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Segment and Related Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment and Related Information [Abstract] |
Reconciliation of Significant Items from Segments to Consolidated Totals | Segment revenues, expenses, operating income and a reconciliation of the operating segment totals to the applicable line items on the consolidated financial statements is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
(millions of dollars) |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |  |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |
Net Sales |  | $ | 1,140.2 |  |  | $ | 978.3 |  |  | $ | 2,118.5 |  |  | $ | 1,160.2 |  |  | $ | 1,009.7 |  |  | $ | 2,169.9 |
Cost of goods sold |  |  | 890.4 |  |  |  | 680.4 |  |  |  | 1,570.8 |  |  |  | 938.6 |  |  |  | 724.4 |  |  |  | 1,663.0 |
Segment production margin |  |  | 249.8 |  |  |  | 297.9 |  |  |  | 547.7 |  |  |  | 221.6 |  |  |  | 285.3 |  |  |  | 506.9 |
Marketing and administrative expenses |  |  | 71.7 |  |  |  | 125.8 |  |  |  | 197.5 |  |  |  | 69.1 |  |  |  | 124.6 |  |  |  | 193.7 |
Research and development expenses |  |  | 12.6 |  |  |  | 10.4 |  |  |  | 23.0 |  |  |  | 11.5 |  |  |  | 9.7 |  |  |  | 21.2 |
Gain on sale of assets, net |  |  | — |  |  |  | (12.3 | ) |  |  | (12.3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Impairment of assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 71.7 |  |  |  | — |  |  |  | 71.7 |
Restructuring and other items, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.9 |  |  |  | 3.2 |  |  |  | 4.1 |
Litigation expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26.8 |  |  |  | — |  |  |  | 26.8 |
Segment income from operations |  | $ | 165.5 |  |  | $ | 174.0 |  |  | $ | 339.5 |  |  | $ | 41.6 |  |  | $ | 147.8 |  |  | $ | 189.4 |
|  | Year Ended December 31, |
|  | 2022 |
(millions of dollars) |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Total |
Net Sales |  | $ | 1,124.6 |  |  | $ | 1,000.9 |  |  | $ | 2,125.5 |
Cost of goods sold |  |  | 937.0 |  |  |  | 723.5 |  |  |  | 1,660.5 |
Segment production margin |  |  | 187.6 |  |  |  | 277.4 |  |  |  | 465.0 |
Marketing and administrative expenses |  |  | 63.1 |  |  |  | 120.7 |  |  |  | 183.8 |
Research and development expenses |  |  | 10.8 |  |  |  | 9.6 |  |  |  | 20.4 |
Acquisition-related expenses |  |  | 2.1 |  |  |  | — |  |  |  | 2.1 |
Litigation expenses |  |  | 32.6 |  |  |  | — |  |  |  | 32.6 |
Segment income from operations |  | $ | 79.0 |  |  | $ | 147.1 |  |  | $ | 226.1 |
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Segment income from operations |  | $ | 339.5 |  |  | $ | 189.4 |  |  | $ | 226.1 |
Interest expense, net |  |  | (56.4 | ) |  |  | (59.2 | ) |  |  | (43.9 | )
Other non-operating deductions, net |  |  | (4.7 | ) |  |  | (4.9 | ) |  |  | (3.8 | )
Unallocated expenses: |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 30.0 |  |  |  | — |  |  |  | — |
Restructuring and other items, net |  |  | — |  |  |  | 2.8 |  |  |  | — |
Acquisition-related expenses |  |  | — |  |  |  | 0.3 |  |  |  | 3.0 |
Litigation expenses |  |  | 11.3 |  |  |  | 2.4 |  |  |  | — |
Unallocated corporate expenses |  |  | 11.7 |  |  |  | 12.1 |  |  |  | 8.3 |
Debt extinguishment expenses |  |  | (1.8 | ) |  |  | — |  |  |  | (6.9 | )
Non-cash pension settlement charge |  |  | — |  |  |  | — |  |  |  | (3.5 | )
Income before tax and equity in earnings |  | $ | 223.6 |  |  | $ | 107.7 |  |  | $ | 156.7 |
Segment Information | Segment information for the years ended December 31, 2024, 2023 and 2022 was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 47.2 |  |  | $ | 47.2 |  |  | $ | 48.0 |
Engineered Solutions |  |  | 47.7 |  |  |  | 47.7 |  |  |  | 46.2 |
Total |  | $ | 94.9 |  |  | $ | 94.9 |  |  | $ | 94.2 |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 1,289.4 |  |  | $ | 1,244.8 |  |  | $ | 1,107.5 |
Engineered Solutions |  |  | 2,028.0 |  |  |  | 2,028.5 |  |  |  | 2,187.5 |
Corporate |  |  | 76.5 |  |  |  | 73.3 |  |  |  | 106.6 |
Total |  | $ | 3,393.9 |  |  | $ | 3,346.6 |  |  | $ | 3,401.6 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 45.2 |  |  | $ | 56.8 |  |  | $ | 44.3 |
Engineered Solutions |  |  | 39.3 |  |  |  | 31.2 |  |  |  | 34.0 |
Corporate |  |  | 5.0 |  |  |  | 5.5 |  |  |  | 4.0 |
Total |  | $ | 89.5 |  |  | $ | 93.5 |  |  | $ | 82.3 |
Financial Information Related to Operations by Geographic Area | Financial information relating to the Company’s operations by geographic area was as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 1,089.4 |  |  | $ | 1,144.0 |  |  | $ | 1,135.6 |
Canada/Latin America |  |  | 151.2 |  |  |  | 150.2 |  |  |  | 148.3 |
Europe/Africa |  |  | 521.1 |  |  |  | 525.5 |  |  |  | 496.8 |
Asia |  |  | 356.8 |  |  |  | 350.2 |  |  |  | 344.8 |
Total International |  | $ | 1,029.1 |  |  | $ | 1,025.9 |  |  | $ | 989.9 |
Consolidated net sales |  | $ | 2,118.5 |  |  | $ | 2,169.9 |  |  | $ | 2,125.5 |
Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,849.1 |  |  | $ | 1,842.0 |  |  | $ | 1,915.8 |
Canada/Latin America |  |  | 14.6 |  |  |  | 17.7 |  |  |  | 16.4 |
Europe/Africa |  |  | 147.3 |  |  |  | 157.0 |  |  |  | 162.8 |
Asia |  |  | 110.6 |  |  |  | 114.7 |  |  |  | 112.1 |
Total International |  | $ | 272.5 |  |  | $ | 289.4 |  |  | $ | 291.3 |
Consolidated long-lived assets |  | $ | 2,121.6 |  |  | $ | 2,131.4 |  |  | $ | 2,207.1 |
Sales by Product Category | The Company’s sales by product category are as follows:
|  | Year Ended December 31, |
(millions of dollars) |  | 2024 |  |  | 2023 |  |  | 2022 |
Household & Personal Care |  | $ | 530.0 |  |  | $ | 517.6 |  |  | $ | 476.2 |
Specialty Additives |  |  | 610.2 |  |  |  | 642.6 |  |  |  | 648.4 |
High-Temperature Technologies |  |  | 713.2 |  |  |  | 720.9 |  |  |  | 702.5 |
Environmental & Infrastructure |  |  | 265.1 |  |  |  | 288.8 |  |  |  | 298.4 |
Total |  | $ | 2,118.5 |  |  | $ | 2,169.9 |  |  | $ | 2,125.5 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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