v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Net Sales by Segment
The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the second quarter and six months ended June 30, 2026 and June 30, 2025. No single customer accounted for 10% or more of our total net sales in any period presented.
Second Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net sales
Petroleum additives
Lubricant additives$584,024 $556,479 $1,105,193 $1,115,657 
Fuel additives91,549 97,396 180,198 183,772 
Total675,573 653,875 1,285,391 1,299,429 
Specialty materials67,165 42,037 125,306 95,758 
All other4,356 2,597 6,114 4,268 
Total net sales $747,094 $698,509 $1,416,811 $1,399,455 
Segment operating profit
Petroleum additives
Net sales$675,573 $653,875 $1,285,391 $1,299,429 
Cost of goods sold(463,188)(448,474)(872,626)(886,220)
Research, development, and testing expenses(30,388)(32,374)(62,024)(65,550)
Other segment items(32,627)(33,192)(66,372)(65,717)
Petroleum additives segment operating profit149,370 139,835 284,369 281,942 
Specialty materials
Net sales67,165 42,037 125,306 95,758 
Other segment items(44,819)(31,490)(90,538)(62,024)
Specialty materials segment operating profit22,346 10,547 34,768 33,734 
Total segment operating profit171,716 150,382 319,137 315,676 
All other(212)(1,171)(1,322)(1,652)
Corporate, general, and administrative expenses(7,816)(6,414)(10,869)(11,300)
Interest and financing expenses, net(8,818)(10,735)(17,589)(21,435)
Other income (expense), net15,468 15,626 32,635 30,512 
Income before income tax expense$170,338 $147,688 $321,992 $311,801 
Schedule Of Segment Reporting
The table below reports net sales and operating profit by segment, as well as a reconciliation to income before income tax expense, for the second quarter and six months ended June 30, 2026 and June 30, 2025. No single customer accounted for 10% or more of our total net sales in any period presented.
Second Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net sales
Petroleum additives
Lubricant additives$584,024 $556,479 $1,105,193 $1,115,657 
Fuel additives91,549 97,396 180,198 183,772 
Total675,573 653,875 1,285,391 1,299,429 
Specialty materials67,165 42,037 125,306 95,758 
All other4,356 2,597 6,114 4,268 
Total net sales $747,094 $698,509 $1,416,811 $1,399,455 
Segment operating profit
Petroleum additives
Net sales$675,573 $653,875 $1,285,391 $1,299,429 
Cost of goods sold(463,188)(448,474)(872,626)(886,220)
Research, development, and testing expenses(30,388)(32,374)(62,024)(65,550)
Other segment items(32,627)(33,192)(66,372)(65,717)
Petroleum additives segment operating profit149,370 139,835 284,369 281,942 
Specialty materials
Net sales67,165 42,037 125,306 95,758 
Other segment items(44,819)(31,490)(90,538)(62,024)
Specialty materials segment operating profit22,346 10,547 34,768 33,734 
Total segment operating profit171,716 150,382 319,137 315,676 
All other(212)(1,171)(1,322)(1,652)
Corporate, general, and administrative expenses(7,816)(6,414)(10,869)(11,300)
Interest and financing expenses, net(8,818)(10,735)(17,589)(21,435)
Other income (expense), net15,468 15,626 32,635 30,512 
Income before income tax expense$170,338 $147,688 $321,992 $311,801 

The significant expense categories of cost of goods sold and research, development, and testing expenses are shown in the above segment operating profit table for the petroleum additives segment and are regularly provided to the CODM. The other segment items for the petroleum additives segment represent selling, general, and administrative expenses, as well as corporate services allocated to the reporting segment.
The other segment items for the specialty materials segment include costs of goods sold; selling, general, and administrative expenses; and corporate services allocated to the reporting segment. Significant expense categories of the specialty materials segment are not regularly provided to the CODM.
Asset information by segment is not reported internally or otherwise regularly provided to the CODM.
The following tables show additions to long-lived assets by segment and depreciation and amortization by segment and the reconciliation to both consolidated amounts. The additions to long-lived assets include property, plant, and equipment and lease right-of-use assets.
Second Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Additions to long-lived assets
Petroleum additives$23,157 $16,449 $39,429 $36,723 
Specialty materials18,915 4,139 33,414 5,027 
Corporate18 970 842 2,062 
Total additions to long-lived assets$42,090 $21,558 $73,685 $43,812 
Depreciation and amortization
Petroleum additives$18,748 $18,700 $37,323 $37,679 
Specialty materials11,990 8,864 24,152 17,722 
All other13 12 35 24 
Corporate1,048 916 1,951 1,845 
Total depreciation and amortization$31,799 $28,492 $63,461 $57,270