0000950170-24-093579 | 10-Q | XBRL Viewer

Reconciliations of Total Equity

Below are reconciliations of total equity for the three and six months ended June 30, 2024 and 2023:


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, March 31, 2024	$	1,214,522		$	27,125	$	248,337	$	(187,611	)	$	(136,266	)	$	1,262,937

Issuance of 2,456 shares of common stock under incentive compensation plan		101			2		99		—			—			—

Stock-based and deferred compensation		2,357			15		2,509		(167	)		—			—

Net income		9,521			—		—		—			—			9,521

Other comprehensive income		(25,634	)		—		—		—			(25,634	)		—

Cash dividends paid:
Common stock ($0.375 per share)		(8,431	)		—		—		—			—			(8,431	)
Balance, June 30, 2024	$	1,192,436		$	27,142	$	250,945	$	(187,778	)	$	(161,900	)	$	1,264,027


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, December 31, 2023	$	1,216,490		$	27,006	$	247,032	$	(184,412	)	$	(130,602	)	$	1,257,466

Issuance of 23,124 shares of common stock under incentive compensation plan		966			23		943		—			—			—

Stock-based and deferred compensation		(283	)		113		2,970		(3,366	)		—			—

Net income		23,414			—		—		—			—			23,414

Other comprehensive income		(31,298	)		—		—		—			(31,298	)		—

Cash dividends paid:
Common stock ($0.750 per share)		(16,853	)		—		—		—			—			(16,853	)
Balance, June 30, 2024	$	1,192,436		$	27,142	$	250,945	$	(187,778	)	$	(161,900	)	$	1,264,027


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, March 31, 2023	$	1,189,913		$	26,958	$	239,585	$	(184,194	)	$	(150,548	)	$	1,258,112

Issuance of 6,791 shares of common stock under incentive compensation plan		402			7		395		—			—			—

Stock-based and deferred compensation		2,077			13		2,235		(171	)		—			—

Net income		12,684			—		—		—			—			12,684

Other comprehensive income		18,178			—		—		—			18,178			—

Cash dividends paid:
Common stock ($0.365 per share)		(8,157	)		—		—		—			—			(8,157	)
Balance, June 30, 2023	$	1,215,097		$	26,978	$	242,215	$	(184,365	)	$	(132,370	)	$	1,262,639


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, December 31, 2022	$	1,166,065		$	26,841	$	237,202	$	(180,596	)	$	(167,512	)	$	1,250,130

Issuance of 32,772 shares of common stock under incentive compensation plan		1,916			33		1,883		—			—			—

Stock-based and deferred compensation		(535	)		104		3,130		(3,769	)		—			—

Net income		28,826			—		—		—			—			28,826

Other comprehensive income		35,142			—		—		—			35,142			—

Cash dividends paid:
Common stock ($0.730 per share)		(16,317	)		—		—		—			—			(16,317	)
Balance, June 30, 2023	$	1,215,097		$	26,978	$	242,215	$	(184,365	)	$	(132,370	)	$	1,262,639

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Derivative assets and liabilities include the foreign currency exchange and interest rate swap contracts discussed in Note 4, Derivative Instruments, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q). Fair value and carrying value were the same because the contracts were recorded at fair value. The fair values of the foreign currency contracts were calculated as the difference between the applicable forward foreign exchange rates at the reporting date and the contracted foreign exchange rates multiplied by the contracted notional amounts. The fair value of the interest rate swap was calculated as the difference between the contracted swap rate and the floating interest rate multiplied by the present value of the notional amount of the contract.

At June 30, 2024, and December 31, 2023, the fair values and related carrying values of debt, including current maturities, were as follows (the fair value and carrying value amounts are presented without regard to unamortized debt issuance costs of $650,000 and $895,000 as of June 30, 2024 and December 31, 2023, respectively):


(In thousands)	June 30, 2024		December 31, 2023
Fair value	$	625,466	$	627,695
Carrying value		657,708		655,041

The following tables present financial assets and liabilities, excluding cash and cash equivalents, measured on a recurring basis at fair value as of June 30, 2024, and December 31, 2023, and the level within the fair value hierarchy in which the fair value measurements fall:


(In thousands)	June 30, 2024		Level 1		Level 2		Level 3
Mutual fund assets	$	24,076	$	24,076	$	—	$	—
Derivative assets:
Interest rate contracts		6,736		—		6,736		—
Foreign currency contracts		896		—		896		—
Total assets at fair value	$	31,708	$	24,076	$	7,632	$	—
Derivative liabilities:
Foreign currency contracts	$	510	$	—	$	510	$	—


(In thousands)	December 31, 2023		Level 1		Level 2		Level 3
Mutual fund assets	$	26,804	$	26,804	$	—	$	—
Derivative assets:
Interest rate contracts		6,183		—		6,183		—
Foreign currency contracts		1,018		—		1,018		—
Total assets at fair value	$	34,005	$	26,804	$	7,201	$	—
Derivative liabilities:
Foreign currency contracts	$	928	$	—	$	928	$	—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Computation of Basic Earnings per Share

Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Options and Stock Appreciation Rights (SARs) [Member]
Earnings Per Share Basic [Line Items]
Options/SARs to purchase shares of common stock were excluded from the computations of diluted earnings per share	899,151	644,962	849,588	524,337

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	SCL
Entity Registrant Name	STEPAN COMPANY
Entity Current Reporting Status	Yes
Entity Central Index Key	0000094049
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		22,493,691
Entity Tax Identification Number	36-1823834
Entity File Number	1-4462
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1101 Skokie Boulevard
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	446-7500
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $1 par value
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Unamortized debt issuance cost	$ 650,000	$ 895,000

Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Net income attributable to Stepan Company

$ 9,521

$ 12,684

$ 23,414

$ 28,826

Weighted-average number of common shares outstanding

22,827

22,768

22,825

22,763

Basic earnings per share

$ 0.42

$ 0.56

$ 1.03

$ 1.27

Net income attributable to Stepan Company

$ 9,521

$ 12,684

$ 23,414

$ 28,826

Weighted-average number of common shares outstanding

22,827

22,768

22,825

22,763

Add weighted-average net shares related to unvested stock awards (under treasury stock method)

Weighted-average shares applicable to diluted earnings

22,936

22,945

22,942

22,970

Diluted earnings per share

$ 0.42

$ 0.55

$ 1.02

$ 1.25

Stock Option [Member]

Add weighted-average net shares from assumed exercise of options (under treasury stock method)

^[1]

Stock Appreciation Rights (SARs) [Member]

Add weighted-average net shares from assumed exercise of options (under treasury stock method)

^[1]

Performance Stock Award [Member]

Add weighted-average net shares from assumed exercise of options (under treasury stock method)

[1]

899,151 and 849,588 options/SARs to acquire shares of the Company's common stock were excluded from the computation of dilutive earnings per share for the three and six months ended June 30, 2024, respectively. The options/SARs' exercise prices were greater than the average market price for the Company's common stock and inclusion of the instruments would have had an antidilutive effect on the computations of the earnings per share. 644,962 and 524,337 options/SARs to acquire shares of the Company's common stock were excluded from the computation of dilutive earnings per share for the three and six months ended June 30, 2023, respectively.

Segment Reporting - Reconciliation of Segment Information to Income Before Provision for Income Taxes (Parenthetical) (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Segment Reporting Information [Line Items]
Pre tax charge	$ 3,500,000
Asia [Member] \| Criminal Social Engineering Scheme [Member]
Segment Reporting Information [Line Items]
Pre tax charge	$ 3,500,000	$ 3,500,000

Reconciliations of Equity - Reconciliations of Total Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Number of shares of common stock issued under incentive compensation plan	2,456	6,791	23,124	32,772
Common stock	$ 0.375	$ 0.365	$ 0.75	$ 0.73
Common Stock [Member]
Number of shares of common stock issued under incentive compensation plan	2,456	6,791	23,124	32,772
Additional Paid-in Capital [Member]
Number of shares of common stock issued under incentive compensation plan	2,456	6,791	23,124	32,772
Retained Earnings [Member]
Common stock	$ 0.375	$ 0.365	$ 0.75	$ 0.73

Revenue from Contracts with Customers - Summary of Geographic Disaggregation of Net Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 556,405	$ 579,975	$ 1,107,823	$ 1,231,411
Surfactants [Member]
Disaggregation Of Revenue [Line Items]
Net sales	379,795	391,686	770,615	859,514
Polymers [Member]
Disaggregation Of Revenue [Line Items]
Net sales	159,757	164,515	305,265	325,642
Specialty Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	16,853	23,774	31,943	46,255
North America [Member]
Disaggregation Of Revenue [Line Items]
Net sales	315,743	340,124	628,388	716,032
North America [Member] \| Surfactants [Member]
Disaggregation Of Revenue [Line Items]
Net sales	220,520	231,477	450,110	508,617
North America [Member] \| Polymers [Member]
Disaggregation Of Revenue [Line Items]
Net sales	79,828	88,149	149,637	169,318
North America [Member] \| Specialty Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	15,395	20,498	28,641	38,097
Europe [Member]
Disaggregation Of Revenue [Line Items]
Net sales	132,183	137,812	268,673	302,860
Europe [Member] \| Surfactants [Member]
Disaggregation Of Revenue [Line Items]
Net sales	63,460	68,742	134,238	159,861
Europe [Member] \| Polymers [Member]
Disaggregation Of Revenue [Line Items]
Net sales	67,401	65,896	131,278	134,953
Europe [Member] \| Specialty Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	1,322	3,174	3,157	8,046
Latin America [Member]
Disaggregation Of Revenue [Line Items]
Net sales	84,031	78,592	162,325	160,485
Latin America [Member] \| Surfactants [Member]
Disaggregation Of Revenue [Line Items]
Net sales	83,569	78,217	161,437	159,315
Latin America [Member] \| Polymers [Member]
Disaggregation Of Revenue [Line Items]
Net sales	326	273	743	1,058
Latin America [Member] \| Specialty Products [Member]
Disaggregation Of Revenue [Line Items]
Net sales	136	102	145	112
Asia [Member]
Disaggregation Of Revenue [Line Items]
Net sales	24,448	23,447	48,437	52,034
Asia [Member] \| Surfactants [Member]
Disaggregation Of Revenue [Line Items]
Net sales	12,246	13,250	24,830	31,721
Asia [Member] \| Polymers [Member]
Disaggregation Of Revenue [Line Items]
Net sales	$ 12,202	$ 10,197	$ 23,607	$ 20,313

