XML 27 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
As required by Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between compensation actually paid (“CAP”), as defined in Item 402(v), and performance.
 
Year
  
Summary
Compensation
Table Total for
First Principal
Executive
Officer
(PEO) (1)
    
Compensation
Actually Paid
to First
PEO (2)(3)
    
Summary
Compensation
Table Total for
Second PEO (1)
    
Compensation
Actually Paid
to Second
PEO (2)
    
Summary
Compensation
Table Total
for Third
(PEO) (1)
    
Compensation
Actually Paid
to Third
PEO (2)
    
Average
Summary
Compensation
Table Total for
Non-PEO

Named
Executive
Officers
(NEOs) (1)
    
Average
Compensation
Actually Paid
to
Non-PEO

NEOs (2)
    
Value of Initial Fixed
$100 Investment Based
On:
    
Net
Income
(millions)
(4)
    
Adjusted
Net
Income
(millions)
(5)
  
 
Total
Shareholder
Return
    
Peer Group
Total
Shareholder
Return (3)
  
 
  
2024
   $ 2,981,107     $ 1,774,334     $ 4,665,076     $ 299,459       —       —     $ 1,060,336     $ 581,851     $ 68     $ 138     $ 50.4     $ 50.5  
2023
     —       —     $ 4,123,893     $ 1,047,254       —       —     $ 1,166,988     $ 486,718     $ 97     $ 143     $ 40.2     $ 50.7  
2022
     —       —     $ 4,959,346     $ 5,118,772     $ 4,745,670     $ 243,286     $ 1,622,615     $ 1,470,109     $ 108     $ 130     $ 147.2     $ 153.5  
2021
     —       —       —       —     $ 5,380,963     $ 5,838,352     $ 1,556,535     $ 1,666,269     $ 124     $ 116     $ 137.8     $ 143.5  
2020
     —       —       —       —     $ 6,330,645     $ 8,750,899     $ 1,705,840     $ 2,223,882     $ 118     $ 116     $ 126.8     $ 132.0  
 
(1)
For 2024, the first PEO listed is Luis E. Rojo, who became President and Chief Executive Officer on October 29, 2024. The second PEO listed is Scott R. Behrens, who served as President and Chief Executive Officer from April 25, 2022 until October 29, 2024. For 2022 and 2023, Mr. Behrens was the first PEO but is designated second PEO in the chart for those years. The third PEO listed is F. Quinn Stepan, Jr., who served as President and Chief Executive Officer until April 25, 2022. For 2020 and 2021, Mr. Stepan was the PEO but is designated third PEO in the chart for those years. Our other NEOs for the covered years were as follows:
 
2020
  
2021
  
2022
  
2023
  
2024
 
Luis E. Rojo
   Luis E. Rojo   Luis E. Rojo   Luis E. Rojo   Samuel S. Hinrichsen
Arthur W. Mergner
   Arthur W. Mergner   Arthur W. Mergner   Arthur W. Mergner   Robert J. Haire, Jr.
David G. Kabbes
   Sean T. Moriarty   David G. Kabbes   David G. Kabbes   David G. Kabbes
Scott R. Behrens
   Scott R. Behrens   Sean T. Moriarty   Sean T. Moriarty   Sean T. Moriarty
      Robert J. Haire, Jr.  
 
(2)
The following adjustments relating to equity awards were made to total compensation to determine CAP for 2024:
 
Year
  
Value of Equity
Awards
Disclosed in the
Summary
Compensation
Table (Stock
Awards and
Option Awards
Columns)
    
Year End
Value of
Equity
Awards
Granted
During
the
Covered
Year
    
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards
as of Covered
Year-End
    
Fair
Value of
Awards
Granted
and
Vesting
in the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years
Vesting
During the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years that
Fail to
Meet
Applicable
Vesting
Conditions
During the
Covered
Year
    
Total Equity
Award
Adjustments
  
2024 First PEO
   -$ 2,289,144     $ 1,328,071     -$ 98,227     $ 0     -$ 147,473      $ 0     -$ 1,206,773  
2024 Second PEO
   -$ 3,636,844     $ 0      $ 0     $ 675,523     -$ 487,403     -$ 906,893     -$ 4,355,617  
2024 Average
Non-PEO
NEO
   -$ 528,245     $ 199,846     -$ 88,815     $ 0     -$ 61,271      $ 0     -$ 478,485  
 
 
The valuation methodologies used to calculate fair values for each measurement date do not materially differ from those used at the time of grant of each respective award.
 
