XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Reporting | 17. Segment Reporting The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Each segment provides distinct products and requires separate management due to unique markets, technologies and production processes. Surfactants are used in a variety of consumer and industrial cleaning and disinfection products as well as in agricultural products, lubricating ingredients, oil field chemicals and other specialized applications. Polymers are used primarily in the manufacture of rigid foam for thermal insulation in the construction industry, plastics, building materials, refrigeration systems and CASE applications. Specialty Products are used in food, flavoring, nutritional supplement and pharmaceutical applications. The Company evaluates the performance of its segments and allocates resources based on operating income before interest expense, other income/expense items and income tax provision. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The following is segment data for the three years ended December 31, 2023, 2022 and 2021:
(In thousands) |  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Segment Totals |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,602,819 |  |  | $ | 642,471 |  |  | $ | 80,478 |  |  | $ | 2,325,768 |
Operating income |  |  | 72,399 |  |  |  | 60,770 |  |  |  | 11,476 |  |  |  | 144,645 |
Assets |  |  | 1,586,148 |  |  |  | 537,193 |  |  |  | 70,508 |  |  |  | 2,193,849 |
Capital expenditures |  |  | 231,341 |  |  |  | 19,971 |  |  |  | 9,310 |  |  |  | 260,622 |
Depreciation and amortization expenses |  |  | 64,377 |  |  |  | 32,426 |  |  |  | 5,789 |  |  |  | 102,592 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,882,745 |  |  | $ | 789,080 |  |  | $ | 101,445 |  |  | $ | 2,773,270 |
Operating income |  |  | 162,746 |  |  |  | 82,897 |  |  |  | 29,895 |  |  |  | 275,538 |
Assets |  |  | 1,579,242 |  |  |  | 565,726 |  |  |  | 96,193 |  |  |  | 2,241,161 |
Capital expenditures |  |  | 259,442 |  |  |  | 35,679 |  |  |  | 4,926 |  |  |  | 300,047 |
Depreciation and amortization expenses |  |  | 55,262 |  |  |  | 31,399 |  |  |  | 5,807 |  |  |  | 92,468 |
2021 |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,562,795 |  |  | $ | 713,440 |  |  | $ | 69,731 |  |  | $ | 2,345,966 |
Operating income |  |  | 165,999 |  |  |  | 73,591 |  |  |  | 14,178 |  |  |  | 253,768 |
Assets |  |  | 1,245,207 |  |  |  | 556,799 |  |  |  | 78,100 |  |  |  | 1,880,106 |
Capital expenditures |  |  | 154,953 |  |  |  | 29,077 |  |  |  | 4,976 |  |  |  | 189,006 |
Depreciation and amortization expenses |  |  | 51,375 |  |  |  | 30,598 |  |  |  | 5,836 |  |  |  | 87,809 |
Below are reconciliations of segment data to the consolidated financial statements:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating income - segment totals |  | $ | 144,645 |  |  | $ | 275,538 |  |  | $ | 253,768 |
Goodwill and other intangibles impairment (3)(4) |  |  | (2,038 | ) |  |  | — |  |  |  | — |
Business restructuring, assets impairment and loss on asset disposition (1) |  |  | (11,968 | ) |  |  | (308 | ) |  |  | (3,353 | )
Unallocated corporate expenses (2) |  |  | (72,026 | ) |  |  | (67,894 | ) |  |  | (79,634 | )
Total operating income |  |  | 58,613 |  |  |  | 207,336 |  |  |  | 170,781 |
Interest expense, net |  |  | (12,103 | ) |  |  | (9,809 | ) |  |  | (5,753 | )
Other, net |  |  | 1,881 |  |  |  | (8,824 | ) |  |  | 7,509 |