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

6 Months Ended

Jun. 30, 2024

Stock-based Compensation

STOCK-BASED COMPENSATION

Compensation expense recorded for all stock options, performance shares, time-based restricted stock units (RSUs) and stock appreciation rights (SARs) was as follows:


(In thousands)
Three Months Ended June 30,				Six Months Ended June 30,
2024		2023		2024		2023
$	1,558	$	1,158	$	2,930	$	2,157

Unrecognized compensation costs for stock options, performance shares, RSUs and SARs were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Stock options	$	180	$	127
Performance shares and RSUs		4,936		3,761
SARs		4,632		3,648

The change in unrecognized compensation costs for stock options, performance shares, RSUs and SARs is due to new grants issued in 2024.

The Company granted the following awards in the first six months of 2024:


	Shares
Stock options		3,356
Performance shares (at target) and RSUs		105,826
SARs		90,201

The unrecognized compensation costs at June 30, 2024, are expected to be recognized over weighted-average periods of 2.0 years for stock options, performance shares and RSUs and SARs.

Other Matter - Additional Information (Detail)	3 Months Ended
Other Matter - Additional Information (Detail)	Jun. 30, 2024 USD ($)
Other Matter [line Items]
Pre tax charge	$ 3,500,000

Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

There are a variety of legal proceedings pending or threatened against the Company that occur in the normal course of the Company’s business, the majority of which relate to environmental assessment, protection and remediation matters. Some of these proceedings may result in fines, penalties, judgments or costs being assessed against the Company at some future time. The Company’s operations are subject to extensive local, state and federal regulations, including the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Superfund amendments of 1986 (Superfund) as well as comparable regulations applicable to the Company’s foreign locations. Over the years, the Company has received requests for information related to or has been named by government authorities as a potentially responsible party at a number of sites where cleanup costs have been or may be incurred by the Company under CERCLA and similar state statutes. In addition, the Company is from time to time involved in routine legal proceedings incidental to the conduct of its business, including personal injury, property damage, tax, trade and labor matters. The Company believes that it has made adequate provisions for the costs it is likely to incur with respect to these claims.

In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. As of June 30, 2024, the Company estimated a range of possible environmental losses and legal losses of $20,816,000 to $48,104,000. Within the range of possible environmental losses and legal losses, management has currently concluded that no single amount is more likely to occur than any other amounts in the range and, thus, has accrued at the lower end of the range. These accruals totaled $20,816,000 at June 30, 2024, and $20,646,000 at December 31, 2023. Although the Company believes that its estimated range of possible environmental losses and legal losses and its reserves are adequate for contingencies, it is possible, due to uncertainties including those noted above, that additional reserves could be required in the future. Cash expenditures related to environmental remediation and certain other legal matters approximated $1,982,000 and $8,882,000 for the six months ended June 30, 2024 and 2023, respectively.

For certain sites, the Company has responded to information requests made by federal, state or local government agencies but has received no response confirming or denying the Company’s stated positions. As such, estimates of the total costs, or range of possible costs, of remediation, if any, or the Company’s share of such costs, if any, cannot be determined with respect to these sites. Consequently, the Company is unable to predict the effect thereof on the Company’s financial position, cash flows and results of operations. Based on the Company’s present knowledge with respect to its involvement at these sites, the possibility of other viable entities’ responsibilities for cleanup, and the extended period over which any costs would be incurred, management believes that the Company has no material liability at these sites and that these matters, individually and in the aggregate, will not have a material effect on the Company’s financial position. However, in the event of one or more adverse determinations with respect to such sites in any annual or interim period, the effect on the Company’s cash flows and results of operations for those periods could be material.

Following are summaries of the Company’s major contingencies at June 30, 2024:

Maywood, New Jersey Site

The Company’s property in Maywood, New Jersey, property formerly owned by the Company adjacent to its current site and other nearby properties (collectively, the Maywood site) were listed on the National Priorities List in September 1993 pursuant to the provisions of CERCLA because of alleged chemical and radiological contamination. Pursuant to (i) a September 21, 1987 Administrative Order on Consent entered into between the U.S. Environmental Protection Agency (USEPA) and the Company for property formerly owned by the Company at the Maywood site and (ii) the issuance of an order on May 2, 1991 by the USEPA to the Company for property currently owned by the Company at the Maywood site, the Company has completed various Remedial Investigation/Feasibility Studies of soil and groundwater at the Maywood site. On September 24, 2014, the USEPA issued its Record of Decision (ROD) for chemically-contaminated soil at the Maywood site. The ROD was amended pursuant to an Explanation of Significant Differences in January 2021. On February 29, 2024, the U.S. District Court for the District of New Jersey entered a consent decree among the Company, the United States, the New Jersey Department of Environmental Protection (NJDEP) and the New Jersey Spill Compensation Fund Administrator that requires the Company to take certain actions and to pay certain past costs of the United States and NJDEP. The USEPA has not yet issued a ROD for chemically-contaminated groundwater at the Maywood site. Based on the most current information available, the Company believes its recorded liability is reasonable having considered the range of estimated costs of remediation for the Maywood site. The estimate of the cost of remediation for the Maywood site could change again as the Company continues to hold discussions with the USEPA, as the design of the remedial action is finalized, if a groundwater ROD is issued or if other potentially responsible parties are identified. The ultimate amount for which the Company is liable could differ materially from the Company’s current recorded liability.

D’Imperio Property Site

During the mid-1970’s, Jerome Lightman and the Lightman Drum Company disposed of hazardous substances generated by the Company at several sites in New Jersey, including the D’Imperio site. The Company was named as a potentially responsible party in an October 2, 1998 lawsuit in the U.S. District Court for the District of New Jersey that involved the D’Imperio Site. The Company is cooperating with other potentially responsible parties to implement the selected remedy. Based on current information, the Company believes that its recorded liability is reasonable having considered the range of estimated cost of remediation for the D’Imperio site. Depending on the ultimate cost of the remediation at this site, the amount for which the Company is liable could differ materially from the Company’s current recorded liability.

Wilmington Site

Property formerly owned and operated by the Company in Wilmington, Massachusetts was listed on the National Priorities List in 2006. The Company, together with the current site owner and another potentially responsible party, entered into an Administrative Order on Consent in July 2007 to undertake a Remedial Investigation and Feasibility Study. A ROD was issued by the USEPA on March 30, 2021. The Company and three other potentially responsible parties entered into a consent decree, dated September 28, 2023, with USEPA and the Commonwealth of Massachusetts that requires the remedial design and remedial action of the remedy selected in the ROD for two operable units and an interim remedy for another operable unit. Remediation at this site is being managed by its current owner, to whom the Company sold the property in 1980. The Company is contractually obligated to contribute up to five percent of the environmental response costs incurred by the current owner, with no limitation on the ultimate amount of contributions. The Company has paid the current owner $3,841,000 for the Company’s portion of environmental response costs at the Wilmington site through June 30, 2024. The Company has recorded a liability for its portion of the estimated remediation costs for the site. Depending on the ultimate cost of the remediation at this site, the amount for which the Company is liable could differ materially from the current recorded liability.

On July 29, 2022, the Company and other potentially responsible parties were notified of a possible joint claim by federal and state trustees for alleged natural resource damages related to the Wilmington site. The alleged damages may result in a range of possible penalties and the Company recorded a liability for this matter during the first quarter of 2024. Depending on the ultimate resolution of this matter, the amount for which the Company is liable could differ materially from the current recorded liability.

Millsdale Site

On March 26, 2024, the Company received a Notice and Finding of Violation from the USEPA alleging violations of air regulations at the Company’s Elwood, Illinois (Millsdale) facility. The notice alleges violations related to operating parameters and air emission requirements. The notice does not state whether the USEPA intends to pursue financial penalties or operational remedies. The alleged violations may result in a range of possible penalties; however, at this stage of the matter, the Company is unable to predict the ultimate outcome or what impact, if any, the outcome might have on the Company’s financial position, results of operations or cash flows.

Other U.S. Sites

Through the regular environmental monitoring of its plant production sites, the Company discovered levels of chemical contamination that were above thresholds allowed by law at its Millsdale and Fieldsboro, New Jersey plants. The Company voluntarily reported its results to the applicable state environmental agencies. As a result, the Company is required to perform self-remediation of the affected areas. Based on current information, the Company believes that its recorded liability for the remediation of the affected areas is appropriate based on an estimate of expected costs. However, actual costs could differ materially from the current recorded liability.