(3)
Represents the cumulative total shareholder return (“TSR”) for the Dow Jones U.S. Chemicals Index.
 
(4)
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year (GAAP net income).
 
(5)
Adjusted net income represents the most important financial performance measure used by the Company to link CAP for 2024 to Company performance.
4
        
Company Selected Measure Name Adjusted net income        
Named Executive Officers, Footnote
(1)
For 2024, the first PEO listed is Luis E. Rojo, who became President and Chief Executive Officer on October 29, 2024. The second PEO listed is Scott R. Behrens, who served as President and Chief Executive Officer from April 25, 2022 until October 29, 2024. For 2022 and 2023, Mr. Behrens was the first PEO but is designated second PEO in the chart for those years. The third PEO listed is F. Quinn Stepan, Jr., who served as President and Chief Executive Officer until April 25, 2022. For 2020 and 2021, Mr. Stepan was the PEO but is designated third PEO in the chart for those years. Our other NEOs for the covered years were as follows:
 
2020
  
2021
  
2022
  
2023
  
2024
 
Luis E. Rojo
   Luis E. Rojo   Luis E. Rojo   Luis E. Rojo   Samuel S. Hinrichsen
Arthur W. Mergner
   Arthur W. Mergner   Arthur W. Mergner   Arthur W. Mergner   Robert J. Haire, Jr.
David G. Kabbes
   Sean T. Moriarty   David G. Kabbes   David G. Kabbes   David G. Kabbes
Scott R. Behrens
   Scott R. Behrens   Sean T. Moriarty   Sean T. Moriarty   Sean T. Moriarty
      Robert J. Haire, Jr.  
       
Peer Group Issuers, Footnote Represents the cumulative total shareholder return (“TSR”) for the Dow Jones U.S. Chemicals Index.        
Adjustment To PEO Compensation, Footnote
(2)
The following adjustments relating to equity awards were made to total compensation to determine CAP for 2024:
 
Year
  
Value of Equity
Awards
Disclosed in the
Summary
Compensation
Table (Stock
Awards and
Option Awards
Columns)
    
Year End
Value of
Equity
Awards
Granted
During
the
Covered
Year
    
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards
as of Covered
Year-End
    
Fair
Value of
Awards
Granted
and
Vesting
in the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years
Vesting
During the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years that
Fail to
Meet
Applicable
Vesting
Conditions
During the
Covered
Year
    
Total Equity
Award
Adjustments
  
2024 First PEO
   -$ 2,289,144     $ 1,328,071     -$ 98,227     $ 0     -$ 147,473      $ 0     -$ 1,206,773  
2024 Second PEO
   -$ 3,636,844     $ 0      $ 0     $ 675,523     -$ 487,403     -$ 906,893     -$ 4,355,617  
2024 Average
Non-PEO
NEO
   -$ 528,245     $ 199,846     -$ 88,815     $ 0     -$ 61,271      $ 0     -$ 478,485  
 
 
The valuation methodologies used to calculate fair values for each measurement date do not materially differ from those used at the time of grant of each respective award.
       
