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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Three Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Segment EBITDA (1)(2)
Performance Materials$77.1 $82.2 $156.2 $160.2 
Performance Chemicals32.0 9.3 31.7 (1.3)
Advanced Polymer Technologies0.9 9.8 13.4 19.3 
Total Segment EBITDA (1)(2)
$110.0 $101.3 $201.3 $178.2 
Interest expense, net(18.6)(23.2)(38.0)(45.5)
(Provision) benefit for income taxes(3.8)50.9 (10.1)66.8 
Depreciation and amortization(25.6)(27.3)(50.5)(56.9)
Restructuring and other income (charges), net (3)
(21.9)(13.1)(34.2)(75.9)
Goodwill impairment charge (4)
(183.8)(349.1)(183.8)(349.1)
Acquisition and other-related income (costs), net (5)
— 0.2 — (0.1)
Inventory charges (6)
— — — (2.5)
Loss on CTO resales (7)
— (23.5)— (50.0)
Gain (loss) on strategic investments (8)
(2.5)0.1 (2.5)(4.7)
Proxy contest charges (9)
(0.3)— (8.2)— 
Net income (loss) $(146.5)$(283.7)$(126.0)$(339.7)
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(1) Segment EBITDA is defined as segment net sales less segment operating expenses (segment operating expenses consist of costs of sales, selling, general and administrative expenses, research and technical expenses, other (income) expense, net, excluding depreciation and amortization). We have excluded the following items from segment EBITDA: interest expense associated with corporate debt facilities, interest income, income taxes, depreciation, amortization, restructuring and other income (charges), net, inventory lower of cost or market charges associated with restructuring actions, goodwill impairment charges, acquisition and other-related income (costs), gain (loss) on sale of strategic investments, loss on CTO resales, CTO supply contract termination charges, proxy contest charges, and pension and postretirement settlement and curtailment income (charges), net.
(2) Segment expenses included within the primary measure used by our CODM are included within the below table.
Three Months Ended June 30,
20252024
In millions, except per share dataPMPCAPTPMPCAPT
Net sales (i)
$153.9 $167.9 $43.3 $157.2 $185.5 $47.9 
Less:
Cost of sales (ii) (iii)
58.8 117.2 35.7 61.4 156.2 32.4 
Selling, general, and administrative expenses (ii) (iv)
16.3 18.8 6.8 13.4 19.8 5.6 
Other (income) expense, net (ii) (v)
1.7 (0.1)(0.1)0.2 0.2 0.1 
Segment EBITDA$77.1 $32.0 $0.9 $82.2 $9.3 $9.8 
Six Months Ended June 30,
20252024
In millions, except per share dataPMPCAPTPMPCAPT
Net sales (i)
$300.7 $262.9 $85.5 $302.3 $332.5 $95.9 
Less:
Cost of sales (ii) (iii)
113.2 194.6 59.3 113.5 292.1 64.8 
Selling, general, and administrative expenses (ii) (iv)
32.7 37.6 12.7 28.4 40.9 11.4 
Other (income) expense, net (ii) (v)
(1.4)(1.0)0.1 0.2 0.8 0.4 
Segment EBITDA$156.2 $31.7 $13.4 $160.2 $(1.3)$19.3 
_______________
(i) Relates to external customers only. Refer to Note 3 for a reconciliation to consolidated Net sales.
(ii) Excludes Depreciation and amortization.
(iii) Inventory charges representing lower of cost or market charges associated with the Performance Chemicals repositioning and restructuring actions were not allocated in the measurement of Performance Chemicals reportable segment profitability used by our CODM. Amounts are included in Cost of sales on the condensed consolidated statements of operations.
(iv) Includes Research and technical expenses.
(v) We have excluded the following items from Other (income) expense, net: gain (loss) on strategic investments, loss on CTO resales, CTO supply contract termination charges, proxy contest charges, depreciation, and amortization.
(3) The table below provides an allocation of these charges between our three reportable segments to provide investors, potential investors, securities analysts and others with the information, should they choose, to apply such (income) charges to each respective reportable segment for which the charges relate.
Three Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Performance Materials$— $— $— $0.1 
Performance Chemicals16.0 13.1 27.7 75.9 
Advanced Polymer Technologies5.9 — 6.5 (0.1)
Restructuring and other (income) charges, net$21.9 $13.1 $34.2 $75.9 
(4) For the three and six months ended June 30, 2025, charge relates to the Advanced Polymer Technologies reportable segment. For the three and six months ended June 30, 2024, charge relates to the Performance Chemicals reportable segment. Refer to note 7 for more information.
(5) Charges represent (gains) losses incurred to complete and integrate acquisitions and other strategic investments. Charges may include the expensing of the inventory fair value step-up resulting from the application of purchase accounting for acquisitions and certain legal and professional fees associated with the completion of acquisitions and strategic investments. For the three and six months ended June 30, 2024, charges relate to the Performance Chemicals reportable segment.
(6) For the three and six months ended June 30, 2024, inventory charges represent lower of cost or market charges associated with the Performance Chemicals repositioning. These charges were not allocated in the measurement of Performance Chemicals reportable segment profitability used by our CODM. Amounts are included in "Cost of sales" on the condensed consolidated statements of operations.
(7) For the three and six months ended June 30, 2024, charges relate to the Performance Chemicals reportable segment. Refer to Note 11 for more information.
(8) We exclude gains and losses from strategic investments from our segment results, as well as our non-GAAP financial measures, because we do not consider such gains or losses to be directly associated with the operational performance of the segment. We believe that the inclusion of such gains or losses would impair the factors and trends affecting the historical financial performance of our reportable segments. We continue to include undistributed earnings or loss, distributions, amortization or accretion of basis differences, and other-than-temporary impairments for equity method investments that we believe are directly attributable to the operational performance of such investments, in our reportable segment results. Refer to Note 4, under the section: Strategic Investments, for more information.
Three Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Performance Materials$— $(0.1)$— $(0.1)
Performance Chemicals— — — 4.8 
Advanced Polymer Technologies2.5 — 2.5 — 
(Gain) loss on strategic investments$2.5 $(0.1)$2.5 $4.7 
(9) Charges represent legal and other professional service fees as well as incremental proxy solicitation costs related to a proxy contest.

Depreciation and amortizationThree Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Performance Materials$9.9 $9.7 $19.8 $19.3 
Performance Chemicals7.4 10.1 14.7 22.5 
Advanced Polymer Technologies8.3 7.5 16.0 15.1 
Total depreciation and amortization$25.6 $27.3 $50.5 $56.9 
Capital expendituresThree Months Ended June 30,Six Months Ended June 30,
In millions2025202420252024
Performance Materials$6.9 $9.3 $12.0 $16.6 
Performance Chemicals1.6 5.7 2.8 11.9 
Advanced Polymer Technologies3.7 3.1 7.4 6.2 
Total capital expenditures$12.2 $18.1 $22.2 $34.7 
Schedule of Reconciliation of Assets from Segment to Consolidated
Total assets
In millionsJune 30, 2025December 31, 2024
Performance Materials$853.2 $824.3 
Performance Chemicals
558.2 567.1 
Advanced Polymer Technologies (1)
406.2 568.2 
Total segment assets (2)
$1,817.6 $1,959.6 
Corporate and other60.1 63.0 
Total assets$1,877.7 $2,022.6 
_______________
(1) The decline in the Advanced Polymer Technologies reportable segment in 2025, as compared to 2024, was driven by the Goodwill impairment charge. Refer to note 7 for more information.
(2) Segment assets exclude assets not specifically managed as part of one specific segment herein referred to as "Corporate and other."