Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

12.SEGMENT REPORTING

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Net sales by segment for the three and six months ended June 30, 2023 and 2022, were as follows:

(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Segment Net Sales
Surfactants	$	391,686	$	485,084	$	859,514	$	953,350
Polymers		164,515		238,885		325,642		425,964
Specialty Products		23,774		27,664		46,255		47,595
Total	$	579,975	$	751,633	$	1,231,411	$	1,426,909

Segment operating income and reconciliations of segment operating income to income before provision for income taxes for the three and six months ended June 30, 2023 and 2022, are summarized below:

(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment Operating Income
Surfactants	$	15,140		$	48,249		$	42,196		$	102,018
Polymers		16,321			33,912			26,325			48,041
Specialty Products		3,773			9,866			6,302			13,561
Segment operating income		35,234			92,027			74,823			163,620
Business restructuring		(42	)		(81	)		(199	)		(133	)
Unallocated corporate expenses (1)		(17,383	)		(14,306	)		(35,758	)		(22,501	)
Total operating income		17,809			77,640			38,866			140,986
Other Income (Expense)
Interest, net		(3,865	)		(2,727	)		(6,687	)		(5,033	)
Other, net		2,370			(5,369	)		4,038			(7,019	)
Income before provision for income taxes	$	16,314		$	69,544		$	36,217		$	128,934

(1)Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information systems, deferred compensation and environmental remediation) that are not included in segment operating income and are not used to evaluate segment performance.