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Financial Information by Segment (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Operating Results | Segment operating results for the three months ended September 30, 2023 and 2022 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2023 |  |  |  |  |  |  |
Net sales from external customers | $ | 315.8 |  |  | $ | 150.4 |  |  | $ | — |  |  | $ | 466.2 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 17.3 |  |  | 10.6 |  |  | — |  |  | 27.9 |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Interest and other financial expense, net |  |  |  |  | (12.9) |  |  | (12.9) |
Reclassification of actuarial gain from AOCI |  |  |  |  | 2.2 |  |  | 2.2 |
Adjusted EBITDA | 51.2 |  |  | 26.1 |  |  | — |  |  | 77.3 |
2022 |  |  |  |  |  |  |
Net sales from external customers | $ | 373.5 |  |  | $ | 169.6 |  |  | $ | — |  |  | $ | 543.1 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 15.6 |  |  | 9.6 |  |  | — |  |  | 25.2 |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Interest and other financial expense, net |  |  |  |  | (10.2) |  |  | (10.2) |
Adjusted EBITDA | 49.4 |  |  | 31.1 |  |  | — |  |  | 80.5 |
Segment operating results for the nine months ended September 30, 2023 and 2022:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2023 |  |  |  |  |  |  |
Net sales from external customers | $ | 963.8 |  |  | $ | 461.9 |  |  | $ | — |  |  | $ | 1,425.7 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 51.0 |  |  | 29.8 |  |  | — |  |  | 80.8 |
Equity in earnings of affiliated companies, net of tax | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Interest and other financial expense, net |  |  |  |  | (41.6) |  |  | (41.6) |
Reclassification of actuarial gain from AOCI |  |  |  |  | 6.7 |  |  | 6.7 |
Adjusted EBITDA | 172.4 |  |  | 93.3 |  |  | — |  |  | 265.7 |
2022 |  |  |  |  |  |  |
Net sales from external customers | $ | 1,039.7 |  |  | $ | 529.1 |  |  | $ | — |  |  | $ | 1,568.8 |
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) |
Adjusted EBITDA | 128.1 |  |  | 119.0 |  |  | — |  |  | 247.1 |
A reconciliation of Income before earnings in affiliated companies and income taxes to Adjusted EBITDA for each of the periods presented is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In millions)
Income before earnings in affiliated companies and income taxes | $ | 35.0 |  |  | $ | 43.4 |  |  | $ | 143.2 |  |  | $ | 132.0 |
Corporate charges | 3.6 |  |  | 1.6 |  |  | 6.4 |  |  | 5.8 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 27.9 |  |  | 25.2 |  |  | 80.8 |  |  | 79.9 |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | 0.1 |  |  | 0.4 |  |  | 0.3 |
Interest and other financial expense, net | 12.9 |  |  | 10.2 |  |  | 41.6 |  |  | 29.1 |
Reclassification of actuarial gain from AOCI | (2.2) |  |  | — |  |  | (6.7) |  |  | — |
Adjusted EBITDA | $ | 77.3 |  |  | $ | 80.5 |  |  | $ | 265.7 |  |  | $ | 247.1 |
Corporate charges include the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In millions)
Long term incentive plan | $ | 3.6 |  |  | $ | 1.9 |  |  | $ | 8.3 |  |  | $ | 5.0 |
Other non-operating | — |  |  | (0.3) |  |  | (1.9) |  |  | 0.8 |
Corporate Charges | $ | 3.6 |  |  | $ | 1.6 |  |  | $ | 6.4 |  |  | $ | 5.8 |

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