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Industry Segments | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Industry Segments | Industry Segments Ascent Industries Co. has two reportable segments: Tubular Products and Specialty Chemicals. The Tubular Products segment includes the operating results of the Company’s plants involved in the production and distribution of stainless steel, galvanized steel and seamless carbon pipe and tube. The Tubular Products segment includes the operating results of our Palmer business in Andrews, Texas currently held for sale, which will be removed from the segment beginning in 2023. The Tubular Products segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries. The Specialty Chemicals segment includes the operating results of the Company’s plants involved in the production of specialty chemicals. The Specialty Chemicals segment produces products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measures being operating income and Adjusted earnings (loss) before interest, income taxes, depreciation and amortization. Adjusted earnings (loss) before interest, income taxes, depreciation and amortization excludes certain items that management believes are not indicative of future results. The accounting principles applied at the operating segment level are the same as those applied at the consolidated financial statement level. Intersegment sales and transfers are eliminated at the corporate consolidation level. The following table summarizes certain information regarding segments of the Company's operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |
Tubular Products | $ | 72,839 |  |  | $ | 70,127 |  |  | $ | 248,517 |  |  | $ | 193,438 |  |  |  |  |
Specialty Chemicals | 27,328 |  |  | 16,055 |  |  | 84,070 |  |  | 45,609 |  |  |  |  |
| $ | 100,167 |  |  | $ | 86,182 |  |  | $ | 332,587 |  |  | $ | 239,047 |  |  |  |  |
Operating income |  |  |  |  |  |  |  |  |  |  |
Tubular Products | $ | 4,509 |  |  | $ | 11,711 |  |  | $ | 31,935 |  |  | $ | 21,793 |  |  |  |  |
Specialty Chemicals | 1,097 |  |  | 1,356 |  |  | 6,111 |  |  | 1,999 |  |  |  |  |
Corporate |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate expenses | 3,890 |  |  | 2,009 |  |  | 10,241 |  |  | 5,138 |  |  |  |  |
Acquisition costs and other | 149 |  |  | 201 |  |  | 837 |  |  | 201 |  |  |  |  |
Proxy contest costs and recoveries | — |  |  | — |  |  | — |  |  | 168 |  |  |  |  |
Earn-out adjustments | — |  |  | 160 |  |  | (7) |  |  | 1,430 |  |  |  |  |
Total Corporate | 4,039 |  |  | 2,370 |  |  | 11,071 |  |  | 6,937 |  |  |  |  |
Operating income | 1,567 |  |  | 10,697 |  |  | 26,975 |  |  | 16,855 |  |  |  |  |
Interest expense | 827 |  |  | 329 |  |  | 1,637 |  |  | 1,068 |  |  |  |  |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | 223 |  |  |  |  |
Change in fair value of interest rate swap | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  |
Other, net | (118) |  |  | (10) |  |  | (176) |  |  | 152 |  |  |  |  |
Income before income taxes | $ | 858 |  |  | $ | 10,378 |  |  | $ | 25,514 |  |  | $ | 15,414 |  |  |  |  |
| As of |  |  |  |  |  |
(in thousands) | September 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
Identifiable assets |  |  |  |  |  |  |  |  |  |  |
Tubular Products | $ | 190,646 |  |  | $ | 160,625 |  |  |  |  |  |  |  |  |
Specialty Chemicals | $ | 77,391 |  |  | 72,908 |  |  |  |  |  |  |  |  |
Corporate | $ | 31,405 |  |  | 32,469 |  |  |  |  |  |  |  |  |
| $ | 299,442 |  |  | $ | 266,002 |  |  |  |  |  |  |  |  |

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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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