Reconciliations of Equity

6 Months Ended

Jun. 30, 2024

Reconciliations of Equity

RECONCILIATIONS OF EQUITY

Below are reconciliations of total equity for the three and six months ended June 30, 2024 and 2023:


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, March 31, 2024	$	1,214,522		$	27,125	$	248,337	$	(187,611	)	$	(136,266	)	$	1,262,937

Issuance of 2,456 shares of common stock under incentive compensation plan		101			2		99		—			—			—

Stock-based and deferred compensation		2,357			15		2,509		(167	)		—			—

Net income		9,521			—		—		—			—			9,521

Other comprehensive income		(25,634	)		—		—		—			(25,634	)		—

Cash dividends paid:
Common stock ($0.375 per share)		(8,431	)		—		—		—			—			(8,431	)
Balance, June 30, 2024	$	1,192,436		$	27,142	$	250,945	$	(187,778	)	$	(161,900	)	$	1,264,027


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, December 31, 2023	$	1,216,490		$	27,006	$	247,032	$	(184,412	)	$	(130,602	)	$	1,257,466

Issuance of 23,124 shares of common stock under incentive compensation plan		966			23		943		—			—			—

Stock-based and deferred compensation		(283	)		113		2,970		(3,366	)		—			—

Net income		23,414			—		—		—			—			23,414

Other comprehensive income		(31,298	)		—		—		—			(31,298	)		—

Cash dividends paid:
Common stock ($0.750 per share)		(16,853	)		—		—		—			—			(16,853	)
Balance, June 30, 2024	$	1,192,436		$	27,142	$	250,945	$	(187,778	)	$	(161,900	)	$	1,264,027


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, March 31, 2023	$	1,189,913		$	26,958	$	239,585	$	(184,194	)	$	(150,548	)	$	1,258,112

Issuance of 6,791 shares of common stock under incentive compensation plan		402			7		395		—			—			—

Stock-based and deferred compensation		2,077			13		2,235		(171	)		—			—

Net income		12,684			—		—		—			—			12,684

Other comprehensive income		18,178			—		—		—			18,178			—

Cash dividends paid:
Common stock ($0.365 per share)		(8,157	)		—		—		—			—			(8,157	)
Balance, June 30, 2023	$	1,215,097		$	26,978	$	242,215	$	(184,365	)	$	(132,370	)	$	1,262,639


(In thousands, except share and per share amounts)	Total			Common Stock		Additional Paid-in Capital		Common Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings
Balance, December 31, 2022	$	1,166,065		$	26,841	$	237,202	$	(180,596	)	$	(167,512	)	$	1,250,130

Issuance of 32,772 shares of common stock under incentive compensation plan		1,916			33		1,883		—			—			—

Stock-based and deferred compensation		(535	)		104		3,130		(3,769	)		—			—

Net income		28,826			—		—		—			—			28,826

Other comprehensive income		35,142			—		—		—			35,142			—

Cash dividends paid:
Common stock ($0.730 per share)		(16,317	)		—		—		—			—			(16,317	)
Balance, June 30, 2023	$	1,215,097		$	26,978	$	242,215	$	(184,365	)	$	(132,370	)	$	1,262,639

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Other Income and Expenses [Abstract]

Other, Net

6 Months Ended

Jun. 30, 2024

Other, Net

15.

OTHER, NET

Other, net in the condensed consolidated statements of income included the following:


(In thousands)	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Foreign exchange gains (losses)	$	(27	)	$	406	$	(402	)	$	82
Investment income		131			71		191			214
Realized and unrealized gains on investments		679			1,563		2,946			3,079
Net periodic benefit cost		417			330		827			663
Other, net	$	1,200		$	2,370	$	3,562		$	4,038

Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Site Contingency [Line Items]
Environmental losses accrual	$ 20,816,000		$ 20,646,000
Cash expenditures related to legal and environmental matters	$ 1,982,000	$ 8,882,000
Contribution for future response costs	5.00%
Wilmington Site [Member]
Site Contingency [Line Items]
Payment of environmental response costs	$ 3,841,000
Minimum [Member]
Site Contingency [Line Items]
Environmental losses and legal losses	20,816,000
Maximum [Member]
Site Contingency [Line Items]
Environmental losses and legal losses	$ 48,104,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Other Income and Expenses [Abstract]

Other, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Net in Condensed Consolidated Statements of Income

Other, net in the condensed consolidated statements of income included the following:


(In thousands)	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Foreign exchange gains (losses)	$	(27	)	$	406	$	(402	)	$	82
Investment income		131			71		191			214
Realized and unrealized gains on investments		679			1,563		2,946			3,079
Net periodic benefit cost		417			330		827			663
Other, net	$	1,200		$	2,370	$	3,562		$	4,038

Segment Reporting - Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 556,405	$ 579,975	$ 1,107,823	$ 1,231,411
Surfactants [Member]
Segment Reporting Information [Line Items]
Net sales	379,795	391,686	770,615	859,514
Polymers [Member]
Segment Reporting Information [Line Items]
Net sales	159,757	164,515	305,265	325,642
Specialty Products [Member]
Segment Reporting Information [Line Items]
Net sales	$ 16,853	$ 23,774	$ 31,943	$ 46,255

Schedule of Lease Cost Recognized in both Cost of Sale and Operating Expenses

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	27,142,160	27,005,852
Treasury stock, shares	4,652,346	4,628,072

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost
Operating lease cost	$	4,468	$	4,458	$	8,961	$	8,807
Short-term lease cost		3,249		2,739		5,936		5,518
Variable lease cost		422		603		865		1,160
Total lease cost	$	8,139	$	7,800	$	15,762	$	15,485
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,477	$	4,497	$	8,965	$	8,829
Right-of-use assets obtained in exchange for new operating lease liabilities		559		875		1,548		7,420

Schedule of Maturities of Lease Liabilities

The following table outlines the maturities of lease liabilities as of June 30, 2024.


(In thousands)
Undiscounted Cash Flows:
2024 (excluding the six months ended June 30, 2024)	$	8,693
2025		13,664
2026		10,406
2027		7,838
2028		6,796
Subsequent to 2028		35,254
Total Undiscounted Cash Flows	$	82,651
Less: Imputed interest		(12,406	)
Present value	$	70,245
Current operating lease liabilities (1)		13,580
Non-current operating lease liabilities		56,665
Total lease liabilities	$	70,245

(1)

This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.

Schedule of Operating Leases Weighted Average, Remaining Lease Term and Discount Rate


Weighted-average remaining lease term-operating leases	9 Years
Weighted-average discount rate-operating leases		3.9	%

Reconciliations of Equity - Reconciliations of Total Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliations of total equity
Beginning Balance	$ 1,214,522	$ 1,189,913	$ 1,216,490	$ 1,166,065
Issuance of common stock under incentive compensation plan	101	402	966	1,916
Stock-based and deferred compensation	2,357	2,077	(283)	(535)
Net income	9,521	12,684	23,414	28,826
Other comprehensive income (loss)	(25,634)	18,178	(31,298)	35,142
Cash dividends paid:
Common stock	(8,431)	(8,157)	(16,853)	(16,317)
Ending Balance	1,192,436	1,215,097	1,192,436	1,215,097
Common Stock [Member]
Reconciliations of total equity
Beginning Balance	27,125	26,958	27,006	26,841
Issuance of common stock under incentive compensation plan	2	7	23	33
Stock-based and deferred compensation	15	13	113	104
Cash dividends paid:
Ending Balance	27,142	26,978	27,142	26,978
Additional Paid-in Capital [Member]
Reconciliations of total equity
Beginning Balance	248,337	239,585	247,032	237,202
Issuance of common stock under incentive compensation plan	99	395	943	1,883
Stock-based and deferred compensation	2,509	2,235	2,970	3,130
Cash dividends paid:
Ending Balance	250,945	242,215	250,945	242,215
Common Treasury Stock [Member]
Reconciliations of total equity
Beginning Balance	(187,611)	(184,194)	(184,412)	(180,596)
Stock-based and deferred compensation	(167)	(171)	(3,366)	(3,769)
Cash dividends paid:
Ending Balance	(187,778)	(184,365)	(187,778)	(184,365)
Accumulated Other Comprehensive Income (Loss) [Member]
Reconciliations of total equity
Beginning Balance	(136,266)	(150,548)	(130,602)	(167,512)
Other comprehensive income (loss)	(25,634)	18,178	(31,298)	35,142
Cash dividends paid:
Ending Balance	(161,900)	(132,370)	(161,900)	(132,370)
Retained Earnings [Member]
Reconciliations of total equity
Beginning Balance	1,262,937	1,258,112	1,257,466	1,250,130
Net income	9,521	12,684	23,414	28,826
Cash dividends paid:
Common stock	(8,431)	(8,157)	(16,853)	(16,317)
Ending Balance	$ 1,264,027	$ 1,262,639	$ 1,264,027	$ 1,262,639

Stock-based Compensation - Unrecognized Compensation Costs for Stock Options, Stock Awards and SARs (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs for stock options, stock awards and SARs	$ 180	$ 127
Performance Shares and RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs for stock options, stock awards and SARs	4,936	3,761
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs for stock options, stock awards and SARs	$ 4,632	$ 3,648

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Noncash Investing and Financing Activities - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Line Items]
Noncash investing activities, payables incurred for property, plant and equipment expenditures, unpaid	$ 9,003,000	$ 24,101,000
Common Stock [Member] \| Stock Award Plan [Member]
Supplemental Cash Flow Elements [Line Items]
Noncash financing activities shares issued	113,184	97,590
Noncash financing activities issued value	$ 10,132,000	$ 10,463,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Additional Information (Detail) - Equipment and Automobile [Member] - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Leases not yet commenced		$ 888,000
Forecast [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 years

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

10.

