 432.8 |  |  | $ | — |  |  | $ | 1,589.5 |
| Nine Months Ended September 30, 2024
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corp/Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 2,676.5 |  |  | $ | 944.1 |  |  | $ | 1,248.2 |  |  | $ | — |  |  | $ | 4,868.8 |
Cost of goods sold | 2,323.2 |  |  | 959.9 |  |  | 985.9 |  |  | 20.2 |  |  | 4,289.2 |
Gross margin | 353.3 |  |  | (15.8) |  |  | 262.3 |  |  | (20.2) |  |  | 579.6 |
Other segment items | (132.1) |  |  | (41.8) |  |  | (66.4) |  |  | (67.9) |  |  | (308.2) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (23.0) |  |  | (23.0) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.8 |  |  | 0.8 |
Interest expense | — |  |  | — |  |  | — |  |  | (139.6) |  |  | (139.6) |
Interest income | — |  |  | — |  |  | — |  |  | 2.7 |  |  | 2.7 |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 19.4 |  |  | 19.4 |
Income (loss) before taxes | $ | 221.2 |  |  | $ | (57.6) |  |  | $ | 195.9 |  |  | $ | (227.8) |  |  | $ | 131.7 |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 319.1 |  |  | $ | 40.6 |  |  | $ | 24.7 |  |  | $ | 4.5 |  |  | $ | 388.9 |
Capital spending | 109.0 |  |  | 15.0 |  |  | 23.9 |  |  | 0.5 |  |  | 148.4 |
Assets | 5,307.7 |  |  | 924.5 |  |  | 797.5 |  |  | 488.6 |  |  | 7,518.3 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 1,924.0 |  |  | $ | 474.3 |  |  | $ | 1,110.1 |  |  | $ | — |  |  | $ | 3,508.4 |
Europe | 129.3 |  |  | 239.3 |  |  | 69.7 |  |  | — |  |  | 438.3 |
Other foreign | 623.2 |  |  | 230.5 |  |  | 68.4 |  |  | — |  |  | 922.1 |
Total sales | $ | 2,676.5 |  |  | $ | 944.1 |  |  | $ | 1,248.2 |  |  | $ | — |  |  | $ | 4,868.8 |
Disaggregation of Revenue |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment Sales by Product Line | ($ in millions)
Chlor Alkali Products and Vinyls |  |  |  |  |  |  |
Caustic soda | $ | 410.2 |  |  | $ | 352.1 |  |  | $ | 1,232.1 |  |  | $ | 1,084.6 |
Chlorine, chlorine-derivatives and other products | 513.8 |  |  | 519.5 |  |  | 1,595.9 |  |  | 1,591.9 |
Total Chlor Alkali Products and Vinyls | 924.0 |  |  | 871.6 |  |  | 2,828.0 |  |  | 2,676.5 |
Epoxy |  |  |  |  |  |  |
Aromatics and allylics | 128.5 |  |  | 105.8 |  |  | 400.3 |  |  | 389.0 |
Epoxy resins | 221.1 |  |  | 179.3 |  |  | 612.2 |  |  | 555.1 |
Total Epoxy | 349.6 |  |  | 285.1 |  |  | 1,012.5 |  |  | 944.1 |
Winchester |  |  |  |  |  |  |
Commercial | 166.0 |  |  | 191.6 |  |  | 491.6 |  |  | 656.4 |
Military and law enforcement(1) | 273.6 |  |  | 241.2 |  |  | 783.6 |  |  | 591.8 |
Total Winchester | 439.6 |  |  | 432.8 |  |  | 1,275.2 |  |  | 1,248.2 |
Total sales | $ | 1,713.2 |  |  | $ | 1,589.5 |  |  | $ | 5,115.7 |  |  | $ | 4,868.8 |
(1) For the three months ended September 30, 2025 and 2024, revenue recognized over time represented $90.4 million and $63.0 million, respectively, and for the nine months ended September 30, 2025 and 2024, revenue recognized over time represented $243.3 million and $120.6 million, respectively, associated with governmental contracts within our Winchester business.

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