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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

			Years Ended December 31,
In millions			2024						2023						2022
Segment EBITDA (1)(2)
Performance Materials			$	319.1					$	286.6					$	252.2
Performance Chemicals			14.7						65.7						160.4
Advanced Polymer Technologies			35.2						44.5						40.0
Total Segment EBITDA (1)(2)			$	369.0					$	396.8					$	452.6
Interest expense			(97.8)						(93.3)						(61.8)
Interest income			7.7						6.3						7.5
(Provision) benefit for income taxes			105.3						4.7						(58.0)
Depreciation and amortization			(108.3)						(122.8)						(108.8)
Restructuring and other income (charges), net (3)			(186.2)						(170.2)						(13.8)
Goodwill impairment charge (4)			(349.1)						—						—
Acquisition and other-related income (costs), net (5)			(0.3)						(4.5)						(5.9)
Inventory charges (6)			(6.3)						(19.7)						—
Loss on CTO resales (7)			(52.7)						(22.0)						—
CTO supply contract termination charges (7)			(100.0)						—						—
Gain (loss) on sale of strategic investment (8)			(11.4)						19.3						—
Pension and postretirement settlement and curtailment income (charges), net (9)			(0.2)						—						(0.2)
Net income (loss)			$	(430.3)					$	(5.4)					$	211.6

_______________

(1) Segment EBITDA is defined as segment net sales less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, research and technical expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items from segment EBITDA: interest expense associated with corporate debt facilities, interest income, income taxes, depreciation, amortization, restructuring and other income (charges), net, inventory lower of cost or market charges associated with restructuring actions, acquisition and other-related income (costs), gain (loss) on sale of strategic investments, loss on CTO resales, CTO supply contract termination charges, and pension and postretirement settlement and curtailment income (charges), net.

(2) Segment expenses included within the primary measure used by our CODM are included within the below table.

			Years Ended December 31,
			2024																		2023																		2022
In millions, except per share data			PM						PC						APT						PM						PC						APT						PM						PC						APT
Net sales (1)			$	609.6					$	608.2					$	188.6					$	586.0					$	902.1					$	204.0					$	548.5					$	875.1					$	244.7
Less:
Cost of sales (2) (3)			233.9						515.5						129.9						254.2						743.2						135.2						237.6						614.2						180.0
Selling, general, and administrative expenses (2) (4)			56.8						73.3						22.3						46.1						92.8						22.1						58.8						99.6						28.5
Other income (expense), net (2) (5)			0.2						(4.7)						(1.2)						0.9						(0.4)						(2.2)						0.1						(0.9)						3.8
Segment EBITDA			$	319.1					$	14.7					$	35.2					$	286.6					$	65.7					$	44.5					$	252.2					$	160.4					$	40.0
_______________
(1) Relates to external customers only. Refer to Note 4 for a reconciliation to consolidated Net sales.
(2) Excludes Depreciation and amortization.
(3) Inventory charges representing lower of cost or market charges associated with the Performance Chemicals repositioning and restructuring actions were not allocated in the measurement of Performance Chemicals reportable segment profitability used by our CODM. Amounts are included in Cost of sales on the consolidated statements of operations.
(4) Includes Research and technical expenses.
(5) We have excluded the following items from Other income (expense), net: gain (loss) on sale of strategic investments, loss on CTO resales, CTO supply contract termination charges, depreciation, and amortization.

(3) We regularly perform strategic reviews and assess the return on on our operations, which sometimes results in a plan to restructure the business. These costs are excluded from our reportable segment results. The table below provides an allocation of Restructuring and other income (charges), net between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate.

			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	0.9					$	9.0					$	4.8
Performance Chemicals			185.1						144.5						7.0
Advanced Polymer Technologies (1)			0.2						16.7						2.0
Restructuring and other (income) charges, net (2)			$	186.2					$	170.2					$	13.8
_________________
(1) Included in the charges for the year ended December 31, 2023 was $13.3 million of asset disposal charges associated with Advanced Polymer Technologies polyol production assets located at the DeRidder Plant.
(2) Refer to Note 15 for more information.

(4) For the year ended December 31, 2024, charges relate to the Performance Chemicals reportable segment. Refer to Note 8 for more information.

