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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | NOTE 2 – SEGMENT REPORTING The Company reports its financial performance based on three reportable segments, which are Performance Chemicals, Fuel Specialties and Oilfield Services. The Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer (the Principal Executive Officer) and is a Director of Innospec Inc.. The CODM evaluates the performance of the Company’s segments and makes strategic decisions relating to the Company's allocation of resources, based on the segments' gross profit and operating income. The following table analyzes sales and other financial information by the Company’s reportable segments:
|  | Three Months Ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Net Sales: |  |  |  |  |  |
Personal Care |  | $ | 100.6 |  |  | $ | 94.8 |
Home Care |  |  | 26.3 |  |  |  | 26.4 |
Other |  |  | 41.5 |  |  |  | 39.6 |
Performance Chemicals |  |  | 168.4 |  |  |  | 160.8 |
Refinery and Performance |  |  | 129.4 |  |  |  | 145.1 |
Other |  |  | 40.9 |  |  |  | 31.8 |
Fuel Specialties |  |  | 170.3 |  |  |  | 176.9 |
Oilfield Services |  |  | 102.1 |  |  |  | 162.5 |
|  | $ | 440.8 |  |  | $ | 500.2 |
Gross profit: |  |  |  |  |  |
Performance Chemicals |  | $ | 35.3 |  |  | $ | 37.7 |
Fuel Specialties |  |  | 60.8 |  |  |  | 60.6 |
Oilfield Services |  |  | 29.0 |  |  |  | 57.4 |
Total gross profit |  | $ | 125.1 |  |  | $ | 155.7 |
Operating income/(loss): |  |  |  |  |  |
Performance Chemicals |  | $ | 19.8 |  |  | $ | 21.1 |
Fuel Specialties |  |  | 36.9 |  |  |  | 33.4 |
Oilfield Services |  |  | 4.1 |  |  |  | 16.9 |
Corporate costs |  |  | (17.7 | ) |  |  | (20.2 | )
Adjustment to fair value of contingent consideration |  |  | (0.7 | ) |  |  | (0.8 | )
Profit on disposal of property, plant and equipment |  |  | 0.1 |  |  |  | 0.1 |
Total operating income |  | $ | 42.5 |  |  | $ | 50.5 |
The difference between net sales and gross profit is defined as cost of goods sold. The difference between segmental gross profit and operating income/(expense) is split between selling, general and administrative expenses and research and development expenses. The following table analyzes cost of goods sold by the Company’s reportable segments:
(in millions) |  | 2025 |  |  | 2024 |
Performance Chemicals |  | $ | 133.1 |  |  | $ | 123.1 |
Fuel Specialties |  |  | 109.5 |  |  |  | 116.3 |
Oilfield Services |  |  | 73.1 |  |  |  | 105.1 |
Total cost of goods sold |  | $ | 315.7 |  |  | $ | 344.5 |
The following table analyzes selling, general and administrative expenses and research and development expenses by the Company’s reportable segments:
(in millions) |  | 2025 |  |  | 2024 |
Performance Chemicals |  | $ | 15.5 |  |  | $ | 16.6 |
Fuel Specialties |  |  | 23.9 |  |  |  | 27.2 |
Oilfield Services |  |  | 24.9 |  |  |  | 40.5 |
Corporate |  |  | 17.7 |  |  |  | 20.2 |
Total selling, general and administrative expenses and research and development expenses |  | $ | 82.0 |  |  | $ | 104.5 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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