v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
12.
SEGMENT REPORTING

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. The Company’s Chief Operating Decision Maker (CODM) is the President and Chief Executive Officer. The accounting policies of the reportable segments are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The

following is segment data for the three months ended March 31, 2026 and 2025, and reconciliations of segment data to the condensed consolidated financial statements:

 

 

 

For the Three Months Ended March 31, 2026

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

453,687

 

 

$

130,029

 

 

$

20,793

 

 

$

604,509

 

Cost of Sales (1)

 

 

410,017

 

 

 

114,045

 

 

 

15,173

 

 

 

539,235

 

Operating Expenses (2)

 

 

25,122

 

 

 

7,162

 

 

 

905

 

 

 

33,189

 

Operating Income

 

$

18,548

 

 

$

8,822

 

 

$

4,715

 

 

$

32,085

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(81,707

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

(49,622

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

22,383

 

 

$

7,278

 

 

$

1,462

 

 

$

31,123

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(235

)

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

30,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

22,568

 

 

$

8,576

 

 

$

1,453

 

 

$

32,597

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

350

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

32,947

 

 

 

 

For the Three Months Ended March 31, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Net Sales

 

$

430,337

 

 

$

146,116

 

 

$

16,802

 

 

$

593,255

 

Cost of Sales (1)

 

 

376,666

 

 

 

130,896

 

 

 

10,397

 

 

 

517,959

 

Operating Expenses (2)

 

 

24,741

 

 

 

7,202

 

 

 

897

 

 

 

32,840

 

Operating Income

 

$

28,930

 

 

$

8,018

 

 

$

5,508

 

 

$

42,456

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,168

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

28,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

24,004

 

 

$

7,071

 

 

$

1,080

 

 

$

32,155

 

Unallocated Capital Expenditures (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

593

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

32,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

19,430

 

 

$

8,061

 

 

$

1,489

 

 

$

28,980

 

Unallocated Depreciation and Amortization (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

290

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

29,270

 

 

The following is segment assets at March 31, 2026 and December 31, 2025, and reconciliations of segment assets to the condensed consolidated financial statements.

 

 

 

As of March 31, 2026

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,611,417

 

 

$

527,755

 

 

$

83,228

 

 

$

2,222,400

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

110,937

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,333,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

Segment Assets

 

$

1,630,551

 

 

$

536,748

 

 

$

82,300

 

 

$

2,249,599

 

Unallocated Assets (6)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

108,103

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,357,702

 

 

(1)
Cost of sales is comprised of raw material costs (including freight and shipping/handling expenses to deliver the raw materials), manufacturing plant labor expenses and other manufacturing overhead expenses, such as utilities, maintenance, depreciation, etc. that can be allocated to reportable segments.
(2)
Operating expenses allocated to reportable segments are comprised of selling, administrative and research and development expenses. The CODM uses operating expenses in aggregate to analyze the performance of each reportable segment.
(3)
Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information technology and environmental remediation expenses), deferred compensation and business restructuring expenses that are not included in segment operating income and not used to evaluate segment performance.
(4)
Unallocated capital expenditures primarily include capital expenditures related to the Company’s Northfield, Illinois location.
(5)
Unallocated depreciation and amortization primarily includes depreciation related to the Company’s Northfield, Illinois location.
(6)
Unallocated assets primarily include assets in the Company’s Northfield, Illinois location.