EARNINGS PER SHARE

Below are the computations of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


(In thousands, except per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Computation of Basic Earnings per Share
Net income attributable to Stepan Company	$	9,521	$	12,684	$	23,414	$	28,826
Weighted-average number of common shares outstanding		22,827		22,768		22,825		22,763
Basic earnings per share	$	0.42	$	0.56	$	1.03	$	1.27

Computation of Diluted Earnings per Share
Net income attributable to Stepan Company	$	9,521	$	12,684	$	23,414	$	28,826
Weighted-average number of shares outstanding		22,827		22,768		22,825		22,763
Add weighted-average net shares from assumed exercise of options (under treasury stock method)(1)		34		71		41		85
Add weighted-average net shares related to unvested stock awards (under treasury stock method)		8		3		6		2
Add weighted-average net shares from assumed exercise of SARs (under treasury stock method)(1)		45		73		49		90
Add weighted-average contingently issuable net shares related to performance stock awards (under treasury stock method)		22		30		21		30
Weighted-average shares applicable to diluted earnings		22,936		22,945		22,942		22,970
Diluted earnings per share	$	0.42	$	0.55	$	1.02	$	1.25

(1)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 124,708	$ 129,823
Receivables, net	437,349	422,050
Inventories (Note 6)	266,011	265,558
Other current assets	39,072	34,452
Total current assets	867,140	851,883
Property, Plant and Equipment:
Cost	2,611,677	2,585,058
Less: Accumulated depreciation	(1,416,560)	(1,378,393)
Property, plant and equipment, net	1,195,117	1,206,665
Goodwill, net	94,377	97,442
Other intangible assets, net	47,652	52,571
Long-term investments (Note 3)	24,076	26,804
Operating lease assets (Note 7)	69,136	70,646
Other non-current assets	51,092	57,343
Total assets	2,348,590	2,363,354
Current Liabilities:
Current maturities of debt (Note 14)	282,350	252,898
Accounts payable	251,191	233,031
Accrued liabilities	121,654	121,941
Total current liabilities	655,195	607,870
Deferred income taxes	10,224	10,373
Long-term debt, less current maturities (Note 14)	374,708	401,248
Non-current operating lease liabilities (Note 7)	56,665	58,026
Other non-current liabilities	59,362	69,347
Commitments and Contingencies (Note 8)
Equity:
Common stock, $1 par value; authorized 60,000,000 shares; 27,142,160 issued shares in 2024 and 27,005,852 issued shares in 2023	27,142	27,006
Additional paid-in capital	250,945	247,032
Accumulated other comprehensive loss (Note 11)	(161,900)	(130,602)
Retained earnings	1,264,027	1,257,466
Less: Common treasury stock, at cost, 4,652,346 shares in 2024 and 4,628,072 shares in 2023	(187,778)	(184,412)
Total Stepan Company stockholders’ equity	1,192,436	1,216,490
Total liabilities and equity	$ 2,348,590	$ 2,363,354

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

Below is the change in the Company’s accumulated other comprehensive income (loss) (AOCI) balance by component (net of income taxes) for the three and six months ended June 30, 2024 and 2023:


(In thousands)	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan Adjustments			Cash Flow Hedge Adjustments			Total
Balance at March 31, 2023	$	(138,412	)	$	(19,021	)	$	6,885		$	(150,548	)
Other comprehensive income before reclassifications		16,497			—			1,623			18,120
Amounts reclassified from AOCI		—			60			(2	)		58
Net current-period other comprehensive income		16,497			60			1,621			18,178
Balance at June 30, 2023	$	(121,915	)	$	(18,961	)	$	8,506		$	(132,370	)

Balance at March 31, 2024	$	(122,963	)	$	(20,350	)	$	7,047		$	(136,266	)
Other comprehensive income before reclassifications		(25,411	)		—			(278	)		(25,689	)
Amounts reclassified from AOCI		—			57			(2	)		55
Net current-period other comprehensive income		(25,411	)		57			(280	)		(25,634	)
Balance at June 30, 2024	$	(148,374	)	$	(20,293	)	$	6,767		$	(161,900	)

Balance at December 31, 2022	$	(156,835	)	$	(19,079	)	$	8,402		$	(167,512	)
Other comprehensive income before reclassifications		34,920			—			109			35,029
Amounts reclassified from AOCI		—			118			(5	)		113
Net current-period other comprehensive income		34,920			118			104			35,142
Balance at June 30, 2023	$	(121,915	)	$	(18,961	)	$	8,506		$	(132,370	)

Balance at December 31, 2023	$	(116,412	)	$	(20,408	)	$	6,218		$	(130,602	)
Other comprehensive income before reclassifications		(31,962	)		—			553			(31,409	)
Amounts reclassified from AOCI		—			115			(4	)		111
Net current-period other comprehensive income		(31,962	)		115			549			(31,298	)
Balance at June 30, 2024	$	(148,374	)	$	(20,293	)	$	6,767		$	(161,900	)

Summary of Amounts Reclassifications Out of Accumulated Other Comprehensive Income

Information regarding the reclassifications out of AOCI for the three and six months ended June 30, 2024 and 2023, is displayed below:


(In thousands)	Amount Reclassified from AOCI (1)
AOCI Components	Three Months Ended June 30,						Six Months Ended June 30,						Affected Line Item in Condensed Consolidated Statements of Income
	2024			2023			2024			2023
Amortization of defined benefit pension actuarial losses	$	(77	)	$	(78	)	$	(154	)	$	(153	)	(2)
		20			18			39			35		Tax benefit
	$	(57	)	$	(60	)	$	(115	)	$	(118	)	Net of tax
Gains and losses on cash flow hedges:
Foreign exchange contracts		2			2			4			5		Cost of sales
		2			2			4			5		Total before tax
		—			—			—			—		Tax benefit
	$	2		$	2		$	4		$	5		Net of tax
Total reclassifications for the period	$	(55	)	$	(58	)	$	(111	)	$	(113	)	Net of tax

(1)

Amounts in parentheses denote expense to the Company’s Condensed Consolidated Statements of Income.

(2)

This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost. See Note 9, Postretirement Benefit Plans, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q) for additional details.

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The composition of inventories at June 30, 2024, and December 31, 2023, was as follows:


(In thousands)	June 30, 2024		December 31, 2023
Finished goods	$	180,598	$	184,828
Raw materials		85,413		80,730
Total inventories	$	266,011	$	265,558

Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Postretirement Benefit Plans

POSTRETIREMENT BENEFIT PLANS

Defined Benefit Pension Plans

The Company sponsors various funded qualified and unfunded non-qualified defined benefit pension plans, the most significant of which cover employees in the U.S. and U.K. locations. The U.S. and U.K. defined benefit pension plans are frozen and service benefits are no longer being accrued.

Components of Net Periodic Benefit Cost


	UNITED STATES
(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Interest cost	$	1,652		$	1,731		$	3,303		$	3,462
Expected return on plan assets		(2,124	)		(2,133	)		(4,240	)		(4,266	)
Amortization of net actuarial loss		(3	)		(6	)		(6	)		(12	)
Net periodic benefit cost	$	(475	)	$	(408	)	$	(943	)	$	(816	)


	UNITED KINGDOM
(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Interest cost	$	160		$	169		$	321		$	333
Expected return on plan assets		(182	)		(175	)		(365	)		(345	)
Amortization of net actuarial loss		80			84			160			165
Net periodic benefit cost	$	58		$	78		$	116		$	153

Employer Contributions

U.S. Plans

As a result of pension funding relief provisions included in the Highway and Transportation Funding Act of 2014, the Company is not required to make contributions to its funded U.S. qualified defined benefit plans. Approximately $238,000 is expected to be paid to the unfunded non-qualified plans in 2024. Of such amount, $181,000 had been paid to the non-qualified plans as of June 30, 2024.

U.K. Plan

The Company’s U.K. subsidiary does not expect to contribute to its defined benefit pension plan in 2024.

Defined Contribution Plans

The Company sponsors retirement defined contribution plans that cover eligible U.S. and U.K. employees. The Company’s U.S. retirement plans include two qualified plans, one of which is a 401(k) plan and one of which is an employee stock ownership plan (profit sharing plan), and one non-qualified supplemental executive plan. In the six months ended June 30, 2024 and 2023, the Company made contributions into the qualified retirement plans for U.S. employees and for certain non-U.S. employees. Profit sharing contributions were determined using a formula applied to Company earnings. Approximately 85 percent of union and non-union employees are eligible for either the Company's sponsored or statutory profit sharing contributions and 100 percent of U.S. based union and non-union employees are eligible for the Company's sponsored profit sharing contributions. In 2023 and 2024, profit sharing contributions for U.S. employees were made to the employee stock ownership plan. Profit sharing contributions are allocated to participant accounts based on participant base earnings.

Defined contribution plan expenses for the Company’s qualified contribution plans were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Retirement savings contributions	$	2,295	$	2,170	$	4,420	$	4,218
Profit sharing contributions		684		163		1,532		870
Total defined contribution plan expenses	$	2,979	$	2,333	$	5,952	$	5,088

The Company has a rabbi trust to fund the obligations of its non-qualified supplemental executive defined contribution plans (supplemental plans). The trust is comprised of various mutual fund investments selected by the participants of the supplemental plans. In accordance with the accounting guidance for rabbi trust arrangements, the assets of the trust and the obligations of the supplemental plans are reported on the Company’s condensed consolidated balance sheets. The Company elected the fair value option for the mutual fund investment assets so that offsetting changes in the mutual fund values and defined contribution plan obligations would be recorded in earnings in the same period. Therefore, the mutual funds are reported at fair value with any subsequent changes in fair value recorded in the condensed consolidated statements of income. The liabilities related to the supplemental plans increase (i.e., supplemental plan expense is recognized) when the value of the trust assets appreciate and decrease when the value of the trust assets decline (i.e., supplemental plan income is recognized). At June 30, 2024, the balance of the trust assets was $455,000, which equaled the balance of the supplemental plan liabilities. See the long-term investments section in Note 3, Fair Value Measurements, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q) for further information regarding the Company’s mutual fund assets.

