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Business Segments
 6 Months Ended
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:
AmericasEMEAAsia/PacificTotals
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 
AmericasEMEAAsia/PacificTotals
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,
2025202420252024
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,
Depreciation2025202420252024
Americas$2,903 $2,720 $5,558 $5,495 
EMEA2,076 1,910 3,953 3,756 
Asia/Pacific1,996 1,115 3,210 2,138 
Total segment depreciation$6,975 $5,745 $12,721 $11,389