v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30, 2025
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$924.0 $349.6 $439.6 $— $1,713.2 
Cost of goods sold758.0 367.4 398.5 5.9 1,529.8 
Gross margin166.0 (17.8)41.1 (5.9)183.4 
Other segment items(38.4)(14.4)(21.8)(24.5)(99.1)
Restructuring charges— — — (2.9)(2.9)
Other operating income— — — 0.4 0.4 
Interest expense— — — (46.8)(46.8)
Interest income— — — 1.6 1.6 
Non-operating pension income— — — 4.9 4.9 
Income (loss) before taxes$127.6 $(32.2)$19.3 $(73.2)$41.5 
Other Items
Depreciation and amortization expense$109.0 $13.2 $7.8 $3.8 $133.8 
Capital spending56.2 3.3 10.3 1.3 71.1 
Assets5,203.8 923.8 924.5 548.8 7,600.9 
Segment Sales by Geography
United States$624.7 $139.5 $371.9 $— $1,136.1 
Europe48.4 88.1 22.8 — 159.3 
Other foreign250.9 122.0 44.9 — 417.8 
Total sales$924.0 $349.6 $439.6 $— $1,713.2 
Nine Months Ended September 30, 2025
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$2,828.0 $1,012.5 $1,275.2 $— $5,115.7 
Cost of goods sold2,431.8 1,052.5 1,143.7 17.5 4,645.5 
Gross margin396.2 (40.0)131.5 (17.5)470.2 
Other segment items(125.4)(44.3)(64.4)(62.6)(296.7)
Restructuring charges— — — (14.3)(14.3)
Other operating income— — — 0.2 0.2 
Interest expense— — — (142.1)(142.1)
Interest income— — — 4.0 4.0 
Non-operating pension income— — — 15.5 15.5 
Income (loss) before taxes$270.8 $(84.3)$67.1 $(216.8)$36.8 
Other Items
Depreciation and amortization expense$322.5 $39.1 $25.2 $9.1 $395.9 
Capital spending108.0 16.1 33.1 6.3 163.5 
Assets5,203.8 923.8 924.5 548.8 7,600.9 
Segment Sales by Geography
United States$1,935.8 $424.4 $1,115.0 $— $3,475.2 
Europe123.6 283.3 55.8 — 462.7 
Other foreign768.6 304.8 104.4 — 1,177.8 
Total sales$2,828.0 $1,012.5 $1,275.2 $— $5,115.7 
Three Months Ended September 30, 2024
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$871.6 $285.1 $432.8 $— $1,589.5 
Cost of goods sold778.7 313.2 356.8 6.3 1,455.0 
Gross margin92.9 (28.1)76.0 (6.3)134.5 
Other segment items(47.6)(14.7)(22.6)(26.8)(111.7)
Restructuring charges— — — (7.9)(7.9)
Other operating income— — — 0.6 0.6 
Interest expense— — — (48.4)(48.4)
Interest income— — — 1.0 1.0 
Non-operating pension income— — — 6.7 6.7 
Income (loss) before taxes$45.3 $(42.8)$53.4 $(81.1)$(25.2)
Other Items
Depreciation and amortization expense$106.5 $13.7 $8.5 $1.5 $130.2 
Capital spending31.2 4.6 8.8 0.1 44.7 
Assets5,307.7 924.5 797.5 488.6 7,518.3 
Segment Sales by Geography
United States$616.9 $136.2 $376.9 $— $1,130.0 
Europe48.5 75.1 22.2 — 145.8 
Other foreign206.2 73.8 33.7 — 313.7 
Total sales$871.6 $285.1 $432.8 $— $1,589.5 
Nine Months Ended September 30, 2024
Chlor Alkali Products and VinylsEpoxyWinchesterCorp/OtherTotals
Segment Detail($ in millions)
Sales$2,676.5 $944.1 $1,248.2 $— $4,868.8 
Cost of goods sold2,323.2 959.9 985.9 20.2 4,289.2 
Gross margin353.3 (15.8)262.3 (20.2)579.6 
Other segment items(132.1)(41.8)(66.4)(67.9)(308.2)
Restructuring charges— — — (23.0)(23.0)
Other operating income— — — 0.8 0.8 
Interest expense— — — (139.6)(139.6)
Interest income— — — 2.7 2.7 
Non-operating pension income— — — 19.4 19.4 
Income (loss) before taxes$221.2 $(57.6)$195.9 $(227.8)$131.7 
Other Items
Depreciation and amortization expense$319.1 $40.6 $24.7 $4.5 $388.9 
Capital spending109.0 15.0 23.9 0.5 148.4 
Assets5,307.7 924.5 797.5 488.6 7,518.3 
Segment Sales by Geography
United States$1,924.0 $474.3 $1,110.1 $— $3,508.4 
Europe129.3 239.3 69.7 — 438.3 
Other foreign623.2 230.5 68.4 — 922.1 
Total sales$2,676.5 $944.1 $1,248.2 $— $4,868.8 

 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Segment Sales by Product Line($ in millions)
Chlor Alkali Products and Vinyls
Caustic soda$410.2 $352.1 $1,232.1 $1,084.6 
Chlorine, chlorine-derivatives and other products513.8 519.5 1,595.9 1,591.9 
Total Chlor Alkali Products and Vinyls924.0 871.6 2,828.0 2,676.5 
Epoxy
Aromatics and allylics128.5 105.8 400.3 389.0 
Epoxy resins221.1 179.3 612.2 555.1 
Total Epoxy349.6 285.1 1,012.5 944.1 
Winchester
Commercial166.0 191.6 491.6 656.4 
Military and law enforcement(1)
273.6 241.2 783.6 591.8 
Total Winchester439.6 432.8 1,275.2 1,248.2 
Total sales$1,713.2 $1,589.5 $5,115.7 $4,868.8 
(1)    For the three months ended September 30, 2025 and 2024, revenue recognized over time represented $90.4 million and $63.0 million, respectively, and for the nine months ended September 30, 2025 and 2024, revenue recognized over time represented $243.3 million and $120.6 million, respectively, associated with governmental contracts within our Winchester business.