Financial Information by Segment (Tables)

9 Months Ended

Sep. 30, 2020

The following table shows the percent of revenue recognized in each of the Company’s reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Rubber	63	%	67	%	61	%	66	%
Specialty	37	%	33	%	39	%	34	%

Segment reconciliation for the three months ended September 30, 2020 and 2019:


	Rubber		Specialties		Corporate		Total segments
	(In thousands)
2020
Net sales from external customers	$	178,406	$	103,630	$	—	$	282,036
Adjusted EBITDA	$	28,525	$	26,477	$	—	$	55,002
Corporate charges	—		—		(6,714)		(6,714)
Depreciation and amortization of intangible assets and property, plant and equipment	(13,828)		(10,171)		—		(23,999)
Excluding equity in earnings of affiliated companies, net of tax	(141)		—		—		(141)
Income/(loss) from operations before income tax expense and finance costs	$	14,556	$	16,305	$	(6,714)	$	24,147
Interest and other financial expense, net	—		—		(10,769)		(10,769)
Reclassification of actuarial losses from AOCI	—		—		(2,272)		(2,272)
Income tax expense/(benefit)	—		—		(2,250)		(2,250)
Equity in earnings of affiliated companies, net of tax	141		—		—		141
Net income/(loss)							$	8,997

2019
Net sales from external customers	$	247,371	$	122,824	$	—	$	370,195
Adjusted EBITDA	$	38,097	$	29,957	$	—	$	68,054
Corporate charges	—		—		(7,543)		(7,543)
Depreciation and amortization of intangible assets and property, plant and equipment	(13,524)		(8,467)		—		(21,991)
Excluding equity in earnings of affiliated companies, net of tax	(134)		—		—		(134)
Income/(loss) from operations before income tax expense and finance costs	$	24,439	$	21,490	$	(7,543)	$	38,386
Interest and other financial expense, net	—		—		(6,500)		(6,500)
Reclassification of actuarial losses from AOCI	—		—		—		—
Income tax expense/(benefit)	—		—		(7,767)		(7,767)
Equity in earnings of affiliated companies, net of tax	134		—		—		134
Net income/(loss)							$	24,253

Segment reconciliation for the nine months ended September 30, 2020 and 2019:


	Rubber		Specialties		Corporate		Total segments
	(In thousands)
2020
Net sales from external customers	$	502,894	$	317,797	$	—	$	820,691
Adjusted EBITDA	$	63,060	$	71,024	$	—	$	134,084
Corporate charges	—		—		(15,125)		(15,125)
Depreciation and amortization of intangible assets and property, plant and equipment	(41,382)		(28,339)		—		(69,721)
Excluding equity in earnings of affiliated companies, net of tax	(426)		—		—		(426)
Income/(loss) from operations before income tax expense and finance costs	$	21,253	$	42,684	$	(15,125)	$	48,811
Interest and other financial expense, net	—		—		(28,657)		(28,657)
Reclassification of actuarial losses from AOCI	—		—		(7,325)		(7,325)
Income tax expense/(benefit)	—		—		(4,006)		(4,006)
Equity in earnings of affiliated companies, net of tax	426		—		—		426
Net income							$	9,250

2019
Net sales from external customers	$	760,230	$	393,695	$	—	$	1,153,925
Adjusted EBITDA	$	113,755	$	90,394	$	—	$	204,149
Corporate charges	—		—		(17,680)		(17,680)
Depreciation and amortization of intangible assets and property, plant and equipment	(41,502)		(29,988)		—		(71,490)
Excluding equity in earnings of affiliated companies, net of tax	(424)		—		—		(424)
Income/(loss) from operations before income tax expense and finance costs	$	71,829	$	60,406	$	(17,680)	$	114,555
Interest and other financial expense, net	—		—		(20,509)		(20,509)
Reclassification of actuarial losses from AOCI	—		—		—		—
Income tax expense/(benefit)	—		—		(26,515)		(26,515)
Equity in earnings of affiliated companies, net of tax	424		—		—		424
Net income							$	67,955

Income from operations before income taxes and finance costs of the segment 'Corporate' comprises the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Restructuring expenses	$	—	$	2,710	$	—	$	3,833
Consulting fees related to Company strategy	—		(674)		—		831
Extraordinary expense items related to COVID-19	822		—		3,548		—
Long Term Incentive Plan	1,182		2,025		1,242		7,137
EPA-related expenses	1,487		1,549		5,053		2,957
Other non-operating	3,222		1,933		5,283		2,922
Expense from operations before income taxes and finance costs	$	6,714	$	7,543	$	15,125	$	17,680