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Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting
12.
SEGMENT REPORTING

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Net sales by segment for the three and nine months ended September 30, 2023 and 2022, were as follows:

 

(In thousands)

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Segment Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Surfactants

 

$

373,836

 

 

$

474,861

 

 

$

1,233,351

 

 

$

1,428,211

 

Polymers

 

 

169,559

 

 

 

214,807

 

 

 

495,200

 

 

 

640,771

 

Specialty Products

 

 

18,831

 

 

 

29,517

 

 

 

65,086

 

 

 

77,112

 

      Total

 

$

562,226

 

 

$

719,185

 

 

$

1,793,637

 

 

$

2,146,094

 

 

Segment operating income and reconciliations of segment operating income to income before provision for income taxes for the three and nine months ended September 30, 2023 and 2022, are summarized below:

 

(In thousands)

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Segment Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

Surfactants

 

$

15,373

 

 

$

38,976

 

 

$

57,570

 

 

$

140,994

 

Polymers

 

 

21,813

 

 

 

31,864

 

 

 

48,137

 

 

 

79,905

 

Specialty Products

 

 

2,402

 

 

 

9,685

 

 

 

8,704

 

 

 

23,246

 

      Segment operating income

 

 

39,588

 

 

 

80,525

 

 

 

114,411

 

 

 

244,145

 

Business restructuring

 

 

(5,628

)

 

 

(92

)

 

 

(5,827

)

 

 

(225

)

Unallocated corporate expenses (1)

 

 

(14,443

)

 

 

(25,774

)

 

 

(50,201

)

 

 

(48,275

)

Total operating income

 

 

19,517

 

 

 

54,659

 

 

 

58,383

 

 

 

195,645

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest, net

 

 

(2,987

)

 

 

(2,221

)

 

 

(9,674

)

 

 

(7,254

)

Other, net

 

 

(690

)

 

 

(1,980

)

 

 

3,348

 

 

 

(8,999

)

Income before provision for income taxes

 

$

15,840

 

 

$

50,458

 

 

$

52,057

 

 

$

179,392

 
(1)
Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information systems, deferred compensation and environmental remediation) that are not included in segment operating income and are not used to evaluate segment performance.