Segment Reporting

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

NOTE 2 – SEGMENT REPORTING

The Company reports its financial performance based on the following four reportable segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.

The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. The Octane Additives segment revenues may conclude in 2020 as our one remaining refinery customer transitions to unleaded fuel.

The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments:

	Three Months Ended March 31
(in millions)	2020			2019
Net Sales:
Refinery and Performance		108.6		$	117.3
Other		38.4			38.7
Fuel Specialties		147.0			156.0
Personal Care		63.0			61.0
Home Care		21.6			27.0
Other		28.5			30.1
Performance Chemicals		113.1			118.1
Oilfield Services		112.2			114.2
	$	372.3		$	388.3
Gross profit/(loss):
Fuel Specialties	$	51.2		$	55.7
Performance Chemicals		27.6			26.6
Oilfield Services		36.2			37.7
Octane Additives		(1.1	)		(2.2	)
	$	113.9		$	117.8
Operating income/(loss):
Fuel Specialties	$	32.1		$	32.9
Performance Chemicals		15.6			13.5
Oilfield Services		7.2			7.8
Octane Additives		(1.2	)		(2.8	)
Corporate costs		(12.8	)		(15.2	)
Total operating income	$	40.9		$	36.2

The following table presents a summary of the depreciation and amortization charges incurred by the Company’s reportable segments:

	Three Months Ended March 31
(in millions)	2020		2019
Depreciation:
Fuel Specialties	$	1.0	$	0.9
Performance Chemicals		2.8		2.5
Oilfield Services		1.7		1.7
Octane Additives		0.3		0.3
Corporate		0.3		0.3
	$	6.1	$	5.7
Amortization:
Performance Chemicals		2.2		2.2
Oilfield Services		2.6		2.6
Corporate		1.0		0.9
	$	5.8	$	5.7