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Financial Information by Segment (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Operating Results | Segment operating results for the three months ended March 31, 2024 and 2023 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2024 |  |  |  |  |  |  |
Net sales from external customers | $ | 332.0 |  |  | $ | 170.9 |  |  | $ | — |  |  | $ | 502.9 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 16.7 |  |  | 12.2 |  |  | — |  |  | 28.9 |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Interest and other financial expense, net |  |  |  |  | (12.7) |  |  | (12.7) |
Adjusted EBITDA | 57.4 |  |  | 27.9 |  |  | — |  |  | 85.3 |
2023 |  |  |  |  |  |  |
Net sales from external customers | $ | 338.7 |  |  | $ | 162.0 |  |  | $ | — |  |  | $ | 500.7 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 15.8 |  |  | 9.9 |  |  | — |  |  | 25.7 |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Interest and other financial expense, net |  |  |  |  | (15.2) |  |  | (15.2) |
Reclassification of actuarial gain from AOCI |  |  |  |  | 2.2 |  |  | 2.2 |
Adjusted EBITDA | 63.8 |  |  | 37.3 |  |  | — |  |  | 101.1 |
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 March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (In millions)
Income before earnings in affiliated companies and income taxes | $ | 40.1 |  |  | $ | 60.5 |  |  |  |  |
Corporate charges | 3.5 |  |  | 1.8 |  |  |  |  |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 28.9 |  |  | 25.7 |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.1 |  |  | 0.1 |  |  |  |  |
Interest and other financial expense, net | 12.7 |  |  | 15.2 |  |  |  |  |
Reclassification of actuarial gain from AOCI | — |  |  | (2.2) |  |  |  |  |
Adjusted EBITDA | $ | 85.3 |  |  | $ | 101.1 |  |  |  |  |
Corporate charges include the following:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (In millions)
Long term incentive plan | $ | 3.5 |  |  | $ | 2.1 |  |  |  |  |
Other non-operating | — |  |  | (0.3) |  |  |  |  |
Corporate Charges | $ | 3.5 |  |  | $ | 1.8 |  |  |  |  |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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