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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Data and Reconciliations of Segment Data to Consolidated Financial Statements and Non-GAAP Measures The following is segment data for the three and nine months ended September 30, 2025 and 2024, and reconciliations of segment data to the condensed consolidated financial statements:

 

 

 

For the Three Months Ended September 30, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

422,358

 

 

$

143,928

 

 

$

23,998

 

 

$

590,284

 

Cost of Sales (1)

 

 

382,447

 

 

 

123,025

 

 

 

13,541

 

 

 

519,013

 

Operating Expenses (2)

 

 

24,193

 

 

 

6,799

 

 

 

823

 

 

 

31,815

 

Operating Income

 

$

15,718

 

 

$

14,104

 

 

$

9,634

 

 

$

39,456

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,662

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

21,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

21,752

 

 

$

6,401

 

 

$

902

 

 

$

29,055

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

495

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

29,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

22,306

 

 

$

8,270

 

 

$

1,461

 

 

$

32,037

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

709

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

32,746

 

 

 

 

 

For the Nine Months Ended September 30, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

1,264,151

 

 

$

452,795

 

 

$

61,282

 

 

$

1,778,228

 

Cost of Sales (1)

 

 

1,129,773

 

 

 

392,045

 

 

 

38,231

 

 

 

1,560,049

 

Operating Expenses (2)

 

 

76,363

 

 

 

21,469

 

 

 

2,651

 

 

 

100,483

 

Operating Income

 

$

58,015

 

 

$

39,281

 

 

$

20,400

 

 

$

117,696

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(49,649

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

68,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

65,431

 

 

$

18,053

 

 

$

2,848

 

 

$

86,332

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,564

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

87,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

62,873

 

 

$

24,683

 

 

$

4,422

 

 

$

91,978

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,327

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

93,305

 

 

 

 

 

For the Three Months Ended September 30, 2024

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

382,724

 

 

$

149,796

 

 

$

14,322

 

 

$

546,842

 

Cost of Sales (1)

 

 

333,280

 

 

 

128,038

 

 

 

9,844

 

 

 

471,162

 

Operating Expenses (2)

 

 

23,141

 

 

 

6,510

 

 

 

751

 

 

 

30,402

 

Operating Income

 

$

26,303

 

 

$

15,248

 

 

$

3,727

 

 

$

45,278

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,329

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

23,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

22,269

 

 

$

3,524

 

 

$

912

 

 

$

26,705

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

26,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

17,926

 

 

$

8,180

 

 

$

1,480

 

 

$

27,586

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

476

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

28,062

 

 

 

 

 

For the Nine Months Ended September 30, 2024

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

1,153,339

 

 

$

455,061

 

 

$

46,265

 

 

$

1,654,665

 

Cost of Sales (1)

 

 

1,012,566

 

 

 

397,581

 

 

 

28,640

 

 

 

1,438,787

 

Operating Expenses (2)

 

 

71,328

 

 

 

20,253

 

 

 

2,311

 

 

 

93,892

 

Operating Income

 

$

69,445

 

 

$

37,227

 

 

$

15,314

 

 

$

121,986

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(59,201

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

62,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

74,890

 

 

$

8,645

 

 

$

3,037

 

 

$

86,572

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

86,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

53,455

 

 

$

24,415

 

 

$

4,454

 

 

$

82,324

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,352

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

83,676

 
The following is segment assets at September 30, 2025 and December 31, 2024, and reconciliations of segment assets to the condensed consolidated financial statements.

 

 

 

As of September 30, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,664,552

 

 

$

560,983

 

 

$

77,188

 

 

$

2,302,723

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

129,561

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,432,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,578,689

 

 

$

523,192

 

 

$

70,898

 

 

$

2,172,779

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

131,869

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,304,648

 

 

(1)
Cost of sales is comprised of raw material costs (including freight and shipping/handling expenses to deliver the raw materials), manufacturing plant labor expenses and other manufacturing overhead expenses, such as utilities, maintenance, depreciation, etc., that can be allocated to reportable segments.
(2)
Operating expenses allocated to reportable segments are comprised of selling, administrative and research and development expenses. The CODM uses operating expenses in aggregate to analyze the performance of each reportable segment.
(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.
(4)
Unallocated capital expenditures primarily include capital expenditures related to the Company’s Northfield, Illinois location.
(5)
Unallocated depreciation and amortization primarily includes depreciation related to the Company’s Northfield, Illinois location.
(6)
Unallocated assets primarily include assets in the Company’s Northfield, Illinois location.