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Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Information

Note 12: Segment Information

 

     Three Months Ended  
     March 31,  
     2015      2014  
     (In Thousands)  

Net sales:

      

Chemical (1)

    $ 126,814       $ 115,221   

Climate Control

      65,198         60,349   

Other

      1,846         2,955   
  

 

 

     

 

 

  
$ 193,858    $ 178,525   
  

 

 

     

 

 

  

Gross profit: (2)

Chemical (1) (3)

 $ 21,830    $ 28,426   

Climate Control

   19,962      19,264   

Other

   567      1,032   
  

 

 

     

 

 

  
$ 42,359    $ 48,722   
  

 

 

     

 

 

  

Operating income (loss): (4)

Chemical (1) (3)

 $ 16,660    $ 28,813   

Climate Control

   4,312      4,332   

Other

   (2 )    387   

General corporate expenses (5)

   (6,747 )    (7,671 ) 
  

 

 

     

 

 

  
  14,223      25,861   

Interest expense, net (6)

   3,398      6,708   

Non-operating expense (income), net:

Chemical

   (33 )    (77 ) 

Corporate and other business operations

   (2 )    —     

Provisions for income taxes

   4,181      7,654   

Equity in earnings of affiliate - Climate Control

   —        (67 ) 
  

 

 

     

 

 

  

Income from continuing operations

 $ 6,679    $ 11,643   
  

 

 

     

 

 

  

 

(1) During the first quarter of 2014, our Chemical Business experienced downtime at the Pryor Facility resulting in lost production and adverse effect on operating results.
(2) Gross profit by business segment represents net sales less cost of sales. Gross profit classified as “Other” relates to the sales of industrial machinery and related components.
(3) During the first quarter of 2014, we recognized business interruption and property insurance recoveries totaling $28.0 million, of which approximately $22.9 million was recognized as a reduction to cost of sales.
(4) Our chief operating decision makers use operating income (loss) by business segment for purposes of making decisions that include resource allocations and performance evaluations. Operating income (loss) by business segment represents gross profit (loss) by business segment less selling, general and administrative expense (“SG&A”) incurred by each business segment plus other income and other expense earned/incurred by each business segment before general corporate expenses.

 

(5) General corporate expenses consist of the following:

 

     Three Months Ended  
     March 31,  
     2015      2014  
     (In Thousands)  

Selling, general and administrative:

      

Personnel costs

    $ (2,602 )     $ (1,715 ) 

Fees and expenses relating to shareholders (A)

      (1,679 )       (4,200 ) 

Professional fees

      (1,544 )       (1,188 ) 

All other

      (897 )       (591 ) 
  

 

 

     

 

 

  

Total selling, general and administrative

   (6,722 )    (7,694 ) 

Other income

   24      23   

Other expense

   (49 )    —     
  

 

 

     

 

 

  

Total general corporate expenses

 $ (6,747 )  $ (7,671 ) 
  

 

 

     

 

 

  

 

(A) These fees and expenses include costs associated with evaluating and analyzing proposals received from certain activist shareholders and dealing, negotiating and settling with those shareholders in order to avoid proxy contests.

 

(6) During the three months ended March 31, 2015 and 2014, interest expense is net of capitalized interest of $5.6 million and $2.3 million, respectively.

Information about our total assets by business segment is as follows:

 

     March 31,      December 31,  
     2015      2014  
     (In Thousands)  

Chemical

    $ 945,147       $ 929,745   

Climate Control

      130,784         133,183   

Other

      5,995         5,960   

Corporate assets

      58,643         68,117   
  

 

 

     

 

 

  

Total assets

 $ 1,140,569    $ 1,137,005