Segement Reporting

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segement Reporting

NOTE 2 – SEGMENT REPORTING

The Company reports its financial performance based on the four reportable segments Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives.

The Fuel Specialties, Performance Chemicals and Oilfield Services segments operate in markets where we actively seek growth opportunities although their ultimate customers are different. The Octane Additives segment is expected to decline in the near future as our one remaining refinery customer transitions to unleaded fuel.

The Company evaluates the performance of its segments based on operating income. The following tables analyze sales and other financial information by the Company’s reportable segments:

	Three Months Ended March 31
(in millions)	2018			2017
Net Sales:
Refinery and Performance	$	111.0		$	100.4
Other		32.4			26.0
Fuel Specialties		143.4			126.4
Personal Care		57.8			47.5
Home Care		34.2			26.9
Other		32.0			20.1
Performance Chemicals		124.0			94.5
Oilfield Services		92.9			66.5
Octane Additives		0.4			6.9
	$	360.7		$	294.3
	Three Months Ended March 31
(in millions)	2018			2017
Net sales:
Fuel Specialties	$	143.4		$	126.4
Performance Chemicals		124.0			94.5
Oilfield Services		92.9			66.5
Octane Additives		0.4			6.9
	$	360.7		$	294.3
Gross profit/(loss):
Fuel Specialties	$	48.5		$	46.1
Performance Chemicals		25.4			16.7
Oilfield Services		31.4			25.4
Octane Additives		(0.8	)		2.7
	$	104.5		$	90.9

Operating income/(loss):
Fuel Specialties	$	28.2		$	27.0
Performance Chemicals		12.1			6.0
Oilfield Services		3.0			3.0
Octane Additives		(1.4	)		2.0
Corporate costs		(13.0	)		(10.9	)
Foreign exchange loss on liquidation of subsidiary		0.0			(1.8	)
Total operating income	$	28.9		$	25.3

The following table presents a summary of the depreciation and amortization charges incurred by the Company’s reportable segments:

	Three Months Ended March 31
(in millions)	2018		2017
Depreciation:
Fuel Specialties	$	1.0	$	1.0
Performance Chemicals		2.7		2.2
Oilfield Services		1.5		1.6
Octane Additives		0.3		0.2
Corporate		0.3		0.2
	$	5.8	$	5.2
Amortization:
Fuel Specialties	$	0.0	$	0.2
Performance Chemicals		2.3		1.9
Oilfield Services		2.6		3.0
Corporate		1.8		1.8
	$	6.7	$	6.9