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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Related Information Segment Related Information
The Company has concluded that it is a single operating segment and a single reportable segment: chemical manufacturing. Its larger manufacturing sites are vertically integrated and leverage cross-plant resources, including centralized supply chain and procurement functions. This production process uses one key raw material, cumene, as the input to products produced for sale through the sales channels and end markets the Company serves. Production rates and output volumes are managed across locations to align with the Company’s overall operating plan. Additionally, the Company’s operating results, which are evaluated regularly to make decisions about resource allocation and performance assessment by the CODM, our CEO and President, are on a consolidated basis.

The chemical manufacturing segment derives its revenues by innovating and delivering essential products in the industries of nylon solutions, plant nutrients, and chemical intermediates to its customers in a wide variety of end markets and applications, such as building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives and electronics.

The CODM’s performance assessment and resource allocation for the chemical manufacturing segment is based on net income which is also reported on the income statement as net income, the measure of segment assets which is also reported on the balance sheet as total assets, and capital expenditures which is also reported in management’s discussion and analysis.

The CODM uses net income generated from segment assets in deciding whether to reinvest profits into the segment or into other parts of the entity, such as for acquisitions or to pay dividends. The CODM also uses net income to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation. Lastly, the CODM uses capital expenditures estimate the cash-generating potential and cash requirements of the segment.

Significant expense information reviewed by the CODM was as follows (in thousands):

Years Ended December 31,
202420232022
Revenue$1,517,557 $1,533,599 $1,945,640 
Less:
Variable cost of goods sold *691,300 711,169 973,605 
Plant costs487,671 470,457 470,696 
Freight and distribution costs176,849 177,095 174,407 
Selling, general, and administrative expense94,023 95,538 87,748 
Other segment items **23,565 24,717 67,298 
Segment net income$44,149 $54,623 $171,886 
*Variable costs of goods sold includes raw materials and various utility expenses
**Other segment items include research and development expense, interest income and expense, capitalized interest, other non-operating expense, and income tax expense.