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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
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 such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Other applications include fabric softeners, germicidal quaternary compounds, disinfectants, lubricating ingredients, emulsifiers for spreading agricultural products and industrial applications such as latex systems, plastics and composites. Polymers include polyurethane polyols, polyester resins and phthalic anhydride. Polyurethane polyols are used in the manufacture of rigid foam for thermal insulation in the construction industry and are also a base raw material for coatings, adhesives, sealants and elastomers (collectively, CASE products). Powdered polyester resins are used in coating applications. CASE and powdered polyester resins are collectively referred to as specialty polyols. Phthalic anhydride is used in unsaturated polyester resins, alkyd resins and plasticizers for applications in construction materials and components of automotive, boating and other consumer products. In addition, the Company uses phthalic anhydride internally in the production of polyols. Specialty Products include flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications. The Company’s Chief Operating Decision Maker (CODM) is the President and Chief Executive Officer. The CODM regularly uses multiple financial measures to allocate financial and human resources to individual segments and evaluate segment performance. The CODM also uses these measures in the annual budget and quarterly forecasting processes. The CODM uses segment information for comparison of the Company’s segments’ performance with competitors’ performance as well as monitoring of actual results versus budget to establish management’s business goals and compensation objectives. It is also used to allocate resources to individual segments and evaluate their performances. This information includes net sales, cost of sales, gross profit, operating expenses and operating income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (see Note 1, Summary of Significant Accounting Policies, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K). The following is segment data for the three years ended December 31, 2024, 2023 and 2022 and reconciliations of segment data to the consolidated financial statements and non-GAAP measures:
(In thousands) |  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 1,532,115 |  |  | $ | 584,905 |  |  | $ | 63,254 |  |  | $ | 2,180,274 |
Cost of Sales (1) |  |  | 1,352,022 |  |  |  | 516,902 |  |  |  | 39,219 |  |  |  | 1,908,143 |
Operating Expenses (2) |  |  | 94,475 |  |  |  | 27,380 |  |  |  | 3,127 |  |  |  | 124,982 |
Operating Income |  | $ | 85,618 |  |  | $ | 40,623 |  |  | $ | 20,908 |  |  | $ | 147,149 |
Unallocated Corporate Expenses (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (76,669 | )
Consolidated Operating Income |  |  |  |  |  |  |  |  |  |  | $ | 70,480 |
Segment Assets |  | $ | 1,578,689 |  |  | $ | 523,192 |  |  | $ | 70,898 |  |  |  | 2,172,779 |
Unallocated Assets (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131,869 |
Consolidated Assets |  |  |  |  |  |  |  |  |  |  | $ | 2,304,648 |
Segment Capital Expenditures |  | $ | 90,766 |  |  | $ | 25,827 |  |  | $ | 3,992 |  |  |  | 120,585 |
Unallocated Capital Expenditures (5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,191 |
Consolidated Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 122,776 |
Segment Depreciation and Amortization |  | $ | 72,028 |  |  | $ | 32,417 |  |  | $ | 5,949 |  |  |  | 110,394 |
Unallocated Depreciation and Amortization (6) |  |  |  |  |  |  |  |  |  |  |  | 1,803 |
Consolidated Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  | $ | 112,197 |
(In thousands) |  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 1,602,819 |  |  | $ | 642,471 |  |  | $ | 80,478 |  |  | $ | 2,325,768 |
Cost of Sales (1) |  |  | 1,431,462 |  |  |  | 553,590 |  |  |  | 65,443 |  |  |  | 2,050,495 |
Operating Expenses (2) |  |  | 98,958 |  |  |  | 28,111 |  |  |  | 3,559 |  |  |  | 130,628 |
Operating Income |  | $ | 72,399 |  |  | $ | 60,770 |  |  | $ | 11,476 |  |  | $ | 144,645 |
Unallocated Corporate Expenses (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (86,032 | )
Consolidated Operating Income |  |  |  |  |  |  |  |  |  |  | $ | 58,613 |
Segment Assets |  | $ | 1,586,148 |  |  | $ | 537,193 |  |  | $ | 70,508 |  |  |  | 2,193,849 |
Unallocated Assets (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 169,505 |
Consolidated Assets |  |  |  |  |  |  |  |  |  |  | $ | 2,363,354 |
Segment Capital Expenditures |  | $ | 231,341 |  |  | $ | 19,971 |  |  | $ | 9,310 |  |  |  | 260,622 |
Unallocated Capital Expenditures (5) |  |  |  |  |  |  |  |  |  |  |  | (287 | )
Consolidated Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 260,335 |
Segment Depreciation and Amortization |  | $ | 64,377 |  |  | $ | 32,426 |  |  | $ | 5,789 |  |  |  | 102,592 |
Unallocated Depreciation and Amortization (6) |  |  |  |  |  |  |  |  |  |  |  | 2,746 |
