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Segment Reporting
 6 Months Ended
Jun. 30, 2020
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 Company expects that the Octane Additives segment will not make any further sales and will cease to be a reporting segment from January 1, 2021, see Note 4 of the Notes to the Condensed Consolidated Financial Statements for further information.
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

June 30
     
Six Months Ended

June 30
  
(in millions)
   
2020
     
2019
     
2020
    
2019
  
Net Sales:
            
Refinery and Performance
    $ 74.9      $ 95.2      $ 183.5      $ 212.5  
Other
      32.5        38.1        70.9        76.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
Fuel Specialties
      107.4        133.3        254.4        289.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Personal Care
      49.8        54.9        112.8        115.9  
Home Care
      21.3        23.1        42.9        50.1  
Other
      24.6        26.7        53.1        56.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
Performance Chemicals
      95.7        104.7        208.8        222.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
Oilfield Services
      41.8        122.5        154.0        236.7  
Octane Additives
      0.0        1.9        0.0        1.9  
  
 
 
     
 
 
     
 
 
     
 
 
  
    $
244.9
      $
362.4
      $617.2      $750.7  
  
 
 
     
 
 
     
 
 
     
 
 
  
Gross profit/(loss):
                
Fuel Specialties
    $ 25.4      $ 44.7      $ 76.6      $ 100.4  
Performance Chemicals
      24.9        24.0        52.5        50.6  
Oilfield Services
      9.9        41.5        46.1        79.2  
Octane Additives
      (1.1 )       0.9        (2.2 )       (1.3 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
     $
59.1
      $
111.1
      $173.0      $228.9  
  
 
 
     
 
 
     
 
 
     
 
 
  
Operating income/(loss):
                
Fuel Specialties
    $ 4.7      $ 24.1      $ 36.8      $ 57.0  
Performance Chemicals
      12.2        11.0        27.8        24.5  
Oilfield Services
      (12.4 )       10.1        (5.2 )       17.9  
Octane Additives
      (1.6 )       0.1        (2.8 )       (2.7 ) 
Corporate costs
      (15.4 )       (13.6 )       (28.2 )       (28.8 ) 
Restructuring charge
      (21.1 )       0.0        (21.1 )       0.0  
Impairment of intangible assets
      (19.8 )       0.0        (19.8 )       0.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total operating
(loss)/
income
    $ (53.4 )     $ 31.7      $ (12.5 )     $ 67.9