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Financial Information by Segment (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Expense from Operations, Corporate and Other Segment | Segment operating results for the three months ended September 30, 2022 and 2021 are as follows:
| Rubber |  | Specialties |  | Corporate |  | Total Segments
| (In millions)
2022 |  |  |  |  |  |  |
Net sales from external customers | $ | 373.5 |  |  | $ | 169.6 |  |  | $ | — |  |  | $ | 543.1 |
Adjusted EBITDA | 49.4 |  |  | 31.1 |  |  | — |  |  | 80.5 |
Corporate charges | — |  |  | — |  |  | (1.6) |  |  | (1.6) |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | (15.6) |  |  | (9.6) |  |  | — |  |  | (25.2) |
Excluding equity in earnings of affiliated companies, net of tax | (0.1) |  |  | — |  |  | — |  |  | (0.1) |
Interest and other financial expense, net |  |  |  |  | (10.2) |  |  | (10.2) |
Income before earnings in affiliated companies and income taxes |  |  |  |  |  |  | $ | 43.4 |
2021 |  |  |  |  |  |  |
Net sales from external customers | $ | 242.8 |  |  | $ | 150.2 |  |  | $ | — |  |  | $ | 393.0 |
Adjusted EBITDA | 27.4 |  |  | 39.0 |  |  | — |  |  | 66.4 |
Corporate charges | — |  |  | — |  |  | (2.2) |  |  | (2.2) |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | (13.3) |  |  | (10.5) |  |  | — |  |  | (23.8) |
Excluding equity in earnings of affiliated companies, net of tax | (0.1) |  |  | — |  |  | — |  |  | (0.1) |
Interest and other financial expense, net |  |  |  |  | (11.5) |  |  | (11.5) |
Reclassification of actuarial losses from AOCI |  |  |  |  | (1.2) |  |  | (1.2) |
Income before earnings in affiliated companies and income taxes |  |  |  |  |  |  | $ | 27.6 |
Segment reconciliation for the nine months ended September 30, 2022 and 2021:
| Rubber |  | Specialties |  | Corporate |  | Total Segments
| (In millions)
2022 |  |  |  |  |  |  |
Net sales from external customers | $ | 1,039.7 |  |  | $ | 529.1 |  |  | $ | — |  |  | $ | 1,568.8 |
Adjusted EBITDA | 128.1 |  |  | 119.0 |  |  | — |  |  | 247.1 |
Corporate charges | — |  |  | — |  |  | (5.8) |  |  | (5.8) |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | (49.1) |  |  | (30.8) |  |  | — |  |  | (79.9) |
Excluding equity in earnings of affiliated companies, net of tax | (0.3) |  |  | — |  |  | — |  |  | (0.3) |
Interest and other financial expense, net |  |  |  |  | (29.1) |  |  | (29.1) |
Income before earnings in affiliated companies and income taxes |  |  |  |  |  |  | $ | 132.0 |
2021 |  |  |  |  |  |  |
Net sales from external customers | $ | 703.5 |  |  | $ | 450.6 |  |  | $ | — |  |  | $ | 1,154.1 |
Adjusted EBITDA | 98.0 |  |  | 118.1 |  |  | — |  |  | 216.1 |
Corporate charges | — |  |  | — |  |  | (8.3) |  |  | (8.3) |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | (41.7) |  |  | (32.9) |  |  | — |  |  | (74.6) |
Gain related to litigation settlement |  |  |  |  | 82.9 |  | 82.9
Excluding equity in earnings of affiliated companies, net of tax | (0.5) |  |  | — |  |  | — |  |  | (0.5) |
Interest and other financial expense, net |  |  |  |  | (30.4) |  |  | (30.4) |
Reclassification of actuarial losses from AOCI |  |  |  |  | (3.6) |  |  | (3.6) |
Income before earnings in affiliated companies and income taxes |  |  |  |  |  |  | $ | 181.6 |
Expense from operations before income taxes and finance costs of the segment “Corporate” comprises the following:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (In millions)
Long term incentive plan |  | $ | 1.9 |  |  | $ | 1.3 |  |  | $ | 5.0 |  |  | $ | 3.3 |
Other non-operating |  | (0.3) |  |  | 0.9 |  |  | 0.8 |  |  | 5.0 |
Corporate Charges |  | $ | 1.6 |  |  | $ | 2.2 |  |  | $ | 5.8 |  |  | $ | 8.3 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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