Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Net sales by segment for the three and nine months ended September 30, 2024 and 2023, were as follows:


(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Net Sales
Surfactants	$	382,724	$	373,836	$	1,153,339	$	1,233,351
Polymers		149,796		169,559		455,061		495,200
Specialty Products		14,322		18,831		46,265		65,086
Total	$	546,842	$	562,226	$	1,654,665	$	1,793,637

Reconciliation of Segment Information to Income Before Provision for Income Taxes

Segment operating income and reconciliations of segment operating income to income before provision for income taxes for the three and nine months ended September 30, 2024 and 2023, are summarized below:


(In thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Segment Operating Income
Surfactants	$	26,303		$	15,373		$	69,445		$	57,570
Polymers		15,248			21,813			37,227			48,137
Specialty Products		3,727			2,402			15,314			8,704
Segment operating income		45,278			39,588			121,986			114,411
Business restructuring expense		—			(5,628	)		—			(5,827	)
Unallocated corporate expenses (1)		(21,329	)		(14,443	)		(59,201	)		(50,201	)
Total operating income		23,949			19,517			62,785			58,383
Other Income (Expense)
Interest, net		(3,621	)		(2,987	)		(9,353	)		(9,674	)
Other, net		989			(690	)		4,551			3,348
Income before provision for income taxes	$	21,317		$	15,840		$	57,983		$	52,057

(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 nine month periods ended September 30, 2024 also include expenses related to a criminal social engineering scheme that impacted one of the Company's subsidiaries in Asia. The social engineering expenses recognized for the three and nine month periods ended September 30, 2024 were $3,300,000 and $6,800,000, respectively. See Note 17, Other Matter, below for detailed information about the charge.