Consolidated income before income taxes |  | $ | 48,391 |  |  | $ | 188,703 |  |  | $ | 172,537 |
Assets - segment totals |  | $ | 2,193,849 |  |  | $ | 2,241,161 |  |  | $ | 1,880,106 |
Unallocated corporate assets |  |  | 169,505 |  |  |  | 192,011 |  |  |  | 185,506 |
Consolidated assets |  | $ | 2,363,354 |  |  | $ | 2,433,172 |  |  | $ | 2,065,612 |
Capital expenditures - segment totals |  | $ | 260,622 |  |  | $ | 300,047 |  |  | $ | 189,006 |
Unallocated corporate expenditures |  |  | (287 | ) |  |  | 1,506 |  |  |  | 5,476 |
Consolidated capital expenditures |  | $ | 260,335 |  |  | $ | 301,553 |  |  | $ | 194,482 |
Depreciation and amortization expenses – segment totals |  | $ | 102,592 |  |  | $ | 92,468 |  |  | $ | 87,809 |
Unallocated corporate depreciation expenses |  |  | 2,746 |  |  |  | 2,182 |  |  |  | 3,067 |
Consolidated depreciation and amortization expenses |  | $ | 105,338 |  |  | $ | 94,650 |  |  | $ | 90,876 |
(1) See Note 22, Business Restructuring, Assets Impairment and Asset Disposition, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) regarding business restructuring and asset disposition costs. (2) Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information technology, deferred compensation and environmental remediation) that are not included in segment operating income and not used to evaluate segment performance. (3) See Note 4, Goodwill and Other Intangibles Assets, of the notes to the Company’s consolidated financial statements (included in Item 8 of this Form 10-K) regarding goodwill and other intangibles impairment. (4) 2023 Goodwill and other intangibles impairment expenses and 2023, 2022 and 2021 business restructuring, assets impairment and loss on asset disposition expenses were excluded from segment results. Below is certain Company-wide geographic data for the years ended December 31, 2023, 2022 and 2021:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net sales (1) |  |  |  |  |  |  |  |  |
United States |  | $ | 1,312,866 |  |  | $ | 1,579,194 |  |  | $ | 1,297,650 |
France |  |  | 202,038 |  |  |  | 227,421 |  |  |  | 179,746 |
Poland |  |  | 171,889 |  |  |  | 195,781 |  |  |  | 198,883 |
United Kingdom |  |  | 174,574 |  |  |  | 229,836 |  |  |  | 208,780 |
Brazil |  |  | 124,661 |  |  |  | 175,004 |  |  |  | 136,799 |
Mexico |  |  | 144,163 |  |  |  | 148,858 |  |  |  | 127,944 |
All other countries |  |  | 195,577 |  |  |  | 217,176 |  |  |  | 196,164 |
Total |  | $ | 2,325,768 |  |  | $ | 2,773,270 |  |  | $ | 2,345,966 |
Long-lived assets (2) |  |  |  |  |  |  |  |  |
United States |  | $ | 1,007,337 |  |  | $ | 896,867 |  |  | $ | 668,362 |
Netherlands |  |  | 80,335 |  |  |  | 79,007 |  |  |  | 85,931 |
Germany |  |  | 41,878 |  |  |  | 42,512 |  |  |  | 41,438 |
Singapore |  |  | 17,617 |  |  |  | 20,899 |  |  |  | 23,507 |
Brazil |  |  | 39,512 |  |  |  | 38,493 |  |  |  | 35,294 |
China |  |  | 25,704 |  |  |  | 28,717 |  |  |  | 30,991 |
United Kingdom |  |  | 33,857 |  |  |  | 33,389 |  |  |  | 38,634 |
Mexico |  |  | 73,449 |  |  |  | 52,917 |  |  |  | 45,384 |
All other countries |  |  | 36,989 |  |  |  | 34,444 |  |  |  | 39,034 |
Total |  | $ | 1,356,678 |  |  | $ | 1,227,245 |  |  | $ | 1,008,575 |
(1) Net sales are attributed to countries based on the location of the Company legal entity making the sale. (2) Includes net property, plant and equipment, goodwill and other intangible assets.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration