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Financial Information by Segment | 3 Months Ended
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Mar. 31, 2024
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, and •Specialty Carbon Black—Used for protection, colorization and conductivity in coatings, polymers, batteries, printing and other special applications. Corporate includes income and expenses that cannot be directly allocated to the business segments or that are managed at the corporate level. This includes 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 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, share-based compensation, and non-recurring items (such as restructuring expenses, legal settlements gains, etc.) plus Earnings 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 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 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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