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v3.26.1

SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information |
| Three Months Ended June 30, 2026
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corporate & Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 819.5 |  |  | $ | 422.1 |  |  | $ | 500.3 |  |  | $ | — |  |  | $ | 1,741.9 |
Cost of goods sold | 726.5 |  |  | 391.3 |  |  | 447.2 |  |  | 6.7 |  |  | 1,571.7 |
Gross margin | 93.0 |  |  | 30.8 |  |  | 53.1 |  |  | (6.7) |  |  | 170.2 |
Other segment items | (39.6) |  |  | (14.8) |  |  | (25.0) |  |  | (24.3) |  |  | (103.7) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (10.5) |  |  | (10.5) |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | (10.6) |  |  | (10.6) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Interest expense, net | — |  |  | — |  |  | — |  |  | (44.3) |  |  | (44.3) |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 2.6 |  |  | 2.6 |
Income (loss) before taxes | $ | 53.4 |  |  | $ | 16.0 |  |  | $ | 28.1 |  |  | $ | (93.7) |  |  | $ | 3.8 |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 98.1 |  |  | $ | 11.7 |  |  | $ | 8.8 |  |  | $ | 3.5 |  |  | $ | 122.1 |
Capital spending | 19.2 |  |  | 2.1 |  |  | 6.7 |  |  | 1.0 |  |  | 29.0 |
Assets | 5,118.1 |  |  | 934.1 |  |  | 833.1 |  |  | 555.3 |  |  | 7,440.6 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 558.4 |  |  | $ | 196.8 |  |  | $ | 455.8 |  |  | $ | — |  |  | $ | 1,211.0 |
Europe | 35.1 |  |  | 102.3 |  |  | 29.6 |  |  | — |  |  | 167.0 |
Other foreign | 226.0 |  |  | 123.0 |  |  | 14.9 |  |  | — |  |  | 363.9 |
Total sales | $ | 819.5 |  |  | $ | 422.1 |  |  | $ | 500.3 |  |  | $ | — |  |  | $ | 1,741.9 |
| Six Months Ended June 30, 2026
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corp/Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 1,576.4 |  |  | $ | 777.7 |  |  | $ | 970.8 |  |  | $ | — |  |  | $ | 3,324.9 |
Cost of goods sold | 1,453.6 |  |  | 734.4 |  |  | 877.7 |  |  | 13.2 |  |  | 3,078.9 |
Gross margin | 122.8 |  |  | 43.3 |  |  | 93.1 |  |  | (13.2) |  |  | 246.0 |
Other segment items | (113.9) |  |  | (30.2) |  |  | (49.8) |  |  | (56.2) |  |  | (250.1) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (19.6) |  |  | (19.6) |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | (10.6) |  |  | (10.6) |
Other operating income | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Interest expense, net | — |  |  | — |  |  | — |  |  | (86.4) |  |  | (86.4) |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 6.1 |  |  | 6.1 |
Income (loss) before taxes | $ | 8.9 |  |  | $ | 13.1 |  |  | $ | 43.3 |  |  | $ | (179.8) |  |  | $ | (114.5) |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 191.3 |  |  | $ | 23.6 |  |  | $ | 17.7 |  |  | $ | 6.7 |  |  | $ | 239.3 |
Capital spending | 49.2 |  |  | 6.6 |  |  | 14.5 |  |  | 2.4 |  |  | 72.7 |
Assets | 5,118.1 |  |  | 934.1 |  |  | 833.1 |  |  | 555.3 |  |  | 7,440.6 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 1,109.2 |  |  | $ | 348.4 |  |  | $ | 899.4 |  |  | $ | — |  |  | $ | 2,357.0 |
Europe | 59.7 |  |  | 202.7 |  |  | 41.5 |  |  | — |  |  | 303.9 |
Other foreign | 407.5 |  |  | 226.6 |  |  | 29.9 |  |  | — |  |  | 664.0 |