The entire disclosure for retirement benefits.

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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Compensation Expense Recorded for All Stock Options, Stock Awards and Stock Appreciation Rights (SARs)

Compensation expense recorded for all stock options, performance shares, time-based restricted stock units (RSUs) and stock appreciation rights (SARs) was as follows:


(In thousands)
Three Months Ended June 30,				Six Months Ended June 30,
2024		2023		2024		2023
$	1,558	$	1,158	$	2,930	$	2,157

Unrecognized Compensation Costs for Stock Options, Stock Awards and SARs

Unrecognized compensation costs for stock options, performance shares, RSUs and SARs were as follows:


(In thousands)	June 30, 2024		December 31, 2023
Stock options	$	180	$	127
Performance shares and RSUs		4,936		3,761
SARs		4,632		3,648

Share Based Payment Awards Granted in Period

The change in unrecognized compensation costs for stock options, performance shares, RSUs and SARs is due to new grants issued in 2024.

The Company granted the following awards in the first six months of 2024:


	Shares
Stock options		3,356
Performance shares (at target) and RSUs		105,826
SARs		90,201

Other Matter	6 Months Ended
Other Matter	Jun. 30, 2024
Other Matter [Abstract]
Other Matter	17. OTHER MATTER On July 18, 2024, the Company determined that one of its subsidiaries in Asia had been the victim of a criminal social engineering scheme which resulted in fraudulently induced outbound payments. The Company immediately launched an investigation, led by outside counsel, to determine the full extent of the fraud scheme and related potential exposure. The investigation is ongoing. The Company initiated contact with its banks and law enforcement authorities in an effort to, among other things, recover the transferred funds. To date, the Company has not found any evidence of additional fraudulent activity and believes it was an isolated and contained event. This incident did not result in any unauthorized access to the Company's information systems or any confidential customer information or other data that the Company maintains. The Company recognized a $3,500,000 pre-tax charge for the quarter ended June 30, 2024. This charge was recorded on the Administrative Expenses line on the Condensed Consolidated Statements of Income for the three and six months periods ended June 30, 2024. This charge was not allocated to any of the Company's three reportable segments. While the investigation is ongoing, the Company expects to record a charge in a similar amount in the third quarter of 2024 as a result of this event. While this matter will result in some additional near-term expenses, the Company does not expect this incident to otherwise have a material impact on its business, financial position, results of operations and cash flow.

Leases - Schedule of Lease Liability Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 8,693
2025	13,664
2026	10,406
2027	7,838
2028	6,796
Subsequent to 2028	35,254
Total Undiscounted Cash Flows	82,651
Less: Imputed interest	(12,406)
Present value	70,245
Current operating lease liabilities	$ 13,580
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Non-current operating lease liabilities	$ 56,665	$ 58,026
Total lease liabilities	$ 70,245

Fair Value Measurements - Fair Values and Related Carrying Values of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying value	$ 657,708	$ 655,041
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value	$ 625,466	$ 627,695

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Geographic Disaggregation of Net Sales

The tables below provide a geographic disaggregation of net sales for the three and six months ended June 30, 2024 and 2023. The Company’s business disaggregation by geographic region most effectively captures the nature and economic characteristics of the Company’s revenue streams impacted by economic factors.


(In thousands)	For the Three Months Ended June 30, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	220,520	$	79,828	$	15,395	$	315,743
Europe		63,460		67,401		1,322		132,183
Latin America		83,569		326		136		84,031
Asia		12,246		12,202		—		24,448
Total	$	379,795	$	159,757	$	16,853	$	556,405


(In thousands)	For the Three Months Ended June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	231,477	$	88,149	$	20,498	$	340,124
Europe		68,742		65,896		3,174		137,812
Latin America		78,217		273		102		78,592
Asia		13,250		10,197		—		23,447
Total	$	391,686	$	164,515	$	23,774	$	579,975


(In thousands)	For the Six Months Ended June 30, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	450,110	$	149,637	$	28,641	$	628,388
Europe		134,238		131,278		3,157		268,673
Latin America		161,437		743		145		162,325
Asia		24,830		23,607		—		48,437
Total	$	770,615	$	305,265	$	31,943	$	1,107,823


(In thousands)	For the Six Months Ended June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	508,617	$	169,318	$	38,097	$	716,032
Europe		159,861		134,953		8,046		302,860
Latin America		159,315		1,058		112		160,485
Asia		31,721		20,313		—		52,034
Total	$	859,514	$	325,642	$	46,255	$	1,231,411

Leases - Schedule of Lease Cost Recognized in both Cost of Sale and Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost
Operating lease cost	$ 4,468	$ 4,458	$ 8,961	$ 8,807
Short-term lease cost	3,249	2,739	5,936	5,518
Variable lease cost	422	603	865	1,160
Total lease cost	8,139	7,800	15,762	15,485
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	4,477	4,497	8,965	8,829
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 559	$ 875	$ 1,548	$ 7,420

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	18. RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effect of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to ease the burden of implementing the usage of new reference rates. The amendments apply to contract modifications that replace a reference rate affected by reference rate reform and contemporaneous modifications of other contract terms related to the replacement of the reference rate. If elected, the optional expedients to contract modifications must be applied consistently for all eligible contracts or eligible transactions. The original timeframe for electing optional expedients to contract modifications was between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 deferring the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The guidance should be applied prospectively. Other than electing select expedients associated with an interest rate swap, the Company has not currently utilized any of the optional expedients of exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period. In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update represent changes to clarify or improve disclosures and presentation requirements of a variety of topics, including Statement of Cash Flows-Overall (disclosures in annual periods where cash flows associated with derivative instruments and their related gains and losses are presented), Earnings Per Share-Overall (disclosures of the methods used in the diluted earnings-per-share computation for each dilutive security), and Debt-Overall (disclosures of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings). The amendments in this update are effective two years after the SEC removes related disclosure requirements from Regulation S-X or Regulation S-K. The implementation of ASU No. 2023-06 will not have an impact on the Company’s financial position, results of operations and cash flow, but will impact the Company’s interim and annual disclosures related to the relevant subtopics in this update. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. This update requires more enhanced and detailed interim and annual disclosures regarding significant segment expenses and other segment items that are regularly provided to the chief operating decision maker. These items include the difference between segment revenue less the segment expenses that have been already disclosed under the significant expense principle and each reported measure of segment profit and loss. These requirements are in addition to the disclosures that are currently required by Topic 280, Segment reporting. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented in the financial statements. The implementation of ASU No. 2023-07 will not have an impact on the Company’s financial position, results of operations and cash flow but will impact the Company’s interim and annual segment reporting disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income taxes (Topic 740) Improvement to Income Tax Disclosures. This update requires that public entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require the disclosure on an annual basis of the amount of income taxes paid (net of refund received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid is equal or greater than five percent of total income taxes paid (net of refunds received). This update requires all entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The amendments in this update are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis. The implementation of ASU No. 2023-09 will not have an impact on the Company’s financial position, results of operations and cash flow but will impact the Company’s annual income tax disclosures. The Organisation for Economic Co-operation and Development (OECD) proposed a global minimum tax of 15 percent on reported profits (entitled “Pillar Two”) that has been agreed upon in principle by over 100 countries. During 2023, many countries took steps to incorporate Pillar Two into their domestic laws. Although the OECD’s model provides a framework for applying the minimum tax, countries may enact Pillar Two rules that vary slightly from the model, can adopt a different timeline, and may adjust local tax incentives in response to Pillar Two. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which the Company operates have enacted such legislation, and other countries are in the process of introducing legislation to implement Pillar Two. The Company does not expect Pillar Two to have a material impact on its financial position, results of operations, cash flow and effective tax rate.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Stock-based Compensation - Share Based Payment Awards Granted in Period (Detail)	6 Months Ended
	Jun. 30, 2024 shares
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted in period	3,356
Performance Shares (at target) and RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted in period	105,826
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted in period	90,201

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Values and Related Carrying Values of Debt

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]


(In thousands)	June 30, 2024		December 31, 2023
Fair value	$	625,466	$	627,695
Carrying value		657,708		655,041

Financial Assets and Liabilities, Excluding Cash and Cash Equivalents, Measured on a Recurring Basis at Fair Value


(In thousands)	June 30, 2024		Level 1		Level 2		Level 3
Mutual fund assets	$	24,076	$	24,076	$	—	$	—
Derivative assets:
Interest rate contracts		6,736		—		6,736		—
Foreign currency contracts		896		—		896		—
Total assets at fair value	$	31,708	$	24,076	$	7,632	$	—
Derivative liabilities:
Foreign currency contracts	$	510	$	—	$	510	$	—


(In thousands)	December 31, 2023		Level 1		Level 2		Level 3
Mutual fund assets	$	26,804	$	26,804	$	—	$	—
Derivative assets:
Interest rate contracts		6,183		—		6,183		—
Foreign currency contracts		1,018		—		1,018		—
Total assets at fair value	$	34,005	$	26,804	$	7,201	$	—
Derivative liabilities:
Foreign currency contracts	$	928	$	—	$	928	$	—

