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Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
12.
SEGMENT REPORTING

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. The Company’s Chief Operating Decision Maker (CODM) is the President and Chief Executive Officer. The accounting policies of the reportable segments are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The following is segment data for the three and six months ended June 30, 2026 and 2025, and reconciliations of segment data to the condensed consolidated financial statements:

 

 

 

For the Three Months Ended June 30, 2026

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

483,902

 

 

$

178,007

 

 

$

22,200

 

 

$

684,109

 

Cost of Sales (1)

 

 

420,295

 

 

 

147,228

 

 

 

16,193

 

 

 

583,716

 

Operating Expenses (2)

 

 

29,245

 

 

 

8,310

 

 

 

1,000

 

 

 

38,555

 

Operating Income

 

$

34,362

 

 

$

22,469

 

 

$

5,007

 

 

$

61,838

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,628

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

37,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

16,057

 

 

$

6,517

 

 

$

992

 

 

$

23,566

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(160

)

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

23,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

20,520

 

 

$

8,698

 

 

$

1,467

 

 

$

30,685

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

235

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

30,920

 

 

 

 

 

For the Six Months Ended June 30, 2026

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

937,589

 

 

$

308,036

 

 

$

42,993

 

 

$

1,288,618

 

Cost of Sales (1)

 

 

830,312

 

 

 

261,273

 

 

 

31,366

 

 

 

1,122,951

 

Operating Expenses (2)

 

 

54,367

 

 

 

15,472

 

 

 

1,905

 

 

 

71,744

 

Operating Income

 

$

52,910

 

 

$

31,291

 

 

$

9,722

 

 

$

93,923

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

 

 

 

(106,335

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

(12,412

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

38,440

 

 

$

13,795

 

 

$

2,454

 

 

$

54,689

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(395

)

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

54,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

43,088

 

 

$

17,274

 

 

$

2,920

 

 

$

63,282

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

585

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

63,867

 

 

 

 

 

For the Three Months Ended June 30, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

411,456

 

 

$

162,751

 

 

$

20,482

 

 

$

594,689

 

Cost of Sales (1)

 

 

370,660

 

 

 

138,124

 

 

 

14,293

 

 

 

523,077

 

Operating Expenses (2)

 

 

27,429

 

 

 

7,468

 

 

 

931

 

 

 

35,828

 

Operating Income

 

$

13,367

 

 

$

17,159

 

 

$

5,258

 

 

$

35,784

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,819

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

17,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

19,675

 

 

$

4,581

 

 

$

866

 

 

$

25,122

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

476

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

25,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

21,137

 

 

$

8,352

 

 

$

1,472

 

 

$

30,961

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

328

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

31,289

 

 

 

 

 

For the Six Months Ended June 30, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

841,793

 

 

$

308,867

 

 

$

37,284

 

 

$

1,187,944

 

Cost of Sales (1)

 

 

747,326

 

 

 

269,020

 

 

 

24,690

 

 

 

1,041,036

 

Operating Expenses (2)

 

 

52,170

 

 

 

14,670

 

 

 

1,828

 

 

 

68,668

 

Operating Income

 

$

42,297

 

 

$

25,177

 

 

$

10,766

 

 

$

78,240

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(31,987

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

46,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

43,679

 

 

$

11,652

 

 

$

1,946

 

 

$

57,277

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,069

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

58,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

40,567

 

 

$

16,413

 

 

$

2,961

 

 

$

59,941

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

618

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

60,559

 

The following is segment assets at June 30, 2026 and December 31, 2025, and reconciliations of segment assets to the condensed consolidated financial statements.

 

 

 

As of June 30, 2026

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,650,031

 

 

$

545,676

 

 

$

85,116

 

 

$

2,280,823

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

111,843

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,392,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,630,551

 

 

$

536,748

 

 

$

82,300

 

 

$

2,249,599

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

108,103

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,357,702

 

 

(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 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.