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Industry Segments
 9 Months Ended
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)2022202120222021
Net sales
Tubular Products$72,839 $70,127 $248,517 $193,438 
Specialty Chemicals27,328 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 Chemicals1,097 1,356 6,111 1,999 
Corporate
Unallocated corporate expenses3,890 2,009 10,241 5,138 
Acquisition costs and other149 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 income1,567 10,697 26,975 16,855 
Interest expense827 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, 2022December 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