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Business Segments | 6 Months Ended
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Jun. 30, 2026
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 Chief Operating Decision Maker (“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 segment items. 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 income (expense), 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, 2026 and 2025:
| Americas |  | EMEA |  | Asia/Pacific |  | Totals |
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Net sales (1) | $ | 236,513 |  |  | $ | 158,436 |  |  | $ | 137,601 |  |  | $ | 532,550 |  |
Significant segment expenses |  |  |  |  |  |  |  |
Product costs (2) | 120,870 |  |  | 84,509 |  |  | 73,095 |  |  | 278,474 |  |
Other segment items (3) | 58,402 |  |  | 41,187 |  |  | 27,947 |  |  | 127,536 |  |
Segment operating earnings | $ | 57,241 |  |  | $ | 32,740 |  |  | $ | 36,559 |  |  | $ | 126,540 |  |
Six Months Ended June 30, 2026 |  |  |  |  |  |  |  |
Net sales (1) | $ | 450,241 |  |  | $ | 300,519 |  |  | $ | 262,269 |  |  | $ | 1,013,029 |  |
Significant segment expenses |  |  |  |  |  |  |  |
Product costs (2) | 226,957 |  |  | 157,539 |  |  | 137,506 |  |  | 522,002 |  |
Other segment items (3) | 112,096 |  |  | 84,679 |  |  | 53,928 |  |  | 250,703 |  |
Segment operating earnings | $ | 111,188 |  |  | $ | 58,301 |  |  | $ | 70,835 |  |  | $ | 240,324 |  |
| Americas |  | EMEA |  | Asia/Pacific |  | Totals
Three Months Ended June 30, 2025 |  |  |  |  |  |  |
Net sales (1) | $ | 221,062 |  |  | $ | 139,923 |  |  | $ | 122,415 |  |  | $ | 483,400 |
Significant segment expenses |  |  |  |  |  |  |
Product costs (2) (4) (5) | 109,500 |  |  | 74,739 |  |  | 67,731 |  |  | 251,970 |
Other segment items (3) | 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 (1) | $ | 434,773 |  |  | $ | 269,201 |  |  | $ | 222,340 |  |  | $ | 926,314 |
Significant segment expenses |  |  |  |  |  |  |
Product costs (2) (4) (5) | 214,005 |  |  | 144,841 |  |  | 120,829 |  |  | 479,675 |
Other segment items (3) | 103,330 |  |  | 75,972 |  |  | 46,866 |  |  | 226,168 |
Segment operating earnings | $ | 117,438 |  |  | $ | 48,388 |  |  | $ | 54,645 |  |  | $ | 220,471 |
(1) Net sales relate to external customers only. All intersegment sales are eliminated in consolidation. (2) 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. (3) Other segment items include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A costs. (4) Product costs includes the $6.0 million amortization of the fair value step-up in Dipsol's inventories as a result of the acquisition during the three and six months ended June 30, 2025, 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. (5) Product costs includes a $3.6 million gain related to immaterial out-of-period adjustments for inventory during the three and six months ended June 30, 2025, 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 income (loss) 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, 2026 and 2025:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2026 |  | 2025 |  | 2026 |  | 2025 |
Segment operating earnings | $ | 126,540 |  |  | $ | 112,686 |  |  | $ | 240,324 |  |  | $ | 220,471 |  |
Restructuring and related charges, net | (8,116) |  |  | (8,793) |  |  | (15,497) |  |  | (23,383) |  |
Impairment charges | — |  |  | (88,840) |  |  | — |  |  | (88,840) |  |
Non-operating and administrative expenses | (60,203) |  |  | (50,860) |  |  | (115,290) |  |  | (101,577) |  |
Depreciation of corporate assets and amortization | (17,618) |  |  | (16,703) |  |  | (35,345) |  |  | (31,557) |  |
Operating income (loss) | 40,603 |  |  | (52,510) |  |  | 74,192 |  |  | (24,886) |  |
Other income (expense), net | 406 |  |  | (653) |  |  | 383 |  |  | (1,362) |  |
Interest expense | (9,873) |  |  | (12,779) |  |  | (19,752) |  |  | (22,324) |  |
Income (loss) before taxes and equity in net income of associated companies | $ | 31,136 |  |  | $ | (65,942) |  |  | $ | 54,823 |  |  | $ | (48,572) |  |
The following table presents information regarding the Company’s reportable segments’ depreciation for the three and six months ended June 30, 2026 and 2025:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Depreciation |  | 2026 |  | 2025 |  | 2026 |  | 2025 |
Americas |  | $ | 3,205 |  |  | $ | 2,903 |  |  | $ | 6,672 |  |  | $ | 5,558 |  |
EMEA |  | 2,396 |  |  | 2,076 |  |  | 4,804 |  |  | 3,953 |  |
Asia/Pacific |  | 2,151 |  |  | 1,996 |  |  | 4,190 |  |  | 3,210 |  |
Total segment depreciation |  | $ | 7,752 |  |  | $ | 6,975 |  |  | $ | 15,666 |  |  | $ | 12,721 |  |

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