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Industry Segments
 12 Months Ended
Dec. 31, 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:
(in thousands)20222021
Net sales   
Tubular Products$306,605 $267,238 
Specialty Chemicals107,542 67,477 
 $414,147 $334,715 
Operating income  
Tubular Products$27,607 $33,561 
Specialty Chemicals6,971 3,656 
 34,578 37,217 
Corporate
Unallocated corporate expenses(12,997)(6,828)
Acquisition costs and other(1,200)(1,001)
Proxy contest costs and recoveries— (168)
Earn-out adjustments7 (1,872)
Total Corporate(14,190)(9,869)
Operating income20,388 27,348 
Interest expense2,742 1,486 
Change in fair value of interest rate swap— (2)
Loss on extinguishment of debt— 223 
Other income, net(209)143 
Income before income taxes$17,855 $25,498 
Identifiable assets  
Tubular Products$158,664 $160,625 
Specialty Chemicals72,990 72,908 
Corporate37,389 32,469 
 $269,043 $266,002 
Depreciation and amortization  
Tubular Products$7,906 $8,206 
Specialty Chemicals4,749 2,005 
Corporate62 130 
 $12,717 $10,341 
Capital expenditures  
Tubular Products$3,756 $1,011 
Specialty Chemicals1,140 486 
Corporate178 — 
 $5,074 $1,497 
Sales by product group
Fiberglass and steel liquid storage tanks and separation equipment$411 $1,343 
Heavy wall seamless carbon steel pipe and tube48,227 40,539 
Stainless steel pipe and tube222,892 186,651 
Galvanized pipe and tube35,075 38,705 
Specialty chemicals107,542 67,477 
$414,147 $334,715 
Geographic sales  
United States$403,956 $325,335 
Elsewhere10,191 9,380 
 $414,147 $334,715