v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16. SEGMENT INFORMATION
The chief operating decision maker (CODM) is the individual, or group of individuals, who assess financial performance and determines resource allocation. Management has identified our Chief Executive Officer (CEO) as the CODM. In arriving at this conclusion, we considered that the individual who receives the relevant financial information, which is primarily provided in the form of segment operations reviews, is ultimately our CEO. Further, our CEO assesses the reasonableness of resource allocation, primarily in the form of capital allocation and budgetary analysis, and reviews segment results and resource allocation summaries prepared by segment management, consistent with their view of the business as a whole.
We define segment results as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management’s monitoring of the operating segments. We have three operating segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The three operating segments reflect the organization used by our management for purposes of allocating resources and assessing performance, and represents our reportable segments. Chlorine and caustic soda used in our Epoxy segment is transferred at cost from the Chlor Alkali Products and Vinyls segment.
Cost of goods sold at Corporate is primarily attributed to environmental expense. Other segment items for each reportable segment includes selling, general and administrative expenses and earnings (losses) from non-consolidated affiliates. Segment assets include only those assets which are directly identifiable to an operating segment. Assets in the corporate/other segment primarily include cash and cash equivalents, deferred taxes and other assets. Sales are attributed to geographic areas based on the customer location.
Three Months Ended June 30, 2025
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$979.5 $331.2 $447.6 $— $1,758.3 
Cost of goods sold871.8 340.0 402.6 5.8 1,620.2 
Gross margin107.7 (8.8)45.0 (5.8)138.1 
Other segment items(42.8)(14.9)(20.0)(18.9)(96.6)
Restructuring charges— — — (7.4)(7.4)
Other operating expense
— — — (0.2)(0.2)
Interest expense— — — (46.8)(46.8)
Interest income— — — 1.2 1.2 
Non-operating pension income— — — 4.9 4.9 
Income (loss) before taxes$64.9 $(23.7)$25.0 $(73.0)$(6.8)
Other Items
Depreciation and amortization expense$106.3 $13.1 $7.9 $2.6 $129.9 
Capital spending14.2 2.0 11.7 3.1 31.0 
Assets5,277.4 949.3 866.7 574.5 7,667.9 
Segment Sales by Geography
United States$664.2 $140.8 $396.9 $— $1,201.9 
Europe42.0 93.4 20.4 — 155.8 
Other foreign273.3 97.0 30.3 — 400.6 
Total sales$979.5 $331.2 $447.6 $— $1,758.3 
Six Months Ended June 30, 2025
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$1,904.0 $662.9 $835.6 $— $3,402.5 
Cost of goods sold1,673.8 685.1 745.2 11.6 3,115.7 
Gross margin230.2 (22.2)90.4 (11.6)286.8 
Other segment items(87.0)(29.9)(42.6)(38.1)(197.6)
Restructuring charges— — — (11.4)(11.4)
Other operating expense
— — — (0.2)(0.2)
Interest expense— — — (95.3)(95.3)
Interest income— — — 2.4 2.4 
Non-operating pension income— — — 10.6 10.6 
Income (loss) before taxes$143.2 $(52.1)$47.8 $(143.6)$(4.7)
Other Items
Depreciation and amortization expense$213.5 $25.9 $17.4 $5.3 $262.1 
Capital spending51.8 12.8 22.8 5.0 92.4 
Assets5,277.4 949.3 866.7 574.5 7,667.9 
Segment Sales by Geography
United States$1,311.1 $284.9 $743.1 $— $2,339.1 
Europe75.2 195.2 33.0 — 303.4 
Other foreign517.7 182.8 59.5 — 760.0 
Total sales$1,904.0 $662.9 $835.6 $— $3,402.5 
Three Months Ended June 30, 2024
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$920.3 $317.7 $406.0 $— $1,644.0 
Cost of goods sold778.5 307.6 312.8 7.3 1,406.2 
Gross margin141.8 10.1 93.2 (7.3)237.8 
Other segment items(42.5)(13.1)(22.9)(16.1)(94.6)
Restructuring charges— — — (6.8)(6.8)
Interest expense— — — (46.6)(46.6)
Interest income— — — 0.9 0.9 
Non-operating pension income— — — 5.9 5.9 
Income (loss) before taxes$99.3 $(3.0)$70.3 $(70.0)$96.6 
Other Items
Depreciation and amortization expense$105.9 $13.4 $8.2 $1.5 $129.0 
Capital spending46.8 5.5 7.0 0.1 59.4 
Assets5,428.1 992.4 765.1 475.0 7,660.6 
Segment Sales by Geography
United States$671.5 $166.8 $351.2 $— $1,189.5 
Europe45.0 74.9 34.6 — 154.5 
Other foreign203.8 76.0 20.2 — 300.0 
Total sales$920.3 $317.7 $406.0 $— $1,644.0 
Six Months Ended June 30, 2024
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$1,804.9 $659.0 $815.4 $— $3,279.3 
Cost of goods sold1,544.5 646.7 629.1 13.9 2,834.2 
Gross margin260.4 12.3 186.3 (13.9)445.1 
Other segment items(84.5)(27.1)(43.8)(41.1)(196.5)
Restructuring charges— — — (15.1)(15.1)
Other operating income— — — 0.2 0.2 
Interest expense— — — (91.2)(91.2)
Interest income— — — 1.7 1.7 
Non-operating pension income— — — 12.7 12.7 
Income (loss) before taxes$175.9 $(14.8)$142.5 $(146.7)$156.9 
Other Items
Depreciation and amortization expense$212.6 $26.9 $16.2 $3.0 $258.7 
Capital spending74.9 10.4 15.1 0.4 100.8 
Assets5,428.1 992.4 765.1 475.0 7,660.6 
Segment Sales by Geography
United States$1,307.1 $338.1 $733.2 $— $2,378.4 
Europe80.8 164.2 47.5 — 292.5 
Other foreign417.0 156.7 34.7 — 608.4 
Total sales$1,804.9 $659.0 $815.4 $— $3,279.3 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Segment Sales by Product Line($ in millions)
Chlor Alkali Products and Vinyls
Caustic soda$435.1 $376.8 $821.9 $732.5 
Chlorine, chlorine-derivatives and other products544.4 543.5 1,082.1 1,072.4 
Total Chlor Alkali Products and Vinyls979.5 920.3 1,904.0 1,804.9 
Epoxy
Aromatics and allylics130.8 128.3 271.8 283.2 
Epoxy resins200.4 189.4 391.1 375.8 
Total Epoxy331.2 317.7 662.9 659.0 
Winchester
Commercial169.7 222.0 325.6 464.8 
Military and law enforcement(1)
277.9 184.0 510.0 350.6 
Total Winchester447.6 406.0 835.6 815.4 
Total sales$1,758.3 $1,644.0 $3,402.5 $3,279.3 
(1)    For the three months ended June 30, 2025 and 2024, revenue recognized over time represented $94.4 million and $37.8 million, respectively, and for the six months ended June 30, 2025 and 2024, revenue recognized over time represented $152.9 million and $57.6 million, respectively, associated with governmental contracts within our Winchester business.