Segment Reporting - Additional Information (Detail)	6 Months Ended
Segment Reporting - Additional Information (Detail)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost


	UNITED STATES
(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Interest cost	$	1,652		$	1,731		$	3,303		$	3,462
Expected return on plan assets		(2,124	)		(2,133	)		(4,240	)		(4,266	)
Amortization of net actuarial loss		(3	)		(6	)		(6	)		(12	)
Net periodic benefit cost	$	(475	)	$	(408	)	$	(943	)	$	(816	)


	UNITED KINGDOM
(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Interest cost	$	160		$	169		$	321		$	333
Expected return on plan assets		(182	)		(175	)		(365	)		(345	)
Amortization of net actuarial loss		80			84			160			165
Net periodic benefit cost	$	58		$	78		$	116		$	153

Defined Contribution Plan Expenses for Company's Qualified Contribution Plans

Defined contribution plan expenses for the Company’s qualified contribution plans were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Retirement savings contributions	$	2,295	$	2,170	$	4,420	$	4,218
Profit sharing contributions		684		163		1,532		870
Total defined contribution plan expenses	$	2,979	$	2,333	$	5,952	$	5,088

Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effect of Reference Rate Reform on Financial Reporting. This update provides optional guidance for a limited period of time to ease the burden of implementing the usage of new reference rates. The amendments apply to contract modifications that replace a reference rate affected by reference rate reform and contemporaneous modifications of other contract terms related to the replacement of the reference rate. If elected, the optional expedients to contract modifications must be applied consistently for all eligible contracts or eligible transactions. The original timeframe for electing optional expedients to contract modifications was between March 12, 2020 and December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 deferring the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The guidance should be applied prospectively. Other than electing select expedients associated with an interest rate swap, the Company has not currently utilized any of the optional expedients of exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update represent changes to clarify or improve disclosures and presentation requirements of a variety of topics, including Statement of Cash Flows-Overall (disclosures in annual periods where cash flows associated with derivative instruments and their related gains and losses are presented), Earnings Per Share-Overall (disclosures of the methods used in the diluted earnings-per-share computation for each dilutive security), and Debt-Overall (disclosures of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings). The amendments in this update are effective two years after the SEC removes related disclosure requirements from Regulation S-X or Regulation S-K. The implementation of ASU No. 2023-06 will not have an impact on the Company’s financial position, results of operations and cash flow, but will impact the Company’s interim and annual disclosures related to the relevant subtopics in this update.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. This update requires more enhanced and detailed interim and annual disclosures regarding significant segment expenses and other segment items that are regularly provided to the chief operating decision maker. These items include the difference between segment revenue less the segment expenses that have been already disclosed under the significant expense principle and each reported measure of segment profit and loss. These requirements are in addition to the disclosures that are currently required by Topic 280, Segment reporting. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented in the financial statements. The implementation of ASU No. 2023-07 will not have an impact on the Company’s financial position, results of operations and cash flow but will impact the Company’s interim and annual segment reporting disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income taxes (Topic 740) Improvement to Income Tax Disclosures. This update requires that public entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require the disclosure on an annual basis of the amount of income taxes paid (net of refund received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid is equal or greater than five percent of total income taxes paid (net of refunds received). This update requires all entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The amendments in this update are effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis. The implementation of ASU No. 2023-09 will not have an impact on the Company’s financial position, results of operations and cash flow but will impact the Company’s annual income tax disclosures.

The Organisation for Economic Co-operation and Development (OECD) proposed a global minimum tax of 15 percent on reported profits (entitled “Pillar Two”) that has been agreed upon in principle by over 100 countries. During 2023, many countries took steps to incorporate Pillar Two into their domestic laws. Although the OECD’s model provides a framework for applying the minimum tax, countries may enact Pillar Two rules that vary slightly from the model, can adopt a different timeline, and may adjust local tax incentives in response to Pillar Two. While it is uncertain whether the U.S. will enact legislation to adopt Pillar Two, certain countries in which the Company operates have enacted such legislation, and other countries are in the process of introducing legislation to implement Pillar Two. The Company does not expect Pillar Two to have a material impact on its financial position, results of operations, cash flow and effective tax rate.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

14.

DEBT

At June 30, 2024 and December 31, 2023, debt was comprised of the following:


(In thousands)	Maturity Dates	June 30, 2024		December 31, 2023
Senior unsecured notes
3.95% (net of unamortized debt issuance cost of $145 and $191 for 2024 and 2023, respectively)	2024-2027	$	56,999	$	56,952
3.86% (net of unamortized debt issuance cost of $59 and $105 for 2024 and 2023, respectively)	2024-2025		14,226		28,466
2.30% (net of unamortized debt issuance cost of $110 and $142 for 2024 and 2023, respectively)	2024-2028		39,890		49,858
2.37% (net of unamortized debt issuance cost of $116 and $148 for 2024 and 2023, respectively)	2024-2028		49,884		49,852
2.73% (net of unamortized debt issuance cost of $123 and $175 for 2024 and 2023, respectively)	2025-2031		99,877		99,825
2.83% (net of unamortized debt issuance cost of $97 and $134 for 2024 and 2023, respectively)	2026-2032		74,903		74,866
Revolving credit facility and term loan borrowing	2024		313,280		283,000
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2024		7,999		11,327
Total debt		$	657,058	$	654,146
Less current maturities			282,350		252,898
Long-term debt		$	374,708	$	401,248

The Company's long-term debt financing is comprised of certain senior unsecured notes issued to insurance companies in private placement transactions pursuant to note purchase agreements (the “Note Purchase Agreements”), totaling $335,779,000 as of June 30, 2024. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 2.30 percent to 3.95 percent. The notes had original maturities of seven to 12 years with mandatory principal payments beginning four, five and six years after issuance. The Company will be required to make principal payments on the currently outstanding notes from 2024 to 2032.

The Company's credit agreement (the "Credit Agreement") with a syndicate of banks provides for credit facilities in an initial aggregate principal amount of $450,000,000, consisting of (a) a $350,000,000 multi-currency revolving credit facility and (b) a $100,000,000 delayed draw term loan credit facility, each of which matures on June 24, 2027. The Company's credit agreement with Credit Industriel et Commercial NY (the CIC Credit Agreement) provides for a credit facility in an aggregate principal amount of $8,700,000. The facility is for the sole purpose of the issuance of standby letters of credit. The Company maintains import and export letters of credit, and standby letters of credit under its workers’ compensation insurance agreements and for other purposes, as needed from time to time, which are issued under the Credit Agreement and under the CIC Credit Agreement. As of June 30, 2024, the Company had outstanding letters of credit totaling $11,747,000 and $313,280,000 of

outstanding borrowings under the Credit Agreement, inclusive of a $92,500,000 delayed draw term loan ($7,500,000 of the term loan principal has been permanently repaid as scheduled). There was $117,473,000 available under the Credit Agreement as of June 30, 2024. As of June 30, 2024, the Company had an outstanding letter of credit of $8,694,000 under the CIC Credit Agreement.

The Company’s material debt agreements contain provisions which, among other covenants, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $241,925,000 and $234,399,000 at June 30, 2024, and December 31, 2023, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Noncash Investing and Financing Activities	6 Months Ended
Noncash Investing and Financing Activities	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Noncash Investing and Financing Activities	16. NONCASH INVESTING AND FINANCING ACTIVITIES Noncash investing activities included liabilities (accounts payable) incurred for property, plant and equipment expenditures of approximately $9,003,000 and $24,101,000 that were unpaid at June 30, 2024 and 2023, respectively. Noncash financing activities included the issuance of 113,184 shares of the Company’s common stock (valued at $10,132,000) and 97,590 shares of the Company’s common stock (valued at $10,463,000) under the Company’s equity incentive compensation plan during the period ended June 30, 2024 and 2023, respectively.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net income	$ 23,414	$ 28,826
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	55,614	52,011
Deferred compensation	2,173	2,245
Realized and unrealized gains on long-term investments	(2,946)	(3,079)
Stock-based compensation	2,930	2,158
Deferred income taxes	6,393	(3,196)
Other non-cash items	977	681
Changes in assets and liabilities:
Receivables, net	(27,345)	22,760
Inventories	(9,686)	70,069
Other current assets	(5,095)	(9,543)
Accounts payable and accrued liabilities	26,602	(116,527)
Pension liabilities	(943)	(998)
Environmental and legal liabilities	171	(8,612)
Deferred revenues	(1,203)	(993)
Net Cash Provided By Operating Activities	71,056	35,802
Cash Flows From Investing Activities
Expenditures for property, plant and equipment	(59,867)	(159,900)
Other, net	5,831	1,669
Net Cash Used In Investing Activities	(54,036)	(158,231)
Cash Flows From Financing Activities
Revolving debt and bank overdrafts, net (Note 14)	27,379	109,448
Other debt repayments (Note 6)	(24,286)	(14,286)
Dividends paid	(16,853)	(16,317)
Stock option exercises	966	1,916
Other, net	(3,211)	(2,805)
Net Cash Provided By (Used In) Financing Activities	(16,005)	77,956
Effect of Exchange Rate Changes on Cash	(6,130)	4,652
Net Decrease in Cash and Cash Equivalents	(5,115)	(39,821)
Cash and Cash Equivalents at Beginning of Period	129,823	173,750
Cash and Cash Equivalents at End of Period	124,708	133,929
Supplemental Cash Flow Information
Cash payments of income taxes, net of refunds	6,022	19,777
Cash payments of interest	$ 14,022	$ 13,492

