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Financial Information by Segment | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Financial Information by Segment | Financial Information by Segment Segment information We disclose the results of each of our operating segments in accordance with ASC 280, Segment Reporting. We manage our business in two operating segments as follows: •Rubber Carbon Black—Used in the reinforcement of rubber in tires and mechanical rubber goods. •Specialty Black Carbon—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and special applications. Corporate includes income and expenses that cannot be directly allocated to the business segments or that are managed at the corporate level including: finance income and expenses, taxes and items with less bearing on the underlying core business. Discrete financial information is available for each of the segments, and the Chief Operating Decision Maker (“CODM”) uses operating results of each operating segment for performance evaluation and resource allocation. Our CODM uses Adjusted EBITDA as the primary measure for reviewing our segment profitability. We define Adjusted EBITDA as Income from operations before depreciation and amortization, restructuring expenses, consulting fees related to Company strategy, gain related to legal settlements, and includes equity earnings (loss) in affiliated companies, net of tax. The CODM does not review reportable segment asset or liability information for purposes of assessing performance or allocating resources. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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