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Business Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting, Measurement Disclosures [Abstract] |
Business Segments | Business Segments The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization and the manner by which the CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses performance. The CODM evaluates performance for the Company’s operating segments based on segment operating earnings. Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other operating expenses. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense and Other (expense) income, net. The CODM uses segment operating earnings to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment operating earnings when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating earnings to assess the performance for each segment and in the compensation of certain employees. Segment asset information is not regularly provided to or reviewed by the CODM. Therefore, the Company does not disclose segment asset information for each reportable segment. The following table presents information about the performance of the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024:
| Americas |  | EMEA |  | Asia/Pacific |  | Totals |
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales | $ | 221,062 |  |  | $ | 139,923 |  |  | $ | 122,415 |  |  | $ | 483,400 |  |
Significant segment expenses |  |  |  |  |  |  |  |
Product costs (1) (3) (4) | 109,500 |  |  | 74,739 |  |  | 67,731 |  |  | 251,970 |  |
Other operating expenses (2) | 52,586 |  |  | 40,189 |  |  | 25,969 |  |  | 118,744 |  |
Segment operating earnings | $ | 58,976 |  |  | $ | 24,995 |  |  | $ | 28,715 |  |  | $ | 112,686 |  |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales | $ | 434,773 |  |  | $ | 269,201 |  |  | $ | 222,340 |  |  | $ | 926,314 |  |
Significant segment expenses |  |  |  |  |  |  |  |
Product costs (1) (3) (4) | 214,005 |  |  | 144,841 |  |  | 120,829 |  |  | 479,675 |  |
Other operating expenses (2) | 103,330 |  |  | 75,972 |  |  | 46,866 |  |  | 226,168 |  |
Segment operating earnings | $ | 117,438 |  |  | $ | 48,388 |  |  | $ | 54,645 |  |  | $ | 220,471 |  |
| Americas |  | EMEA |  | Asia/Pacific |  | Totals
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Net sales | $ | 223,517 |  |  | $ | 138,001 |  |  | $ | 102,049 |  |  | $ | 463,567 |
Significant segment expenses |  |  |  |  |  |  |
Product costs (1) | 107,973 |  |  | 72,391 |  |  | 51,427 |  |  | 231,791 |
Other operating expenses (2) | 51,407 |  |  | 38,958 |  |  | 19,622 |  |  | 109,987 |
Segment operating earnings | $ | 64,137 |  |  | $ | 26,652 |  |  | $ | 31,000 |  |  | $ | 121,789 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Net sales | $ | 453,271 |  |  | $ | 276,423 |  |  | $ | 203,632 |  |  | $ | 933,326 |
Significant segment expenses |  |  |  |  |  |  |
Product costs (1) | 219,048 |  |  | 143,763 |  |  | 102,802 |  |  | 465,613 |
Other operating expenses (2) | 103,317 |  |  | 76,437 |  |  | 39,453 |  |  | 219,207 |
Segment operating earnings | $ | 130,906 |  |  | $ | 56,223 |  |  | $ | 61,377 |  |  | $ | 248,506 |
(1) Product costs include the costs of raw materials and are recorded in Cost of goods sold in the Company’s Condensed Consolidated Statements of Operations. (2) Other operating expenses include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A. (3) Product costs includes the $6.0 million amortization of the fair value step-up in Dipsol's inventories as a result of the acquisition, which is comprised of approximately $2.6 million in the Americas segment, $3.0 million in the Asia/Pacific segment, and $0.4 million in the EMEA segment. (4) Product costs includes a $3.6 million gain related to immaterial out-of-period adjustments for inventory, which is comprised of approximately $1.4 million in the Americas segment and $2.2 million in the EMEA segment. The following table presents a reconciliation of the Company’s segment operating earnings to (loss) income before taxes and equity in net income of associated companies in the Company’s Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Segment operating earnings | $ | 112,686 |  |  | $ | 121,789 |  |  | $ | 220,471 |  |  | $ | 248,506 |  |
Restructuring and related charges, net | (8,793) |  |  | (320) |  |  | (23,383) |  |  | (2,177) |  |
Impairment charges | (88,840) |  |  | — |  |  | (88,840) |  |  | — |  |
Non-operating and administrative expenses | (50,860) |  |  | (47,584) |  |  | (101,577) |  |  | (101,760) |  |
Depreciation of corporate assets and amortization | (16,703) |  |  | (15,436) |  |  | (31,557) |  |  | (30,594) |  |
Operating (loss) income | (52,510) |  |  | 58,449 |  |  | (24,886) |  |  | 113,975 |  |
Other (expense) income, net | (653) |  |  | 422 |  |  | (1,362) |  |  | 1,502 |  |
Interest expense | (12,779) |  |  | (10,754) |  |  | (22,324) |  |  | (21,578) |  |
(Loss) income before taxes and equity in net income of associated companies | $ | (65,942) |  |  | $ | 48,117 |  |  | $ | (48,572) |  |  | $ | 93,899 |  |
The following table presents information regarding the Company’s reportable segments’ depreciation for the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Depreciation |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Americas |  | $ | 2,903 |  |  | $ | 2,720 |  |  | $ | 5,558 |  |  | $ | 5,495 |  |
EMEA |  | 2,076 |  |  | 1,910 |  |  | 3,953 |  |  | 3,756 |  |
Asia/Pacific |  | 1,996 |  |  | 1,115 |  |  | 3,210 |  |  | 2,138 |  |
Total segment depreciation |  | $ | 6,975 |  |  | $ | 5,745 |  |  | $ | 12,721 |  |  | $ | 11,389 |  |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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