v3.26.3
Business Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segments Business Segments
The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization and the manner by which the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, allocates resources and assesses performance.
The CODM evaluates performance for the Company’s operating segments based on segment operating earnings. Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other segment items. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense and Other expense, net.
The CODM uses segment operating earnings to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment operating earnings when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating earnings to assess the performance for each segment and in the compensation of certain employees.
Segment asset information is not regularly provided to or reviewed by the CODM. Therefore, the Company does not disclose segment asset information for each reportable segment.
The following table presents information about the performance of the Company’s reportable segments for the three and nine months ended September 30, 2026 and 2025:
AmericasEMEAAsia/PacificTotals
Three Months Ended September 30, 2026
Net sales (1)
$254,030 $152,466 $138,052 $544,548 
Significant segment expenses
Product costs (2)
131,937 82,986 75,351 290,274 
Other segment items (3)
56,436 38,306 27,646 122,388 
Segment operating earnings$65,657 $31,174 $35,055 $131,886 
Nine Months Ended September 30, 2026
Net sales (1)
$704,271 $452,985 $400,321 $1,557,577 
Significant segment expenses
Product costs (2)
358,894 240,525 212,857 812,276 
Other segment items (3)
168,532 122,985 81,574 373,091 
Segment operating earnings$176,845 $89,475 $105,890 $372,210 
AmericasEMEAAsia/PacificTotals
Three Months Ended September 30, 2025
Net sales (1)
$222,787 $143,900 $127,155 $493,842 
Significant segment expenses
Product costs (2) (5)
111,097 77,544 65,646 254,287 
Other segment items (3)
52,777 39,877 25,940 118,594 
Segment operating earnings$58,913 $26,479 $35,569 $120,961 
Nine Months Ended September 30, 2025
Net sales (1)
$657,560 $413,101 $349,495 $1,420,156 
Significant segment expenses
Product costs (2) (4) (5)
325,102 222,385 186,475 733,962 
Other segment items (3)
156,107 115,849 72,806 344,762 
Segment operating earnings$176,351 $74,867 $90,214 $341,432 
(1) Net sales relate to external customers only. All intersegment sales are eliminated in consolidation.
(2) Product costs include the costs of raw materials and are recorded in Cost of goods sold in the Company’s Condensed Consolidated Statements of Operations.
(3) Other segment items include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A costs.
(4) Product costs includes the $6.0 million amortization of the fair value step-up in Dipsol's inventories as a result of the acquisition during the nine months ended September 30, 2025, which is comprised of approximately $2.6 million in the Americas segment, $3.0 million in the Asia/Pacific segment, and $0.4 million in the EMEA segment.
(5) Product costs includes a $0.7 million loss and a $2.9 million gain related to immaterial out-of-period adjustments for inventory for the three and nine months ended September 30, 2025, respectively. The $0.7 million loss was recognized in the Americas segment during the three months ended September 30, 2025. The $2.9 million gain recognized during the nine months ended September 30, 2025 was comprised of a $0.7 million gain in the Americas segment and $2.2 million gain in the EMEA segment.
The following table presents a reconciliation of the Company’s segment operating earnings to income (loss) before taxes and equity in net income of associated companies in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Segment operating earnings$131,886 $120,961 $372,210 $341,432 
Restructuring and related charges, net(8,263)(7,745)(23,760)(31,128)
Impairment charges— — — (88,840)
Non-operating and administrative expenses(57,262)(49,560)(172,552)(151,137)
Depreciation of corporate assets and amortization(17,508)(17,015)(52,853)(48,572)
Operating income48,853 46,641 123,045 21,755 
Other expense, net(797)(270)(414)(1,632)
Interest expense(10,023)(10,941)(29,775)(33,265)
Income (loss) before taxes and equity in net income of associated companies$38,033 $35,430 $92,856 $(13,142)
The following table presents information regarding the Company’s reportable segments’ depreciation for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
Depreciation2026202520262025
Americas$3,320 $2,964 $9,991 $8,522 
EMEA2,331 2,162 7,136 6,115 
Asia/Pacific2,222 2,052 6,412 5,262 
Total segment depreciation$7,873 $7,178 $23,539 $19,899