Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

13. 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, 2019 and 2018, were as follows:

(In thousands)	Three Months Ended June 30				Six Months Ended June 30
	2019		2018		2019		2018
Segment Net Sales
Surfactants	$	313,380	$	356,884	$	663,030	$	715,824
Polymers		140,636		140,867		260,815		262,800
Specialty Products		18,987		22,115		38,328		40,577
Total	$	473,003	$	519,866	$	962,173	$	1,019,201

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, 2019 and 2018, are summarized below:

(In thousands)	Three Months Ended June 30						Six Months Ended June 30
	2019			2018 As Adjusted			2019			2018 As Adjusted
Segment Operating Income
Surfactants(1)	$	32,086		$	34,078		$	69,253		$	75,546
Polymers(1)		22,760			20,299			34,865			37,604
Specialty Products		5,982			4,240			9,113			3,890
Segment operating income(1)		60,828			58,617			113,231			117,040
Business restructuring		(450	)		(273	)		(1,183	)		(631	)
Unallocated corporate expenses(2)		(19,313	)		(12,958	)		(41,245	)		(29,740	)
Consolidated operating income(1)		41,065			45,386			70,803			86,669
Interest expense, net		(1,766	)		(2,672	)		(3,619	)		(5,823	)
Other, net		235			484			3,380			1,644
Income before provision for income taxes(1)	$	39,534		$	43,198		$	70,564		$	82,490

⁽¹⁾ The 2018 amounts for the noted line items have been retrospectively changed from the amounts originally reported as a result of the Company’s first quarter 2019 change in method of accounting for U.S. inventory valuation from LIFO to FIFO.

⁽²⁾ 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.