Segment and Related Information

12 Months Ended

Dec. 31, 2025

Segment and Related Information [Abstract]

Segment and Related Information

Note 21.  Segment and Related Information

The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company’s operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies.

The Company has two reportable segments: the Consumer & Specialties segment and the Engineered Solutions segment.

The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. The two product lines in this segment are Household & Personal Care, which delivers minerals-to-market products to a variety of consumer-oriented markets, including pet care, personal care, fabric care, edible oil and renewable fuel purification, animal health, and agricultural, and Specialty Additives, which delivers mineral additives to a variety of consumer and industrial end markets including paper and packaging, food and pharmaceutical, sealants and adhesives, paints and coatings, and plastics.

The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers' manufacturing processes and projects. The two product lines in this segment are High-Temperature Technologies, which delivers mineral-based blends, technologies, and systems to the foundry, steel, glass, aluminum and other high-temperature processing industries, and Environmental & Infrastructure, which provides environmental, construction, and remediation solutions including geosynthetic clay lining systems, vapor intrusion mitigation products, sub-surface waterproofing systems, green roofs, wastewater remediation, drinking water purification technologies, and drilling products for both the construction and infrastructure markets as well as the oil and gas exploration and production industries.

The accounting policies of the segments are the same as those described in the summary of significant accounting principles. The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant.

Segment revenues, expenses, operating income, and a reconciliation of the operating segment totals to the applicable line items on the Consolidated Financial Statements is as follows:

	Year Ended December 31,
	2025								2024
		Consumer &		Engineered						Consumer &		Engineered
(in millions of dollars)		Specialties		Solutions			Total			Specialties		Solutions			Total
Net sales	$	1,097.7	$	974.9		$	2,072.6		$	1,140.2	$	978.3		$	2,118.5
Cost of goods sold		875.3		679.3			1,554.6			890.4		680.4			1,570.8
Segment production margin		222.4		295.6			518.0			249.8		297.9			547.7
Marketing and administrative expenses		75.7		122.8			198.5			71.7		125.8			197.5
Research and development expenses		13.1		9.8			22.9			12.6		10.4			23.0
Restructuring and other items		9.6		3.0			12.6			-		-			-
Gain on sale of assets, net		-		(9.9	)		(9.9	)		-		(12.3	)		(12.3	)
Segment income from operations	$	124.0	$	169.9		$	293.9		$	165.5	$	174.0		$	339.5

	Year Ended December 31,
	2023
		Consumer &		Engineered
(in millions of dollars)		Specialties		Solutions		Total
Net sales	$	1,160.2	$	1,009.7	$	2,169.9
Cost of goods sold		938.5		724.3		1,662.8
Segment production margin		221.7		285.4		507.1
Marketing and administrative expenses		69.2		124.7		193.9
Research and development expenses		11.5		9.7		21.2
Restructuring and other items		0.9		3.2		4.1
Impairment of assets		71.7		-		71.7
Litigation expenses		26.8		-		26.8
Segment income from operations	$	41.6	$	147.8	$	189.4

	Year Ended December 31,
(in millions of dollars)		2025			2024			2023
Segment income from operations	$	293.9		$	339.5		$	189.4
Interest expense, net		(54.5	)		(56.4	)		(59.2	)
Other non-operating deductions, net		(6.9	)		(4.7	)		(4.9	)
Unallocated expenses:
Provision for litigation accrual and credit losses		215.0			30.0			-
Restructuring and other items		2.2			-			2.8
Acquisition-related expenses		-			-			0.3
Litigation expenses		19.6			11.3			2.4
Unallocated corporate expenses		9.7			11.7			12.1
Debt extinguishment expenses		-			(1.8	)		-
Income (loss) before tax and equity in earnings	$	(14.0	)	$	223.6		$	107.7

Segment information for the years ended December 31, 2025, 2024 and 2023 was as follows:

	Year Ended December 31,
(in millions of dollars)		2025		2024		2023
Depreciation, Depletion & Amortization
Consumer & Specialties	$	43.4	$	47.2	$	47.3
Engineered Solutions		47.8		47.7		47.7
Total	$	91.2	$	94.9	$	95.0
Segment Assets
Consumer & Specialties	$	1,333.4	$	1,289.4	$	1,244.8
Engineered Solutions		2,043.9		2,028.0		2,028.5
Corporate		91.7		76.5		73.3
Total	$	3,469.0	$	3,393.9	$	3,346.6
Capital Expenditures
Consumer & Specialties	$	67.6	$	45.2	$	56.8
Engineered Solutions		34.9		39.3		31.2
Corporate		4.6		5.0		5.5
Total	$	107.1	$	89.5	$	93.5

Financial information relating to the Company’s operations by geographic area was as follows:

	Year Ended December 31,
(in millions of dollars)		2025		2024		2023
Net Sales
United States	$	1,075.0	$	1,089.4	$	1,144.0
Canada/Latin America		136.9		151.2		150.2
Europe/Africa		498.5		521.1		525.5
Asia		362.2		356.8		350.2
Total International	$	997.6	$	1,029.1	$	1,025.9
Consolidated net sales	$	2,072.6	$	2,118.5	$	2,169.9
Long-Lived Assets
United States	$	1,845.0	$	1,849.1	$	1,842.0
Canada/Latin America		17.0		14.6		17.7
Europe/Africa		166.5		147.3		157.0
Asia		121.1		110.6		114.7
Total International	$	304.6	$	272.5	$	289.4
Consolidated long-lived assets	$	2,149.6	$	2,121.6	$	2,131.4

Net sales and long-lived assets are attributed to countries and geographic areas based on the location of the legal entity. No individual foreign country represents more than 10% of consolidated net sales or consolidated long-lived assets.

The Company’s net sales by product category are as follows:

	Year Ended December 31,
(in millions of dollars)		2025		2024		2023
Household & Personal Care	$	512.8	$	530.0	$	517.6
Specialty Additives		584.9		610.2		642.6
High-Temperature Technologies		704.7		713.2		720.9
Environmental & Infrastructure		270.2		265.1		288.8
Total net sales	$	2,072.6	$	2,118.5	$	2,169.9