Non-PEO NEO Average Total Compensation Amount $ 1,060,336 $ 1,166,988 $ 1,622,615 $ 1,556,535 $ 1,705,840
Non-PEO NEO Average Compensation Actually Paid Amount $ 581,851 486,718 1,470,109 1,666,269 2,223,882
Adjustment to Non-PEO NEO Compensation Footnote
(2)
The following adjustments relating to equity awards were made to total compensation to determine CAP for 2024:
 
Year
  
Value of Equity
Awards
Disclosed in the
Summary
Compensation
Table (Stock
Awards and
Option Awards
Columns)
    
Year End
Value of
Equity
Awards
Granted
During
the
Covered
Year
    
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards
as of Covered
Year-End
    
Fair
Value of
Awards
Granted
and
Vesting
in the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years
Vesting
During the
Covered
Year
    
Value of
Awards
Granted in
Prior
Years that
Fail to
Meet
Applicable
Vesting
Conditions
During the
Covered
Year
    
Total Equity
Award
Adjustments
  
2024 First PEO
   -$ 2,289,144     $ 1,328,071     -$ 98,227     $ 0     -$ 147,473      $ 0     -$ 1,206,773  
2024 Second PEO
   -$ 3,636,844     $ 0      $ 0     $ 675,523     -$ 487,403     -$ 906,893     -$ 4,355,617  
2024 Average
Non-PEO
NEO
   -$ 528,245     $ 199,846     -$ 88,815     $ 0     -$ 61,271      $ 0     -$ 478,485  
 
 
The valuation methodologies used to calculate fair values for each measurement date do not materially differ from those used at the time of grant of each respective award.
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Tabular List of Financial Performance Measures
The most important financial performance measures used by the Company to link executive CAP to the Company’s PEOs and NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:
 
Financial Performance Measures
Adjusted net income
Return on invested capital
Profitability of strategic growth areas
Business unit operating income
EBITDA
        
Total Shareholder Return Amount $ 68 97 108 124 118
Peer Group Total Shareholder Return Amount 138 143 130 116 116
Net Income (Loss) $ 50,400,000 $ 40,200,000 $ 147,200,000 $ 137,800,000 $ 126,800,000
Company Selected Measure Amount 50,500,000 50,700,000 153,500,000 143,500,000 132,000,000
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted net income        
Non-GAAP Measure Description Adjusted net income is a financial measure that has not been calculated pursuant to U.S. GAAP. See Appendix A for further discussion and a reconciliation of this
non-GAAP
financial measure to net income, the most directly comparable GAAP measure. 		       
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on invested capital        
Measure:: 3          
Pay vs Performance Disclosure          
Name Profitability of strategic growth areas        
Measure:: 4          
Pay vs Performance Disclosure          
Name Business unit operating income        
Measure:: 5          
Pay vs Performance Disclosure          
Name EBITDA        
Luis E Rojo [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 2,981,107 $ 0 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount $ 1,774,334 0 0 0 0
PEO Name Luis E. Rojo        
Scott R. Behrens [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 4,665,076 4,123,893 4,959,346 0 0
PEO Actually Paid Compensation Amount $ 299,459 1,047,254 5,118,772 0 0
PEO Name Scott R. Behrens        
F. Quinn Stepan, Jr [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 0 0 4,745,670 5,380,963 6,330,645
PEO Actually Paid Compensation Amount $ 0 $ 0 $ 243,286 $ 5,838,352 $ 8,750,899
PEO Name F. Quinn Stepan, Jr        
PEO | Luis E Rojo [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (1,206,773)        
PEO | Luis E Rojo [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,289,144)        
PEO | Luis E Rojo [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,328,071        
PEO | Luis E Rojo [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (98,227)        
PEO | Luis E Rojo [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Luis E Rojo [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (147,473)        
PEO | Luis E Rojo [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Scott R. Behrens [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,355,617)        
PEO | Scott R. Behrens [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,636,844)        
PEO | Scott R. Behrens [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Scott R. Behrens [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Scott R. Behrens [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 675,523        
PEO | Scott R. Behrens [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (487,403)        
PEO | Scott R. Behrens [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (906,893)        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (478,485)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (528,245)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 199,846        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (88,815)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (61,271)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0