| Segment Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2025 | | Chlor Alkali Products and Vinyls | | Epoxy | | Winchester | | Corp/Other | | Totals | | Segment Detail | ($ in millions) | | Sales | $ | 924.0 | | | $ | 349.6 | | | $ | 439.6 | | | $ | — | | | $ | 1,713.2 | | | Cost of goods sold | 758.0 | | | 367.4 | | | 398.5 | | | 5.9 | | | 1,529.8 | | | Gross margin | 166.0 | | | (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 spending | 56.2 | | | 3.3 | | | 10.3 | | | 1.3 | | | 71.1 | | | Assets | 5,203.8 | | | 923.8 | | | 924.5 | | | 548.8 | | | 7,600.9 | | | Segment Sales by Geography | | | | | | | | | | | United States | $ | 624.7 | | | $ | 139.5 | | | $ | 371.9 | | | $ | — | | | $ | 1,136.1 | | | Europe | 48.4 | | | 88.1 | | | 22.8 | | | — | | | 159.3 | | | Other foreign | 250.9 | | | 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 Vinyls | | Epoxy | | Winchester | | Corp/Other | | Totals | | Segment Detail | ($ in millions) | | Sales | $ | 2,828.0 | | | $ | 1,012.5 | | | $ | 1,275.2 | | | $ | — | | | $ | 5,115.7 | | | Cost of goods sold | 2,431.8 | | | 1,052.5 | | | 1,143.7 | | | 17.5 | | | 4,645.5 | | | Gross margin | 396.2 | | | (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 spending | 108.0 | | | 16.1 | | | 33.1 | | | 6.3 | | | 163.5 | | | Assets | 5,203.8 | | | 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 | | | Europe | 123.6 | | | 283.3 | | | 55.8 | | | — | | | 462.7 | | | Other foreign | 768.6 | | | 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 Vinyls | | Epoxy | | Winchester | | Corp/Other | | Totals | | Segment Detail | ($ in millions) | | Sales | $ | 871.6 | | | $ | 285.1 | | | $ | 432.8 | | | $ | — | | | $ | 1,589.5 | | | Cost of goods sold | 778.7 | | | 313.2 | | | 356.8 | | | 6.3 | | | 1,455.0 | | | Gross margin | 92.9 | | | (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 spending | 31.2 | | | 4.6 | | | 8.8 | | | 0.1 | | | 44.7 | | | Assets | 5,307.7 | | | 924.5 | | | 797.5 | | | 488.6 | | | 7,518.3 | | | Segment Sales by Geography | | | | | | | | | | | United States | $ | 616.9 | | | $ | 136.2 | | | $ | 376.9 | | | $ | — | | | $ | 1,130.0 | | | Europe | 48.5 | | | 75.1 | | | 22.2 | | | — | | | 145.8 | | | Other foreign | 206.2 | | | 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 Vinyls | | Epoxy | | Winchester | | Corp/Other | | Totals | | Segment Detail | ($ in millions) | | Sales | $ | 2,676.5 | | | $ | 944.1 | | | $ | 1,248.2 | | | $ | — | | | $ | 4,868.8 | | | Cost of goods sold | 2,323.2 | | | 959.9 | | | 985.9 | | | 20.2 | | | 4,289.2 | | | Gross margin | 353.3 | | | (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 spending | 109.0 | | | 15.0 | | | 23.9 | | | 0.5 | | | 148.4 | | | Assets | 5,307.7 | | | 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 | | | Europe | 129.3 | | | 239.3 | | | 69.7 | | | — | | | 438.3 | | | Other foreign | 623.2 | | | 230.5 | | | 68.4 | | | — | | | 922.1 | | | Total sales | $ | 2,676.5 | | | $ | 944.1 | | | $ | 1,248.2 | | | $ | — | | | $ | 4,868.8 | |
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| Disaggregation of Revenue |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | 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 products | 513.8 | | | 519.5 | | | 1,595.9 | | | 1,591.9 | | | Total Chlor Alkali Products and Vinyls | 924.0 | | | 871.6 | | | 2,828.0 | | | 2,676.5 | | | Epoxy | | | | | | | | | Aromatics and allylics | 128.5 | | | 105.8 | | | 400.3 | | | 389.0 | | | Epoxy resins | 221.1 | | | 179.3 | | | 612.2 | | | 555.1 | | | Total Epoxy | 349.6 | | | 285.1 | | | 1,012.5 | | | 944.1 | | | Winchester | | | | | | | | | Commercial | 166.0 | | | 191.6 | | | 491.6 | | | 656.4 | | Military and law enforcement(1) | 273.6 | | | 241.2 | | | 783.6 | | | 591.8 | | | Total Winchester | 439.6 | | | 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.
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