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Segment Reporting
 6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segment Reporting

 

11.

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, 2018 and 2017, were as follows:

 

(In thousands)

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Segment Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surfactants

 

$

356,884

 

 

$

329,334

 

 

$

715,824

 

 

$

651,937

 

Polymers

 

 

140,867

 

 

 

141,187

 

 

 

262,800

 

 

 

267,797

 

Specialty Products

 

 

22,115

 

 

 

24,580

 

 

 

40,577

 

 

 

43,636

 

      Total

 

$

519,866

 

 

$

495,101

 

 

$

1,019,201

 

 

$

963,370

 

 

 

Segment operating income and reconciliations of segment operating income to consolidated income before income taxes for the three and six months ended June 30, 2018 and 2017, are summarized below:

 

(In thousands)

 

Three Months Ended

June 30

 

 

Six Months Ended

June 30

 

 

 

2018

 

 

2017(2)

 

 

2018

 

 

2017(2)

 

Segment Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surfactants

 

$

34,218

 

 

$

31,164

 

 

$

74,469

 

 

$

69,535

 

Polymers

 

 

19,458

 

 

 

21,283

 

 

 

36,352

 

 

 

42,708

 

Specialty Products

 

 

4,240

 

 

 

5,451

 

 

 

3,890

 

 

 

6,737

 

      Segment operating income

 

 

57,916

 

 

 

57,898

 

 

 

114,711

 

 

 

118,980

 

Business restructuring

 

 

(273

)

 

 

(586

)

 

 

(631

)

 

 

(1,372

)

Unallocated corporate expenses (1)

 

 

(12,958

)

 

 

(18,179

)

 

 

(29,740

)

 

 

(32,245

)

Consolidated operating income

 

 

44,685

 

 

 

39,133

 

 

 

84,340

 

 

 

85,363

 

Interest expense, net

 

 

(2,672

)

 

 

(2,863

)

 

 

(5,823

)

 

 

(5,855

)

Other, net

 

 

484

 

 

 

793

 

 

 

1,644

 

 

 

1,885

 

Consolidated income before income taxes

 

$

42,497

 

 

$

37,063

 

 

$

80,161

 

 

$

81,393

 

 

 

(1)

Unallocated corporate expenses primarily comprise 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 not used to evaluate segment performance.

 

(2)  The 2017 data has been immaterially changed from the amounts originally reported as a result of the Company’s first quarter 2018 adoption of ASU No. 2017-7, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.