Annual report [Section 13 and 15(d), not S-K Item 405]

Industry Segments

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Industry Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Industry Segments Industry Segments
Ascent Industries Co. has two reportable segments: Specialty Chemicals and Tubular Products. The Specialty Chemicals segment includes the operating results of the Company’s plants involved in the production of specialty chemicals. The Specialty Chemicals segment produces critical ingredients and process aids for the oil & gas, household, industrial and institutional ("HII"), personal care, coatings, adhesives, sealants and elastomers (CASE), pulp and paper, textile, automotive, , agricultural, water treatment, construction and other industries.
The Tubular Products segment includes the operating results of the Company’s plants involved in the production of stainless steel pipe and tube. The Tubular Products segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries.

The chief executive officer, who is also the chief operating decision maker (CODM), evaluates performance and determines resource allocations based on a number of factors, the primary measures being gross margin and segment net income (loss).

The accounting principles applied at the operating segment level are the same as those applied at the consolidated financial statement level. The significant expense categories and amounts below align with the segment-level information that is regularly provided to the CODM. Intersegment sales and transfers are eliminated at the corporate consolidation level.
The following tables summarizes certain information regarding segments of the Company's continuing operations:
Year Ended December 31, 2024
(in thousands) Specialty Chemicals Tubular Products
Corporate & Other1
Total Continuing Operations
Net sales $ 80,764  $ 97,108  $ —  $ 177,872 
Cost of goods sold - material 40,903  53,284  —  94,187 
Cost of goods sold - other2
28,671  32,402  498  61,571 
Gross profit 11,190  11,422  (498) 22,114 
Selling, general and administrative expense3
9,546  8,743  8,297  26,586 
Interest expense, net 75  1  342  418 
Income taxes —  —  6,159  6,159 
Other expense (income) 476  29  (329) 176 
Net income (loss) 1,093  2,649  (14,967) (11,225)
Identifiable assets $ 38,928  $ 61,980  $ 46,296  $ 147,204 
Capital expenditures 1,180  773  (61) 1,892 
Geographic sales
United States 75,565  95,264  — 170,829 
International $ 5,199  $ 1,844  — $ 7,043 
Year Ended December 31, 2023
(in thousands) Specialty Chemicals Tubular Products
Corporate & Other1
Total Continuing Operations
Net sales $ 83,616  $ 109,513  $ 50  $ 193,179 
Cost of goods sold - material 46,377  67,323  (63) 113,637 
Cost of goods sold - other2
31,429  45,864  723  78,016 
Gross profit 5,810  (3,674) (610) 1,526 
Selling, general and administrative expense3
6,966  7,537  12,209  26,712 
Goodwill impairment 11,389  —  —  11,389 
Interest expense, net 74  1  4,163  4,238 
Income taxes —  —  (6,924) (6,924)
Other expense (income) —  (1) 263  262 
Net loss (12,619) (11,211) (10,321) (34,151)
Identifiable assets $ 49,547  $ 70,548  $ 42,339  $ 162,434 
Capital expenditures 1,519  1,104  262  2,885 
Geographic sales
United States 79,498  108,693  50  188,241 
International $ 4,118  $ 820  $ —  $ 4,938 
1All Other includes corporate overhead expenses and ongoing expenses for properties under the Master Lease not assigned to a segment in which the Company is the responsible party.
2Cost of good sold - other includes manufacturing labor and overhead expenses, depreciation expense, repair and maintenance expense, shipping expense, scrap and shrinkage expense, and other operational manufacturing overhead expenses.
3Selling, general and administrative expenses include sales and administrative salaries, wages and benefits and overhead expenses, professional fees, depreciation and amortization expense, corporate overhead allocation expense and other administrative overhead expenses.