Segment Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment operating results are as follows:


	Rubber		Specialties		Corporate		Total
	(In millions)
2021
Net sales from external customers	$	948.6	$	598.2	$	—	$	1,546.8
Adjusted EBITDA	120.0		148.4		—		268.4
Corporate charges	—		—		(18.0)		(18.0)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(59.0)		(45.1)		—		(104.1)
Gain related to litigation settlement	—		—		82.9		82.9
Excluding equity in earnings of affiliated companies, net of tax	(0.7)		—		—		(0.7)
Interest and other financial expense, net	—		—		(38.0)		(38.0)
Reclassification of actuarial losses from AOCI	—		—		(4.8)		(4.8)
Income before earnings in affiliated companies and income taxes							$	185.7
Assets	912.2		582.1		136.7		$	1,631.0
Capital expenditures	149.1		65.6		—		214.7

2020
Net sales from external customers	$	691.2	$	445.2	$	—	$	1,136.4
Adjusted EBITDA	90.0		110.0		—		200.0
Corporate charges	—		—		(28.5)		(28.5)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(57.0)		(39.6)		—		(96.6)
Excluding equity in earnings of affiliated companies, net of tax	(0.5)		—		—		(0.5)
Interest and other financial expense, net	—		—		(38.7)		(38.7)
Reclassification of actuarial losses from AOCI	—		—		(9.9)		(9.9)
Income before earnings in affiliated companies and income taxes							$	25.8
Assets	789.3		467.0		133.5		$	1,389.8
Capital expenditures	111.5		27.3		—		138.8

2019
Net sales from external customers	$	967.9	$	508.5	$	—	$	1,476.4
Adjusted EBITDA	145.2		122.2		—		267.4
Corporate charges	—		—		(22.9)		(22.9)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(58.6)		(38.1)		—		(96.7)
Excluding equity in earnings of affiliated companies, net of tax	(0.6)		—		—		(0.6)
Interest and other financial expense, net	—		—		(27.6)		(27.6)

Income before earnings in affiliated companies and income taxes							$	119.6
Assets	696.5		417.8		143.1		$	1,257.4
Capital expenditures	132.6		26.1		—		158.7

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


	2021		2020		2019
	(In millions)

Consulting fees related to Company strategy	$	—	$	—	$	1.3
Extraordinary expense items related to COVID-19	—		3.9		—
Long Term Incentive Plan	5.2		4.4		9.4
EPA-related expenses	2.3		5.2		4.0
Environmental reserve accrual	7.2		—		—
Other non-operating	3.3		15.0		8.2
Expenses/(income) from operations before income taxes and finance costs	$	18.0	$	28.5	$	22.9

Schedule of Income from Operations, Corporate and Other Segment

Segment operating results are as follows:


	Rubber		Specialties		Corporate		Total
	(In millions)
2021
Net sales from external customers	$	948.6	$	598.2	$	—	$	1,546.8
Adjusted EBITDA	120.0		148.4		—		268.4
Corporate charges	—		—		(18.0)		(18.0)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(59.0)		(45.1)		—		(104.1)
Gain related to litigation settlement	—		—		82.9		82.9
Excluding equity in earnings of affiliated companies, net of tax	(0.7)		—		—		(0.7)
Interest and other financial expense, net	—		—		(38.0)		(38.0)
Reclassification of actuarial losses from AOCI	—		—		(4.8)		(4.8)
Income before earnings in affiliated companies and income taxes							$	185.7
Assets	912.2		582.1		136.7		$	1,631.0
Capital expenditures	149.1		65.6		—		214.7

2020
Net sales from external customers	$	691.2	$	445.2	$	—	$	1,136.4
Adjusted EBITDA	90.0		110.0		—		200.0
Corporate charges	—		—		(28.5)		(28.5)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(57.0)		(39.6)		—		(96.6)
Excluding equity in earnings of affiliated companies, net of tax	(0.5)		—		—		(0.5)
Interest and other financial expense, net	—		—		(38.7)		(38.7)
Reclassification of actuarial losses from AOCI	—		—		(9.9)		(9.9)
Income before earnings in affiliated companies and income taxes							$	25.8
Assets	789.3		467.0		133.5		$	1,389.8
Capital expenditures	111.5		27.3		—		138.8

2019
Net sales from external customers	$	967.9	$	508.5	$	—	$	1,476.4
Adjusted EBITDA	145.2		122.2		—		267.4
Corporate charges	—		—		(22.9)		(22.9)
Depreciation and amortization of intangible assets, right of use assets, and property, plant and equipment	(58.6)		(38.1)		—		(96.7)
Excluding equity in earnings of affiliated companies, net of tax	(0.6)		—		—		(0.6)
Interest and other financial expense, net	—		—		(27.6)		(27.6)

Income before earnings in affiliated companies and income taxes							$	119.6
Assets	696.5		417.8		143.1		$	1,257.4
Capital expenditures	132.6		26.1		—		158.7

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


	2021		2020		2019
	(In millions)

Consulting fees related to Company strategy	$	—	$	—	$	1.3
Extraordinary expense items related to COVID-19	—		3.9		—
Long Term Incentive Plan	5.2		4.4		9.4
EPA-related expenses	2.3		5.2		4.0
Environmental reserve accrual	7.2		—		—
Other non-operating	3.3		15.0		8.2
Expenses/(income) from operations before income taxes and finance costs	$	18.0	$	28.5	$	22.9

Schedule of Geographic Information

Geographic information:


Net sales	Years Ended December 31,
	2021		2020		2019
	(In millions)
Germany	$	648.6	$	486.5	$	593.8
United States	405.1		289.5		394.3
South Korea	208.9		173.5		241.2
Brazil	100.1		64.8		94.5
China	92.7		60.1		63.1
South Africa	53.3		34.0		54.7
Other	24.9		19.5		23.8
Rest of Europe (1)	13.2		8.5		11.0
Total	$	1,546.8	$	1,136.4	$	1,476.4

(1) Only a holding company is located in Luxembourg, accordingly no revenue is generated in the country of domicile.


Long-lived tangible assets(1)	December 31
	2021		2020
	(In millions)
Germany	$	149.5	$	147.9
Sweden	23.9		27.9
Italy	70.8		60.5
Poland	12.8		12.9
Rest of Europe (2)	21.9		10.7
Subtotal Europe	278.9		259.9
United States	319.6		258.2
South Korea	109.1		120.6
South Africa	15.1		13.1
Brazil	15.4		17.2
China	53.2		27.0
Other	1.2		0.1
Total	$	792.5	$	696.1

(1) Long-lived assets include property, plant and equipment, net and right-of-use assets, net.

(2) Only a holding company is located in Luxembourg, accordingly no revenue is generated in the country of domicile.