Debt - Debt (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 657,058	$ 654,146
Less current maturities	282,350	252,898
Long-term debt	374,708	401,248
Senior unsecured 3.95% note [Member]
Debt Instrument [Line Items]
Total debt	$ 56,999	$ 56,952
Debt instrument interest rate percentage	3.95%	3.95%
Senior unsecured 3.95% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2024	2024
Senior unsecured 3.95% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2027	2027
Senior unsecured 3.86% note [Member]
Debt Instrument [Line Items]
Total debt	$ 14,226	$ 28,466
Debt instrument interest rate percentage	3.86%	3.86%
Senior unsecured 3.86% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2024	2024
Senior unsecured 3.86% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2025	2025
Senior unsecured 2.30% note [Member]
Debt Instrument [Line Items]
Total debt	$ 39,890	$ 49,858
Debt instrument interest rate percentage	2.30%	2.30%
Senior unsecured 2.30% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2024	2024
Senior unsecured 2.30% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2028	2028
Senior unsecured 2.37% note [Member]
Debt Instrument [Line Items]
Total debt	$ 49,884	$ 49,852
Debt instrument interest rate percentage	2.37%	2.37%
Senior unsecured 2.37% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2024	2024
Senior unsecured 2.37% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2028	2028
Senior unsecured 2.73% note [Member]
Debt Instrument [Line Items]
Total debt	$ 99,877	$ 99,825
Debt instrument interest rate percentage	2.73%	2.73%
Senior unsecured 2.73% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2025	2025
Senior unsecured 2.73% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2031	2031
Senior unsecured 2.83% note [Member]
Debt Instrument [Line Items]
Total debt	$ 74,903	$ 74,866
Debt instrument interest rate percentage	2.83%	2.83%
Senior unsecured 2.83% note [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2026	2026
Senior unsecured 2.83% note [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Maturity Dates	2032	2032
Debt of foreign subsidiaries Unsecured bank debt, foreign currency [Member]
Debt Instrument [Line Items]
Total debt	$ 7,999	$ 11,327
Maturity Dates	2024	2024
Revolving credit facility and term loan borrowing [Member]
Debt Instrument [Line Items]
Total debt	$ 313,280	$ 283,000
Revolving credit facility and term loan borrowing [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Maturity Dates	2024	2024

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 9,521	$ 12,684	$ 23,414	$ 28,826
Other Comprehensive Income:
Foreign currency translation adjustments (Note 11)	(25,411)	16,497	(31,962)	34,920
Defined benefit pension adjustments, net of tax (Note 11)	57	60	115	118
Derivative instrument activity, net of tax (Note 11)	(280)	1,621	549	104
Total Other Comprehensive Income	(25,634)	18,178	(31,298)	35,142
Comprehensive Income	$ (16,113)	$ 30,862	$ (7,884)	$ 63,968

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Income (Loss)

11.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Below is the change in the Company’s accumulated other comprehensive income (loss) (AOCI) balance by component (net of income taxes) for the three and six months ended June 30, 2024 and 2023:


(In thousands)	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan Adjustments			Cash Flow Hedge Adjustments			Total
Balance at March 31, 2023	$	(138,412	)	$	(19,021	)	$	6,885		$	(150,548	)
Other comprehensive income before reclassifications		16,497			—			1,623			18,120
Amounts reclassified from AOCI		—			60			(2	)		58
Net current-period other comprehensive income		16,497			60			1,621			18,178
Balance at June 30, 2023	$	(121,915	)	$	(18,961	)	$	8,506		$	(132,370	)

Balance at March 31, 2024	$	(122,963	)	$	(20,350	)	$	7,047		$	(136,266	)
Other comprehensive income before reclassifications		(25,411	)		—			(278	)		(25,689	)
Amounts reclassified from AOCI		—			57			(2	)		55
Net current-period other comprehensive income		(25,411	)		57			(280	)		(25,634	)
Balance at June 30, 2024	$	(148,374	)	$	(20,293	)	$	6,767		$	(161,900	)

Balance at December 31, 2022	$	(156,835	)	$	(19,079	)	$	8,402		$	(167,512	)
Other comprehensive income before reclassifications		34,920			—			109			35,029
Amounts reclassified from AOCI		—			118			(5	)		113
Net current-period other comprehensive income		34,920			118			104			35,142
Balance at June 30, 2023	$	(121,915	)	$	(18,961	)	$	8,506		$	(132,370	)

Balance at December 31, 2023	$	(116,412	)	$	(20,408	)	$	6,218		$	(130,602	)
Other comprehensive income before reclassifications		(31,962	)		—			553			(31,409	)
Amounts reclassified from AOCI		—			115			(4	)		111
Net current-period other comprehensive income		(31,962	)		115			549			(31,298	)
Balance at June 30, 2024	$	(148,374	)	$	(20,293	)	$	6,767		$	(161,900	)

Information regarding the reclassifications out of AOCI for the three and six months ended June 30, 2024 and 2023, is displayed below:


(In thousands)	Amount Reclassified from AOCI (1)
AOCI Components	Three Months Ended June 30,						Six Months Ended June 30,						Affected Line Item in Condensed Consolidated Statements of Income
	2024			2023			2024			2023
Amortization of defined benefit pension actuarial losses	$	(77	)	$	(78	)	$	(154	)	$	(153	)	(2)
		20			18			39			35		Tax benefit
	$	(57	)	$	(60	)	$	(115	)	$	(118	)	Net of tax
Gains and losses on cash flow hedges:
Foreign exchange contracts		2			2			4			5		Cost of sales
		2			2			4			5		Total before tax
		—			—			—			—		Tax benefit
	$	2		$	2		$	4		$	5		Net of tax
Total reclassifications for the period	$	(55	)	$	(58	)	$	(111	)	$	(113	)	Net of tax

(1)

Amounts in parentheses denote expense to the Company’s Condensed Consolidated Statements of Income.

(2)

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

LEASES

Lease cost is recognized in both the Cost of Sales and Operating Expenses sections of the Condensed Consolidated Statements of Income.


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost
Operating lease cost	$	4,468	$	4,458	$	8,961	$	8,807
Short-term lease cost		3,249		2,739		5,936		5,518
Variable lease cost		422		603		865		1,160
Total lease cost	$	8,139	$	7,800	$	15,762	$	15,485
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	4,477	$	4,497	$	8,965	$	8,829
Right-of-use assets obtained in exchange for new operating lease liabilities		559		875		1,548		7,420

The following table outlines the maturities of lease liabilities as of June 30, 2024.


(In thousands)
Undiscounted Cash Flows:
2024 (excluding the six months ended June 30, 2024)	$	8,693
2025		13,664
2026		10,406
2027		7,838
2028		6,796
Subsequent to 2028		35,254
Total Undiscounted Cash Flows	$	82,651
Less: Imputed interest		(12,406	)
Present value	$	70,245
Current operating lease liabilities (1)		13,580
Non-current operating lease liabilities		56,665
Total lease liabilities	$	70,245

(1)

This item is included in the Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.


Weighted-average remaining lease term-operating leases	9 Years
Weighted-average discount rate-operating leases		3.9	%

As of June 30, 2024, the Company had an office equipment lease, valued at approximately $888,000, that had not commenced. The lease will commence during the third quarter of 2024 with a lease term of five years.

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net Sales	$ 556,405	$ 579,975	$ 1,107,823	$ 1,231,411
Cost of Sales	486,853	513,578	967,990	1,091,454
Gross Profit	69,552	66,397	139,833	139,957
Operating Expenses:
Selling	11,828	11,109	23,216	24,176
Administrative	24,569	22,589	47,259	45,228
Research, development and technical services	14,093	14,105	28,349	29,243
Deferred compensation expense	395	743	2,173	2,245
Total Operating expenses	50,885	48,546	100,997	100,892
Business restructuring expense		42		199
Operating Income	18,667	17,809	38,836	38,866
Other Income (Expense):
Interest, net	(2,661)	(3,865)	(5,732)	(6,687)
Other, net (Note 15)	1,200	2,370	3,562	4,038
Nonoperating Income (Expense), Total	(1,461)	(1,495)	(2,170)	(2,649)
Income Before Provision for Income Taxes	17,206	16,314	36,666	36,217
Provision for Income Taxes	7,685	3,630	13,252	7,391
Net Income	$ 9,521	$ 12,684	$ 23,414	$ 28,826
Net Income Per Common Share (Note 10):
Basic	$ 0.42	$ 0.56	$ 1.03	$ 1.27
Diluted	$ 0.42	$ 0.55	$ 1.02	$ 1.25
Shares Used to Compute Net Income Per Common Share (Note 10):
Basic	22,827	22,768	22,825	22,763
Diluted	22,936	22,945	22,942	22,970

