Segment Reporting

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023, were as follows:

(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment Net Sales
Surfactants	$	379,795	$	391,686	$	770,615	$	859,514
Polymers		159,757		164,515		305,265		325,642
Specialty Products		16,853		23,774		31,943		46,255
Total	$	556,405	$	579,975	$	1,107,823	$	1,231,411

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, 2024 and 2023, are summarized below:

(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Segment Operating Income
Surfactants	$	17,062		$	15,140		$	43,142		$	42,196
Polymers		13,597			16,321			21,979			26,325
Specialty Products		7,319			3,773			11,587			6,302
Segment operating income		37,978			35,234			76,708			74,823
Business restructuring expense		—			(42	)		—			(199	)
Unallocated corporate expenses (1)		(19,311	)		(17,383	)		(37,872	)		(35,758	)
Total operating income		18,667			17,809			38,836			38,866
Other Income (Expense)
Interest, net		(2,661	)		(3,865	)		(5,732	)		(6,687	)
Other, net		1,200			2,370			3,562			4,038
Income before provision for income taxes	$	17,206		$	16,314		$	36,666		$	36,217

(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. Unallocated corporate expenses for the three and six months periods ended June 30, 2024 also include a $3,500,000 pre-tax charge related to a criminal social engineering scheme that impacted one of the Company's Asia subsidiaries. See Note 17, Other Matter, below for detailed information about the charge.