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Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

NOTE 3 – SEGMENT REPORTING

The Company reports its financial performance based on the four reportable segments Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.

The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. The Octane Additives segment is expected to decline in the near future as our one remaining refinery customer transitions to unleaded fuel.

The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments:

		Three Months Ended September 30								Nine Months Ended September 30
(in millions)		2018				2017				2018				2017
Net Sales:
Refinery and Performance		$	97.8			$	97.4			$	306.9			$	286.5
Other			37.1				32.7				105.6				91.3
Fuel Specialties			134.9				130.1				412.5				377.8
Personal Care			60.6				52.2				183.6				148.4
Home Care			28.2				32.7				84.5				89.0
Other			26.0				25.4				89.6				72.3
Performance Chemicals			114.8				110.3				357.7				309.7
Oilfield Services			104.2				81.9				292.1				224.5
Octane Additives			9.2				10.1				19.6				41.0
		$	363.1			$	332.4			$	1,081.9			$	953.0
		Three Months Ended September 30								Nine Months Ended September 30
(in millions)		2018				2017				2018				2017
Net sales:
Fuel Specialties		$	134.9			$	130.1			$	412.5			$	377.8
Performance Chemicals			114.8				110.3				357.7				309.7
Oilfield Services			104.2				81.9				292.1				224.5
Octane Additives			9.2				10.1				19.6				41.0
		$	363.1			$	332.4			$	1,081.9			$	953.0
Gross profit:
Fuel Specialties		$	48.8			$	44.6			$	141.8			$	135.9
Performance Chemicals			25.3				20.7				74.5				54.8
Oilfield Services			33.5				28.5				93.5				82.9
Octane Additives			3.4				5.0				8.5				21.2
		$	111.0			$	98.8			$	318.3			$	294.8
Operating income/(loss):
Fuel Specialties		$	28.8			$	25.1			$	80.7			$	76.0
Performance Chemicals			12.4				9.7				34.2				22.2
Oilfield Services			7.0				1.8				14.1				8.5
Octane Additives			2.7				4.4				6.5				19.2
Corporate costs			(12.7	)			(12.0	)			(40.1	)			(35.3	)
Restructuring charge			(4.8	)			0.0				(4.8	)			0.0
Loss on disposal of subsidiary			0.0				0.0				0.0				(1.0	)
Foreign exchange loss on liquidation of subsidiary			0.0				0.0				0.0				(1.8	)
Total operating income		$	33.4			$	29.0			$	90.6			$	87.8

The following table presents a summary of the depreciation and amortization charges incurred by the Company’s reportable segments:

		Three Months Ended September 30								Nine Months Ended September 30
(in millions)		2018				2017				2018				2017
Depreciation:
Fuel Specialties		$	1.0			$	1.0			$	2.9			$	3.0
Performance Chemicals			2.6				2.5				7.8				7.0
Oilfield Services			1.5				1.6				4.6				4.8
Octane Additives			0.3				0.2				0.9				0.6
Corporate			0.3				0.3				0.8				0.7
		$	5.7			$	5.6			$	17.0			$	16.1
Amortization:
Fuel Specialties		$	0.0			$	0.2			$	0.0			$	0.6
Performance Chemicals			2.3				1.9				6.8				5.6
Oilfield Services			2.7				2.9				8.1				8.9
Corporate			1.8				1.9				5.5				5.5
		$	6.8			$	6.9			$	20.4			$	20.6

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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