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Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segments Business Segments
The Company’s operating segments, which are consistent with its reportable segments, reflect the structure of the Company’s internal organization and the manner by which the CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses performance.
The CODM evaluates performance for the Company’s operating segments based on segment operating earnings. Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other operating expenses. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company’s reportable segments include Interest expense and Other (expense) income, net.
The CODM uses segment operating earnings to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment operating earnings when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating earnings to assess the performance for each segment and in the compensation of certain employees.
Segment asset information is not regularly provided to or reviewed by the CODM. Therefore, the Company does not disclose segment asset information for each reportable segment.
The following table presents information about the performance of the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024:
AmericasEMEAAsia/PacificTotals
Three Months Ended September 30, 2025
Net sales$222,787 $143,900 $127,155 $493,842 
Significant segment expenses
Product costs (1) (4) (5)
111,097 77,544 65,646 254,287 
Other operating expenses (2)
52,777 39,877 25,940 118,594 
Segment operating earnings$58,913 $26,479 $35,569 $120,961 
Nine Months Ended September 30, 2025
Net sales$657,560 $413,101 $349,495 $1,420,156 
Significant segment expenses
Product costs (1) (3) (4) (5)
325,102 222,385 186,475 733,962 
Other operating expenses (2)
156,107 115,849 72,806 344,762 
Segment operating earnings$176,351 $74,867 $90,214 $341,432 
AmericasEMEAAsia/PacificTotals
Three Months Ended September 30, 2024
Net sales$220,275 $134,135 $107,864 $462,274 
Significant segment expenses
Product costs (1)
105,264 72,173 55,981 233,418 
Other operating expenses (2)
52,890 37,318 21,227 111,435 
Segment operating earnings$62,121 $24,644 $30,656 $117,421 
Nine Months Ended September 30, 2024
Net sales$673,546 $410,558 $311,496 $1,395,600 
Significant segment expenses
Product costs (1)
324,312 215,936 158,783 699,031 
Other operating expenses (2)
156,207 113,755 60,680 330,642 
Segment operating earnings$193,027 $80,867 $92,033 $365,927 
(1) Product costs include the costs of raw materials and are recorded in Cost of goods sold in the Company’s Condensed Consolidated Statements of Operations.
(2) Other operating expenses include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A.
(3) Product costs includes the $6.0 million amortization of the fair value step-up in Dipsol's inventories as a result of the acquisition for the nine months ended September 30, 2025, which is comprised of approximately $2.6 million in the Americas segment, $3.0 million in the Asia/Pacific segment, and $0.4 million in the EMEA segment.
(4) Product costs includes a $0.7 million loss and a $2.9 million gain related to immaterial out-of-period adjustments for inventory for the three and nine months ended September 30, 2025, respectively. The $0.7 million loss was recognized in the Americas segment during the three months ended September 30, 2025. The $2.9 million gain recognized during the nine months ended September 30, 2025 was comprised of a $0.7 million gain in the Americas segment and a $2.2 million gain in the EMEA segment.
The following table presents a reconciliation of the Company’s segment operating earnings to income (loss) before taxes and equity in net income of associated companies in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Segment operating earnings$120,961 $117,421 $341,432 $365,927 
Restructuring and related charges, net(7,745)(2,610)(31,128)(4,787)
Impairment charges— — (88,840)— 
Non-operating and administrative expenses(49,560)(47,778)(151,137)(149,538)
Depreciation of corporate assets and amortization(17,015)(15,315)(48,572)(45,909)
Operating income 46,641 51,718 21,755 165,693 
Other (expense) income, net(270)783 (1,632)2,285 
Interest expense(10,941)(10,347)(33,265)(31,925)
Income (loss) before taxes and equity in net income of associated companies$35,430 $42,154 $(13,142)$136,053 
The following table presents information regarding the Company’s reportable segments’ depreciation for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
Depreciation2025202420252024
Americas$2,964 $2,698 $8,522 $8,193 
EMEA2,162 1,919 6,115 5,676 
Asia/Pacific2,052 1,243 5,262 3,381 
Total segment depreciation$7,178 $5,860 $19,899 $17,250