Consolidated Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  | $ | 105,338 |
(In thousands) |  | Surfactants |  |  | Polymers |  |  | Specialty Products |  |  | Total |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 1,882,745 |  |  | $ | 789,080 |  |  | $ | 101,445 |  |  | $ | 2,773,270 |
Cost of Sales (1) |  |  | 1,605,983 |  |  |  | 674,293 |  |  |  | 67,128 |  |  |  | 2,347,404 |
Operating Expenses (2) |  |  | 114,016 |  |  |  | 31,890 |  |  |  | 4,422 |  |  |  | 150,328 |
Operating Income |  | $ | 162,746 |  |  | $ | 82,897 |  |  | $ | 29,895 |  |  | $ | 275,538 |
Unallocated Corporate Expenses (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (68,202 | )
Consolidated Operating Income |  |  |  |  |  |  |  |  |  |  | $ | 207,336 |
Segment Assets |  | $ | 1,579,242 |  |  | $ | 565,726 |  |  | $ | 96,193 |  |  |  | 2,241,161 |
Unallocated Assets (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 192,011 |
Consolidated Assets |  |  |  |  |  |  |  |  |  |  | $ | 2,433,172 |
Segment Capital Expenditures |  | $ | 259,442 |  |  | $ | 35,679 |  |  | $ | 4,926 |  |  |  | 300,047 |
Unallocated Capital Expenditures (5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,506 |
Consolidated Capital Expenditures |  |  |  |  |  |  |  |  |  |  | $ | 301,553 |
Segment Depreciation and Amortization |  | $ | 55,262 |  |  | $ | 31,399 |  |  | $ | 5,807 |  |  |  | 92,468 |
Unallocated Depreciation and Amortization (6) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | 2,182 |
Consolidated Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  | $ | 94,650 |
(1) Cost of sales is comprised of raw material costs (including freight and outbound shipping and handling expenses to deliver the raw materials), manufacturing plant labor expenses and various manufacturing overhead expenses, such as utilities, maintenance, operating supplies, amortization and manufacturing asset depreciation expenses, warehouse and rail car expenses that can be allocated to reportable segments. For more details about items included in Cost of sales line item on the Consolidated Statements of Income, see Note 1, Summary of Significant Accounting Policies, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K). (2) Operating expenses allocated to reportable segments are comprised of selling, administrative and research and development expenses. CODM uses operating expenses balances in its aggregate to analyze the performance of each reportable segment. For more details about items included in Operating expenses line items on the Consolidated Statements of Income, see Note 1, Summary of Significant Accounting Policies, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K). (3) Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information technology and environmental remediation expenses), deferred compensation and business restructuring and assets impairment expenses that are not included in segment operating income and not used to evaluate segment performance. For more details about items included in unallocated corporate expenses, see Note 22, Business Restructuring and Assets Impairment, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K). (4) Unallocated assets primarily include assets in the Company’s Northfield, Illinois location. (5) Unallocated capital expenditures primarily include capital expenditures related to Company’s Northfield, Illinois location. (6) Unallocated depreciation and amortization primarily includes depreciation related to the Company’s Northfield, Illinois location. Below is certain Company-wide geographic data for the years ended December 31, 2024, 2023 and 2022:
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales (1) |  |  |  |  |  |  |  |  |
United States |  | $ | 1,202,822 |  |  | $ | 1,312,866 |  |  | $ | 1,579,194 |
France |  |  | 173,165 |  |  |  | 202,038 |  |  |  | 227,421 |
Poland |  |  | 162,118 |  |  |  | 171,889 |  |  |  | 195,781 |
United Kingdom |  |  | 175,044 |  |  |  | 174,574 |  |  |  | 229,836 |
Brazil |  |  | 135,341 |  |  |  | 124,661 |  |  |  | 175,004 |
Mexico |  |  | 150,491 |  |  |  | 144,163 |  |  |  | 148,858 |
All other countries |  |  | 181,293 |  |  |  | 195,577 |  |  |  | 217,176 |
Total |  | $ | 2,180,274 |  |  | $ | 2,325,768 |  |  | $ | 2,773,270 |
Long-lived assets (2) |  |  |  |  |  |  |  |  |
United States |  | $ | 1,026,637 |  |  | $ | 1,007,337 |  |  | $ | 896,867 |
Netherlands |  |  | 77,628 |  |  |  | 80,335 |  |  |  | 79,007 |
Germany |  |  | 36,768 |  |  |  | 41,878 |  |  |  | 42,512 |
Singapore |  |  | 15,244 |  |  |  | 17,617 |  |  |  | 20,899 |
Brazil |  |  | 30,484 |  |  |  | 39,512 |  |  |  | 38,493 |
China |  |  | 22,841 |  |  |  | 25,704 |  |  |  | 28,717 |
United Kingdom |  |  | 30,730 |  |  |  | 33,857 |  |  |  | 33,389 |
Mexico |  |  | 57,485 |  |  |  | 73,449 |  |  |  | 52,917 |
All other countries |  |  | 34,678 |  |  |  | 36,989 |  |  |  | 34,444 |
Total |  | $ | 1,332,495 |  |  | $ | 1,356,678 |  |  | $ | 1,227,245 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. 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