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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Data and Reconciliations of Segment Data to Consolidated Financial Statements and Non-GAAP Measures

The following is segment data for the three years ended December 31, 2024, 2023 and 2022 and reconciliations of segment data to the consolidated financial statements and non-GAAP measures:

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,532,115

 

 

$

584,905

 

 

$

63,254

 

 

$

2,180,274

 

Cost of Sales (1)

 

 

1,352,022

 

 

 

516,902

 

 

 

39,219

 

 

 

1,908,143

 

Operating Expenses (2)

 

 

94,475

 

 

 

27,380

 

 

 

3,127

 

 

 

124,982

 

Operating Income

 

$

85,618

 

 

$

40,623

 

 

$

20,908

 

 

$

147,149

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(76,669

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

70,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets

 

$

1,578,689

 

 

$

523,192

 

 

$

70,898

 

 

 

2,172,779

 

Unallocated Assets (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

131,869

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,304,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

90,766

 

 

$

25,827

 

 

$

3,992

 

 

 

120,585

 

Unallocated Capital Expenditures (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,191

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

122,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

72,028

 

 

$

32,417

 

 

$

5,949

 

 

 

110,394

 

Unallocated Depreciation and Amortization (6)

 

 

 

 

 

 

 

 

 

 

 

1,803

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

112,197

 

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,602,819

 

 

$

642,471

 

 

$

80,478

 

 

$

2,325,768

 

Cost of Sales (1)

 

 

1,431,462

 

 

 

553,590

 

 

 

65,443

 

 

 

2,050,495

 

Operating Expenses (2)

 

 

98,958

 

 

 

28,111

 

 

 

3,559

 

 

 

130,628

 

Operating Income

 

$

72,399

 

 

$

60,770

 

 

$

11,476

 

 

$

144,645

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(86,032

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

58,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets

 

$

1,586,148

 

 

$

537,193

 

 

$

70,508

 

 

 

2,193,849

 

Unallocated Assets (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

169,505

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,363,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

231,341

 

 

$

19,971

 

 

$

9,310

 

 

 

260,622

 

Unallocated Capital Expenditures (5)

 

 

 

 

 

 

 

 

 

 

 

(287

)

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

260,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

64,377

 

 

$

32,426

 

 

$

5,789

 

 

 

102,592

 

Unallocated Depreciation and Amortization (6)

 

 

 

 

 

 

 

 

 

 

 

2,746

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

105,338

 

 

 

(In thousands)

 

Surfactants

 

 

Polymers

 

 

Specialty
Products

 

 

Total

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

1,882,745

 

 

$

789,080

 

 

$

101,445

 

 

$

2,773,270

 

Cost of Sales (1)

 

 

1,605,983

 

 

 

674,293

 

 

 

67,128

 

 

 

2,347,404

 

Operating Expenses (2)

 

 

114,016

 

 

 

31,890

 

 

 

4,422

 

 

 

150,328

 

Operating Income

 

$

162,746

 

 

$

82,897

 

 

$

29,895

 

 

$

275,538

 

Unallocated Corporate Expenses (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(68,202

)

Consolidated Operating Income

 

 

 

 

 

 

 

 

 

 

$

207,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Assets

 

$

1,579,242

 

 

$

565,726

 

 

$

96,193

 

 

 

2,241,161

 

Unallocated Assets (4)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

192,011

 

Consolidated Assets

 

 

 

 

 

 

 

 

 

 

$

2,433,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Capital Expenditures

 

$

259,442

 

 

$

35,679

 

 

$

4,926

 

 

 

300,047

 

Unallocated Capital Expenditures (5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,506

 

Consolidated Capital Expenditures

 

 

 

 

 

 

 

 

 

 

$

301,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Depreciation and Amortization

 

$

55,262

 

 

$

31,399

 

 

$

5,807

 

 

 

92,468

 

Unallocated Depreciation and Amortization (6)

 

$

—

 

 

$

—

 

 

$

—

 

 

 

2,182

 

Consolidated Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

$

94,650

 

 

(1)
Cost of sales is comprised of raw material costs (including freight and outbound shipping and handling expenses to deliver the raw materials), manufacturing plant labor expenses and various manufacturing overhead expenses, such as utilities, maintenance, operating supplies, amortization and manufacturing asset depreciation expenses, warehouse and rail car expenses that can be allocated to reportable segments. For more details about items included in Cost of sales line item on the Consolidated Statements of Income, see Note 1, Summary of Significant Accounting Policies, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
(2)
Operating expenses allocated to reportable segments are comprised of selling, administrative and research and development expenses. CODM uses operating expenses balances in its aggregate to analyze the performance of each reportable segment. For more details about items included in Operating expenses line items on the Consolidated Statements of Income, see Note 1, Summary of Significant Accounting Policies, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
(3)
Unallocated corporate expenses are primarily comprised of corporate administrative expenses (e.g., corporate finance, legal, human resources, information technology and environmental remediation expenses), deferred compensation and business restructuring and assets impairment expenses that are not included in segment operating income and not used to evaluate segment performance. For more details about items included in unallocated corporate expenses, see Note 22, Business Restructuring and Assets Impairment, of the notes to the Company’s consolidated financial statements included in Item 8 of this Form 10-K).
(4)
Unallocated assets primarily include assets in the Company’s Northfield, Illinois location.
(5)
Unallocated capital expenditures primarily include capital expenditures related to Company’s Northfield, Illinois location.
(6)
Unallocated depreciation and amortization primarily includes depreciation related to the Company’s Northfield, Illinois location.
Summary of company-wide geographic data

Below is certain Company-wide geographic data for the years ended December 31, 2024, 2023 and 2022:

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Net sales (1)

 

 

 

 

 

 

 

 

 

United States

 

$

1,202,822

 

 

$

1,312,866

 

 

$

1,579,194

 

France

 

 

173,165

 

 

 

202,038

 

 

 

227,421

 

Poland

 

 

162,118

 

 

 

171,889

 

 

 

195,781

 

United Kingdom

 

 

175,044

 

 

 

174,574

 

 

 

229,836

 

Brazil

 

 

135,341

 

 

 

124,661

 

 

 

175,004

 

Mexico

 

 

150,491

 

 

 

144,163

 

 

 

148,858

 

All other countries

 

 

181,293

 

 

 

195,577

 

 

 

217,176

 

Total

 

$

2,180,274

 

 

$

2,325,768

 

 

$

2,773,270

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets (2)

 

 

 

 

 

 

 

 

 

United States

 

$

1,026,637

 

 

$

1,007,337

 

 

$

896,867

 

Netherlands

 

 

77,628

 

 

 

80,335

 

 

 

79,007

 

Germany

 

 

36,768

 

 

 

41,878

 

 

 

42,512

 

Singapore

 

 

15,244

 

 

 

17,617

 

 

 

20,899

 

Brazil

 

 

30,484

 

 

 

39,512

 

 

 

38,493

 

China

 

 

22,841

 

 

 

25,704

 

 

 

28,717

 

United Kingdom

 

 

30,730

 

 

 

33,857

 

 

 

33,389

 

Mexico

 

 

57,485

 

 

 

73,449

 

 

 

52,917

 

All other countries

 

 

34,678

 

 

 

36,989

 

 

 

34,444

 

Total

 

$

1,332,495

 

 

$

1,356,678

 

 

$

1,227,245

 

 

(1)
Net sales are attributed to countries based on the location of the Company legal entity making the sale.
(2)
Includes net property, plant and equipment, goodwill and other intangible assets.