Total sales | $ | 1,576.4 |  |  | $ | 777.7 |  |  | $ | 970.8 |  |  | $ | — |  |  | $ | 3,324.9 |
| Three Months Ended June 30, 2025
| Chlor Alkali Products and Vinyls |  | Epoxy |  | Winchester |  | Corporate & Other |  | Totals
Segment Detail | ($ in millions)
Sales | $ | 979.5 |  |  | $ | 331.2 |  |  | $ | 447.6 |  |  | $ | — |  |  | $ | 1,758.3 |
Cost of goods sold | 871.8 |  |  | 340.0 |  |  | 402.6 |  |  | 5.8 |  |  | 1,620.2 |
Gross margin | 107.7 |  |  | (8.8) |  |  | 45.0 |  |  | (5.8) |  |  | 138.1 |
Other segment items | (42.8) |  |  | (14.9) |  |  | (20.0) |  |  | (18.9) |  |  | (96.6) |
Restructuring charges | — |  |  | — |  |  | — |  |  | (7.4) |  |  | (7.4) |
Other operating expense | — |  |  | — |  |  | — |  |  | (0.2) |  |  | (0.2) |
Interest expense, net | — |  |  | — |  |  | — |  |  | (45.6) |  |  | (45.6) |
Non-operating pension income | — |  |  | — |  |  | — |  |  | 4.9 |  |  | 4.9 |
Income (loss) before taxes | $ | 64.9 |  |  | $ | (23.7) |  |  | $ | 25.0 |  |  | $ | (73.0) |  |  | $ | (6.8) |
Other Items |  |  |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 106.3 |  |  | $ | 13.1 |  |  | $ | 7.9 |  |  | $ | 2.6 |  |  | $ | 129.9 |
Capital spending | 14.2 |  |  | 2.0 |  |  | 11.7 |  |  | 3.1 |  |  | 31.0 |
Assets | 5,277.4 |  |  | 949.3 |  |  | 866.7 |  |  | 574.5 |  |  | 7,667.9 |
Segment Sales by Geography |  |  |  |  |  |  |  |  |
United States | $ | 664.2 |  |  | $ | 140.8 |  |  | $ | 396.9 |  |  | $ | — |  |  | $ | 1,201.9 |
Europe | 42.0 |  |  | 93.4 |  |  | 20.4 |  |  | — |  |  | 155.8 |
Other foreign | 273.3 |  |  | 97.0 |  |  | 30.3 |  |  | — |  |  | 400.6 |
Total sales | $ | 979.5 |  |  | $ | 331.2 |  |  | $ | 447.6 |  |  | $ | — |  |  | $ | 1,758.3 |
Disaggregation of Revenue |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Segment Sales by Product Line | ($ in millions)
Chlor Alkali Products and Vinyls |  |  |  |  |  |  |
Caustic soda | $ | 348.8 |  |  | $ | 435.1 |  |  | $ | 677.3 |  |  | $ | 821.9 |
Chlorine, chlorine-derivatives and other products | 470.7 |  |  | 544.4 |  |  | 899.1 |  |  | 1,082.1 |
Total Chlor Alkali Products and Vinyls | 819.5 |  |  | 979.5 |  |  | 1,576.4 |  |  | 1,904.0 |
Epoxy |  |  |  |  |  |  |
Aromatics and allylics | 172.3 |  |  | 130.8 |  |  | 316.8 |  |  | 271.8 |
Epoxy resins and formulated solutions | 249.8 |  |  | 200.4 |  |  | 460.9 |  |  | 391.1 |
Total Epoxy | 422.1 |  |  | 331.2 |  |  | 777.7 |  |  | 662.9 |
Winchester |  |  |  |  |  |  |
Commercial | 192.4 |  |  | 169.7 |  |  | 361.2 |  |  | 325.6 |
Military and law enforcement(1) | 307.9 |  |  | 277.9 |  |  | 609.6 |  |  | 510.0 |
Total Winchester | 500.3 |  |  | 447.6 |  |  | 970.8 |  |  | 835.6 |
Total sales | $ | 1,741.9 |  |  | $ | 1,758.3 |  |  | $ | 3,324.9 |  |  | $ | 3,402.5 |
(1) For the three months ended June 30, 2026 and 2025, revenue recognized over time represented $112.2 million and $94.4 million, respectively, and for the six months ended June 30, 2026 and 2025, revenue recognized over time represented $233.0 million and $152.9 million, respectively, associated with governmental contracts within our Winchester business.

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