(5) The table below provides an allocation of Acquisition and other-related income (costs), net between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate. For more detail on these charges see Note 16.

			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	—					$	—					$	0.3
Performance Chemicals			0.3						4.5						5.6
Advanced Polymer Technologies			—						—						—
Acquisition and other-related (income) costs, net			$	0.3					$	4.5					$	5.9

(6) For the year ended December 31, 2024 and 2023, inventory charges represent lower of cost or market charges associated with the Performance Chemicals’ repositioning and restructuring actions. These charges were not allocated in the measurement of Performance Chemicals reportable segment profitability used by our CODM. Amounts are included in Cost of sales on the consolidated statements of operations.

(7) For the year ended December 31, 2024, CTO supply contract termination charges relate to the Performance Chemicals reportable segment. Refer to Note 2, under the section: Non-operating income and expense, for more information.

(8) We exclude gains and losses from sales of strategic investments from our segment results because we do not consider such gains or losses to be directly associated with the operational performance of the segment. We believe that the inclusion of such gains or losses, would impair the factors and trends affecting the historical financial performance of our reportable segments. We continue to include undistributed earnings or loss, distributions, amortization or accretion of basis differences, and other-than-temporary impairments for equity method investments that we believe are directly attributable to the operational performance of such investments, in our reportable segment results. Refer to Note 5, under the section: Strategic Investments, for more information.

			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	(0.1)					$	(19.3)					$	—
Performance Chemicals			9.3						—						—
Advanced Polymer Technologies			2.2						—						—
(Gain) loss on sale of strategic investment			$	11.4					$	(19.3)					$	—

(9) Our pension and postretirement settlement and curtailment charges (income) are related to the acceleration of prior service costs, as a result of a reduction in the number of participants within the Union Hourly defined benefit pension plan. These are excluded from our segment results because we consider these costs to be outside our operational performance. We continue to include the service cost, amortization of prior service cost, interest costs, expected return on plan assets, and amortized actual gains and losses in our segment EBITDA.

			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	—					$	—					$	0.2
Performance Chemicals			0.2						—						—
Advanced Polymer Technologies			—						—						—
Pension and postretirement settlement and curtailment (income) charges, net			$	0.2					$	—					$	0.2

Depreciation and amortization			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	38.7					$	38.3					$	36.1
Performance Chemicals			38.8						53.2						43.1
Advanced Polymer Technologies			30.8						31.3						29.6
Total depreciation and amortization			$	108.3					$	122.8					$	108.8

Net Sales to External Customers by Product Line

Capital expenditures			Years Ended December 31,
In millions			2024						2023						2022
Performance Materials			$	38.5					$	36.4					$	59.8
Performance Chemicals			22.9						49.6						62.4
Advanced Polymer Technologies			16.2						23.8						20.3
Total capital expenditures			$	77.6					$	109.8					$	142.5

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Property, plant, and equipment, net			December 31,
In millions			2024						2023
North America (1)			$	482.3					$	581.0
Asia Pacific (1)			63.3						71.4
Europe, Middle East, and Africa (1)			113.2						109.7
South America			0.1						0.1
Property, plant, and equipment, net			$	658.9					$	762.2

_______________

(1) The countries with Property, plant, and equipment, net in excess of 10 percent of consolidated Property, plant, and equipment, net at December 31, 2024 and 2023 are the U.S., which totaled $482.3 million and $581.0 million, the U.K., which totaled $112.5 million and $108.8 million, and China, which totaled $63.2 million and $71.3 million, respectively.

Total assets			December 31,
In millions			2024						2023
Performance Materials			$	781.6					$	738.0
Performance Chemicals (1)			613.0						1,218.1
Advanced Polymer Technologies			565.0						598.0
Total segment assets (2)			$	1,959.6					$	2,554.1
Corporate and other			63.0						69.2
Total assets			$	2,022.6					$	2,623.3

_______________

(1) The decline in the Performance Chemicals segment in 2024, as compared to 2023, was driven by our Performance Chemicals repositioning actions and Goodwill impairment charge. Refer to Notes 8 and 15 for more information.

(2) Segment assets exclude assets not specifically managed as part of one specific segment herein referred to as "Corporate and other."

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