Industry Segments and Foreign Operations (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Sales revenue for primary product lines

The following table summarizes our operating results by segment. We do not have sales between segments.

	Three Months Ended September 30, 2017							Three Months Ended September 30, 2016
	Polymer		Chemical		Total			Polymer		Chemical		Total
	(In thousands)
Revenue	$	314,159	$	196,788	$	510,947		$	272,970	$	181,173	$	454,143
Cost of goods sold	247,426		134,802		382,228			195,962		122,925		318,887
Gross profit	66,733		61,986		128,719			77,008		58,248		135,256
Operating expenses:
Research and development	7,347		2,978		10,325			6,920		2,773		9,693
Selling, general, and administrative	24,242		18,337		42,579			26,383		16,386		42,769
Depreciation and amortization	17,342		16,965		34,307			14,977		17,000		31,977
Operating income	$	17,802	$	23,706	41,508			$	28,728	$	22,089	50,817
Loss on extinguishment of debt					(15,632		)					—
Earnings of unconsolidated joint venture					125							94
Interest expense, net					(33,017		)					(33,870		)
Income (loss) before income taxes					$	(7,016	)					$	17,041

	Nine Months Ended September 30, 2017							Nine Months Ended September 30, 2016
	Polymer		Chemical		Total			Polymer		Chemical(1)		Total
	(In thousands)
Revenue	$	920,225	$	574,167	$	1,494,392		$	786,132	$	542,583	$	1,328,715
Cost of goods sold	679,133		395,918		1,075,051			576,358		391,386		967,744
Gross profit	241,092		178,249		419,341			209,774		151,197		360,971
Operating expenses:
Research and development	21,690		8,739		30,429			22,008		8,375		30,383
Selling, general, and administrative	73,391		51,045		124,436			82,631		53,214		135,845
Depreciation and amortization	50,439		51,601		102,040			45,199		48,714		93,913
Operating income	$	95,572	$	66,864	162,436			$	59,936	$	40,894	100,830
Disposition and exit of business activities					—							40,001
Loss on extinguishment of debt					(35,370		)					(13,423		)
Earnings of unconsolidated joint venture					370							274
Interest expense, net					(101,766		)					(101,450		)
Income before income taxes					$	25,670						$	26,232

 ____________________________________________________

(1) Our Chemical segment operating results were impacted by $24.7 million of amortization of step-up to fair market value of their inventories.

Schedule of assets by segment

The following table presents long-lived assets including goodwill and total assets.

	September 30, 2017						December 31, 2016
	Polymer		Chemical		Total		Polymer		Chemical		Total
	(In thousands)
Property, plant, and equipment, net	$	559,170	$	383,664	$	942,834	$	548,994	$	357,728	$	906,722
Investment in unconsolidated joint venture	$	12,098	$	—	$	12,098	$	11,195	$	—	$	11,195
Goodwill	$	—	$	773,635	$	773,635	$	—	$	770,012	$	770,012
Total assets	$	1,168,577	$	1,824,029	$	2,992,606	$	1,127,273	$	1,779,372	$	2,906,645

Summary of revenue by geographic region

Following is a summary of revenue by geographic region:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(In thousands)
Revenue:
United States	$	184,374	$	177,170	$	536,122	$	508,522
Germany	53,535		43,782		155,640		132,068
All other countries	273,038		233,191		802,630		688,125
	$	510,947	$	454,143	$	1,494,392	$	1,328,715

Summary of long-lived assets by geographic region

Following is a summary of long-lived assets by geographic region:

	September 30, 2017		December 31, 2016
	(In thousands)
Long-lived assets, at cost:
United States	$	834,203	$	789,067
Taiwan	178,452		167,907
France	131,346		117,965
Brazil	84,373		73,017
Germany	70,946		60,568
All other countries	149,174		109,616
	$	1,448,494	$	1,318,140