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Segment Reporting | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Segment Reporting | NOTE 2 – SEGMENT REPORTING The Company reports its financial performance based on the following 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) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refinery and Performance |  | $ | 96.5 |  |  | $ | 97.8 |  |  | $ | 309.0 |  |  | $ | 306.9 |
Other |  |  | 47.6 |  |  |  | 37.1 |  |  |  | 124.4 |  |  |  | 105.6 |
Fuel Specialties |  |  | 144.1 |  |  |  | 134.9 |  |  |  | 433.4 |  |  |  | 412.5 |
Personal Care |  |  | 55.0 |  |  |  | 60.6 |  |  |  | 170.9 |  |  |  | 183.6 |
Home Care |  |  | 21.1 |  |  |  | 28.2 |  |  |  | 71.2 |  |  |  | 84.5 |
Other |  |  | 23.8 |  |  |  | 26.0 |  |  |  | 80.6 |  |  |  | 89.6 |
Performance Chemicals |  |  | 99.9 |  |  |  | 114.8 |  |  |  | 322.7 |  |  |  | 357.7 |
Oilfield Services |  |  | 121.4 |  |  |  | 104.2 |  |  |  | 358.1 |  |  |  | 292.1 |
Octane Additives |  |  | 6.5 |  |  |  | 9.2 |  |  |  | 8.4 |  |  |  | 19.6 |
|  | $ | 371.9 |  |  | $ | 363.1 |  |  | $ | 1,122.6 |  |  | $ | 1,081.9 |
Gross profit/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel Specialties |  | $ | 54.1 |  |  | $ | 48.8 |  |  | $ | 154.5 |  |  | $ | 141.8 |
Performance Chemicals |  |  | 22.6 |  |  |  | 25.3 |  |  |  | 73.2 |  |  |  | 74.5 |
Oilfield Services |  |  | 41.2 |  |  |  | 33.5 |  |  |  | 120.4 |  |  |  | 93.5 |
Octane Additives |  |  | 1.2 |  |  |  | 3.4 |  |  |  | (0.1 | ) |  |  | 8.5 |
|  | $ | 119.1 |  |  | $ | 111.0 |  |  | $ | 348.0 |  |  | $ | 318.3 |
Operating income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel Specialties |  | $ | 31.1 |  |  | $ | 28.8 |  |  | $ | 88.1 |  |  | $ | 80.7 |
Performance Chemicals |  |  | 9.3 |  |  |  | 12.4 |  |  |  | 33.8 |  |  |  | 34.2 |
Oilfield Services |  |  | 10.0 |  |  |  | 7.0 |  |  |  | 27.9 |  |  |  | 14.1 |
Octane Additives |  |  | 0.8 |  |  |  | 2.7 |  |  |  | (1.9 | ) |  |  | 6.5 |
Corporate costs |  |  | (13.0 | ) |  |  | (12.7 | ) |  |  | (41.8 | ) |  |  | (40.1 | )
Restructuring charge |  |  | 0.0 |  |  |  | (4.8 | ) |  |  | 0.0 |  |  |  | (4.8 | )
Total operating income |  | $ | 38.2 |  |  | $ | 33.4 |  |  | $ | 106.1 |  |  | $ | 90.6 |
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) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel Specialties |  | $ | 0.9 |  |  | $ | 1.0 |  |  | $ | 2.8 |  |  | $ | 2.9 |
Performance Chemicals |  |  | 2.8 |  |  |  | 2.6 |  |  |  | 8.0 |  |  |  | 7.8 |
Oilfield Services |  |  | 1.7 |  |  |  | 1.5 |  |  |  | 5.2 |  |  |  | 4.6 |
Octane Additives |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.9 |  |  |  | 0.9 |
Corporate |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 1.3 |  |  |  | 0.8 |
|  | $ | 6.2 |  |  | $ | 5.7 |  |  | $ | 18.2 |  |  | $ | 17.0 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Chemicals |  | $ | 2.2 |  |  | $ | 2.3 |  |  | $ | 6.6 |  |  | $ | 6.8 |
Oilfield Services |  |  | 2.6 |  |  |  | 2.7 |  |  |  | 7.9 |  |  |  | 8.1 |
Corporate |  |  | 0.9 |  |  |  | 1.8 |  |  |  | 2.7 |  |  |  | 5.5 |
|  | $ | 5.7 |  |  | $ | 6.8 |  |  | $ | 17.2 |  |  | $ | 20.4 |

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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 + Details
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