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v3.25.3

Financial Information by Segment (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Segment operating results for the three months ended September 30, 2025 and 2024 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2025 |  |  |  |  |  |  |
Net sales from external customers | $ | 290.9 |  |  | $ | 160.0 |  |  | $ | — |  |  | $ | 450.9 |
Less: |  |  |  |  |  |  |
Cost of Sales | 237.9 |  |  | 127.4 |  |  | — |  |  | 365.3 |
Selling, general and administrative expenses | 34.1 |  |  | 23.2 |  |  | 0.2 |  |  | 57.5 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (7.3) |  |  | (7.3) |
Goodwill impairment | 32.3 |  |  | 48.5 |  |  | — |  |  | 80.8 |
Other segment items | 4.2 |  |  | 4.1 |  |  | — |  |  | 8.3 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
LTIP and other non-operating charges | 1.8 |  |  | 1.7 |  |  | 0.2 |  |  | 3.7 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (7.3) |  |  | (7.3) |
Goodwill impairment | 32.3 |  | 48.5 |  | — |  |  | 80.8 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 19.1 |  |  | 14.6 |  |  | — |  |  | 33.7 |
Adjusted EBITDA | $ | 36.1 |  |  | $ | 21.6 |  |  | $ | — |  |  | $ | 57.7 |
Capital expenditures | 15.5 |  |  | 25.4 |  |  | — |  |  | 40.9 |
2024 |  |  |  |  |  |  |
Net sales from external customers | $ | 300.9 |  |  | $ | 162.5 |  |  | $ | — |  |  | $ | 463.4 |
Less: |  |  |  |  |  |  |
Cost of Sales | 230.0 |  |  | 125.9 |  |  | — |  |  | 355.9 |
Selling, general and administrative expenses | 35.9 |  |  | 21.7 |  |  | 0.3 |  |  | 57.9 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | 60.7 |  |  | 60.7 |
Other segment items | 2.2 |  |  | 3.1 |  |  | (1.1) |  |  | 4.2 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
LTIP and other non-operating charges | 1.6 |  |  | 2.9 |  |  | (0.8) |  |  | 3.7 |
Loss (recovery) due to misappropriation of assets, net | — |  | — |  | 60.7 |  |  | 60.7 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 18.3 |  |  | 12.5 |  |  | — |  |  | 30.8 |
Adjusted EBITDA | $ | 52.9 |  |  | $ | 27.2 |  |  | $ | — |  |  | $ | 80.1 |
Capital expenditures | 23.7 |  |  | 24.2 |  |  | — |  |  | 47.9 |
Segment operating results for the nine months ended September 30, 2025 and 2024 are as follows:
| Rubber |  | Specialty |  | Corporate |  | Total
| (In millions)
2025 |  |  |  |  |  |  |
Net sales from external customers | $ | 916.2 |  |  | $ | 478.8 |  |  | $ | — |  |  | $ | 1,395.0 |
Less: |  |  |  |  |  |  |
Cost of Sales | 739.3 |  |  | 373.6 |  |  | — |  |  | 1,112.9 |
Selling, general and administrative expenses | 104.4 |  |  | 68.4 |  |  | 0.8 |  |  | 173.6 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (6.5) |  |  | (6.5) |
Goodwill impairment | 32.3 |  |  | 48.5 |  |  | — |  |  | 80.8 |
Other segment items | 12.1 |  |  | 12.5 |  |  | — |  |  | 24.6 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
LTIP and other non-operating charges | 4.6 |  |  | 4.6 |  |  | 0.8 |  |  | 10.0 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | (6.5) |  |  | (6.5) |
Goodwill impairment | 32.3 |  | 48.5 |  | — |  | 80.8
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 59.2 |  |  | 38.0 |  |  | — |  |  | 97.2 |
Adjusted EBITDA | $ | 125.8 |  |  | $ | 66.9 |  |  | $ | — |  |  | $ | 192.7 |
Assets | $ | 1,109.9 |  |  | $ | 701.6 |  |  | $ | 152.4 |  |  | $ | 1,963.9 |
Capital expenditures | 46.4 |  |  | 65.9 |  |  | — |  |  | 112.3 |
2024 |  |  |  |  |  |  |
Net sales from external customers | $ | 944.4 |  |  | $ | 498.9 |  |  | $ | — |  |  | $ | 1,443.3 |
Less: |  |  |  |  |  |  |
Cost of Sales | 722.7 |  |  | 381.1 |  |  | — |  |  | 1,103.8 |
Selling, general and administrative expenses | 113.5 |  |  | 65.5 |  |  | 0.7 |  |  | 179.7 |
Loss (recovery) due to misappropriation of assets, net | — |  |  | — |  |  | 60.7 |  |  | 60.7 |
Other segment items | 9.7 |  |  | 11.4 |  |  | (1.1) |  |  | 20.0 |
Add: |  |  |  |  |  |  |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
LTIP and other non-operating charges | 5.3 |  |  | 5.3 |  |  | (0.4) |  |  | 10.2 |
Loss (recovery) due to misappropriation of assets, net | — |  | — |  | 60.7 |  | 60.7
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 53.1 |  |  | 36.9 |  |  | — |  |  | 90.0 |
Adjusted EBITDA | $ | 157.4 |  |  | $ | 83.1 |  |  | $ | — |  |  | $ | 240.5 |
Assets | $ | 1,101.5 |  |  | $ | 730.5 |  |  | $ | 164.3 |  |  | $ | 1,996.3 |
Capital expenditures | 68.2 |  |  | 67.5 |  |  | — |  |  | 135.7 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Income (loss) before earnings in affiliated companies and income taxes | $ | (68.1) |  |  | $ | (31.2) |  |  | $ | (37.6) |  |  | $ | 38.3 |
LTIP and other non-operating charges | 3.7 |  |  | 3.7 |  |  | 10.0 |  |  | 10.2 |
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment | 33.7 |  |  | 30.8 |  |  | 97.2 |  |  | 90.0 |
Loss (recovery) due to misappropriation of assets, net |  |  |  |  |  |  |
Misappropriation of assets, net | (7.3) |  |  | 59.2 |  |  | (7.3) |  |  | 59.2 |
Professional fees related to misappropriation of assets | — |  |  | 1.5 |  |  | 0.8 |  |  | 1.5 |
Goodwill impairment | 80.8 |  |  | — |  |  | 80.8 |  |  | — |
Equity in earnings of affiliated companies, net of tax | 0.5 |  |  | 0.2 |  |  | 1.6 |  |  | 0.5 |
Interest and other financial expense, net | 14.4 |  |  | 15.9 |  |  | 47.2 |  |  | 40.8 |
Adjusted EBITDA | $ | 57.7 |  |  | $ | 80.1 |  |  | $ | 192.7 |  |  | $ | 240.5 |
LTIP and other non-operating charges include the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Long term incentive plan | $ | 3.7 |  |  | $ | 4.8 |  |  | $ | 10.0 |  |  | $ | 11.3 |
Other non-operating | — |  |  | (1.1) |  |  | — |  |  | (1.1) |
LTIP and other non-operating charges | $ | 3.7 |  |  | $ | 3.7 |  |  | $ | 10.0 |  |  | $ | 10.2 |

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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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