Debt - Additional Information (Detail) - USD ($)		6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jun. 24, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt		$ 657,058,000		$ 654,146,000
Term loan principal repaid		$ 24,286,000	$ 14,286,000
Debt instrument maturity dates description		The notes had original maturities of seven to 12 years with mandatory principal payments beginning four, five and six years after issuance
Multi-Currency Credit Facility with Syndicate of Banks [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 450,000,000
Committed multi-currency credit facility, maturity date	Jun. 24, 2027
Multi-Currency Revolving Credit Facility [Member] \| Multi-Currency Credit Facility with Syndicate of Banks [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 350,000,000
Delayed Draw Term Loan Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity		$ 92,500,000
Term loan principal repaid		7,500,000
Delayed Draw Term Loan Credit Facility [Member] \| Multi-Currency Credit Facility with Syndicate of Banks [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 100,000,000
Multi Currency Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Outstanding borrowings, including term loan		313,280,000
Letters of Credit Outstanding		11,747,000
Unused Revolving credit		117,473,000
Unrestricted retained earnings		241,925,000		$ 234,399,000
Unsecured Private Placement Notes [Member]
Debt Instrument [Line Items]
Total debt		$ 335,779,000
Unsecured Private Placement Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument interest rate percentage		2.30%
Maturity Dates		7 years
Unsecured Private Placement Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument interest rate percentage		3.95%
Maturity Dates		12 years
CIC Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowing capacity		$ 8,700,000
CIC Credit Agreement [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Borrowing capacity		$ 8,694,000

Inventories - Composition of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 180,598	$ 184,828
Raw materials	85,413	80,730
Total inventories	$ 266,011	$ 265,558

Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)	$ (417)	$ (330)	$ (827)	$ (663)
United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	1,652	1,731	3,303	3,462
Expected return on plan assets	(2,124)	(2,133)	(4,240)	(4,266)
Amortization of net actuarial (gain) loss	(3)	(6)	(6)	(12)
Net periodic benefit cost (income)	(475)	(408)	(943)	(816)
United Kingdom [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	160	169	321	333
Expected return on plan assets	(182)	(175)	(365)	(345)
Amortization of net actuarial (gain) loss	80	84	160	165
Net periodic benefit cost (income)	$ 58	$ 78	$ 116	$ 153

Stock-based Compensation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period for amortization of unrecognized compensation cost	2 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments

DERIVATIVE INSTRUMENTS

At June 30, 2024, and December 31, 2023, the Company had open forward foreign currency exchange contracts to buy or sell foreign currencies with U.S. dollar equivalent amounts of $98,190,000 and $106,561,000, respectively. All forward foreign exchange contracts at June 30, 2024, had durations of one month to three months.

The Company is currently exposed to volatility in short-term interest rates and has mitigated certain portions of that risk by using an interest rate swap. The interest rate swap is recognized on the balance sheet as either an asset or a liability measured at fair value. At June 30, 2024, the Company held an interest rate swap contract with a notional value of $100,000,000 that was designated as a cash flow hedge. Period-to-period changes in the fair value of the interest rate swap are initially recognized as gains or losses in other comprehensive income. As the interest rate swap contract is settled, the corresponding gain or loss is reclassified out of accumulated other comprehensive income (AOCI) into earnings. The maturity date of the current interest swap contract is March 10, 2027, which is closely aligned with the June 24, 2027, maturity of the Company's revolving credit facility.

The fair values of the derivative instruments held by the Company on June 30, 2024, and December 31, 2023, are disclosed in Note 3, Fair Value Measurements, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q). Derivative instrument gains and losses for the three and six months ended June 30, 2024 and 2023, were immaterial. For amounts reclassified out of AOCI into earnings for the three and six months ended June 30, 2024 and 2023, see Note 11, Accumulated Other Comprehensive Income (Loss), of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q).

Condensed Consolidated Financial Statements	6 Months Ended
Condensed Consolidated Financial Statements	Jun. 30, 2024
Accounting Policies [Abstract]
Condensed Consolidated Financial Statements	1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated financial statements included herein have been prepared by Stepan Company (the Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring accruals, necessary to present fairly the Company’s financial position as of June 30, 2024, its results of operations for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 30, 2024 and 2023, have been included. These financial statements and related footnotes should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Annual Report on Form 10-K).

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

13.

REVENUE FROM CONTRACTS WITH CUSTOMERS

As of June 30, 2024, the Company had $481,000 of contract liabilities and no contract assets. A contract liability would typically arise when an advance or deposit is received from a customer before the Company recognizes revenue. In practice, this is rare as it would require a customer to make a payment prior to a performance obligation being satisfied. When such situations do arise, the Company maintains a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $688,000 of revenue in the first six months of 2024 from pre-existing contract liabilities at December 31, 2023.

In addition, during 2020, the Company recorded $10,709,000 of long-term deferred revenue associated with a payment received to defray the cost of capital expenditures necessary to service a customer’s future product needs. At June 30, 2024, $5,539,000 was classified as long-term and $2,216,000 was classified as short-term. This deferred revenue is being recognized over the period of the contract and $2,954,000 of revenue has been recognized from the beginning of the contract term through June 30, 2024.


(In thousands)	For the Three Months Ended June 30, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	220,520	$	79,828	$	15,395	$	315,743
Europe		63,460		67,401		1,322		132,183
Latin America		83,569		326		136		84,031
Asia		12,246		12,202		—		24,448
Total	$	379,795	$	159,757	$	16,853	$	556,405


(In thousands)	For the Three Months Ended June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	231,477	$	88,149	$	20,498	$	340,124
Europe		68,742		65,896		3,174		137,812
Latin America		78,217		273		102		78,592
Asia		13,250		10,197		—		23,447
Total	$	391,686	$	164,515	$	23,774	$	579,975


(In thousands)	For the Six Months Ended June 30, 2024
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	450,110	$	149,637	$	28,641	$	628,388
Europe		134,238		131,278		3,157		268,673
Latin America		161,437		743		145		162,325
Asia		24,830		23,607		—		48,437
Total	$	770,615	$	305,265	$	31,943	$	1,107,823


(In thousands)	For the Six Months Ended June 30, 2023
Geographic Market	Surfactants		Polymers		Specialty		Total
North America	$	508,617	$	169,318	$	38,097	$	716,032
Europe		159,861		134,953		8,046		302,860
Latin America		159,315		1,058		112		160,485
Asia		31,721		20,313		—		52,034
Total	$	859,514	$	325,642	$	46,255	$	1,231,411

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Fair Value Measurements - Financial Assets and Liabilities, Excluding Cash and Cash Equivalents, Measured on a Recurring Basis at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mutual fund assets	$ 24,076	$ 26,804
Derivative assets:
Interest rate contracts	6,736	6,183
Foreign currency contracts	896	1,018
Total assets at fair value	31,708	34,005
Derivative liabilities:
Foreign currency contracts	510	928
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mutual fund assets	24,076	26,804
Derivative assets:
Total assets at fair value	24,076	26,804
Level 2 [Member]
Derivative assets:
Interest rate contracts	6,736	6,183
Foreign currency contracts	896	1,018
Total assets at fair value	7,632	7,201
Derivative liabilities:
Foreign currency contracts	$ 510	$ 928

Stock-based Compensation - Compensation Expense Recorded for All Stock Options, Stock Appreciation Rights (SARs) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 1,558	$ 1,158	$ 2,930	$ 2,157

Other, Net - Other Net in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Foreign exchange gains (losses)	$ (27)	$ 406	$ (402)	$ 82
Investment income	131	71	191	214
Realized and unrealized gains on investments	679	1,563	2,946	3,079
Net periodic benefit cost	417	330	827	663
Other, net	$ 1,200	$ 2,370	$ 3,562	$ 4,038

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,521	$ 12,684	$ 23,414	$ 28,826

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Composition of Inventories

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

The composition of inventories at June 30, 2024, and December 31, 2023, was as follows:


(In thousands)	June 30, 2024		December 31, 2023
Finished goods	$	180,598	$	184,828
Raw materials		85,413		80,730
Total inventories	$	266,011	$	265,558

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance			$ 1,216,490
Ending Balance	$ 1,192,436		1,192,436
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(122,963)	$ (138,412)	(116,412)	$ (156,835)
Other comprehensive income before reclassifications	(25,411)	16,497	(31,962)	34,920
Amounts reclassified from AOCI		0
Net current-period other comprehensive income	(25,411)	16,497	(31,962)	34,920
Ending Balance	(148,374)	(121,915)	(148,374)	(121,915)
Defined Benefit Pension Plan Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(20,350)	(19,021)	(20,408)	(19,079)
Amounts reclassified from AOCI	57	60	115	118
Net current-period other comprehensive income	57	60	115	118
Ending Balance	(20,293)	(18,961)	(20,293)	(18,961)
Cash Flow Hedge Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	7,047	6,885	6,218	8,402
Other comprehensive income before reclassifications	(278)	1,623	553	109
Amounts reclassified from AOCI	(2)	(2)	(4)	(5)
Net current-period other comprehensive income	(280)	1,621	549	104
Ending Balance	6,767	8,506	6,767	8,506
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(136,266)	(150,548)	(130,602)	(167,512)
Other comprehensive income before reclassifications	(25,689)	18,120	(31,409)	35,029
Amounts reclassified from AOCI	55	58	111	113
Net current-period other comprehensive income	(25,634)	18,178	(31,298)	35,142
Ending Balance	$ (161,900)	$ (132,370)	$ (161,900)	$ (132,370)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

Amount after tax of reclassification adjustments of other comprehensive income (loss).

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Postretirement Benefit Plans - Defined Contribution Plan Expenses for Company's Qualified Contribution Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Total defined contribution plan expenses	$ 2,979	$ 2,333	$ 5,952	$ 5,088
Retirement Savings Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Total defined contribution plan expenses	2,295	2,170	4,420	4,218
Profit Sharing Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Total defined contribution plan expenses	$ 684	$ 163	$ 1,532	$ 870

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

12.

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, 2024 and 2023, were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment Net Sales
Surfactants	$	379,795	$	391,686	$	770,615	$	859,514
Polymers		159,757		164,515		305,265		325,642
Specialty Products		16,853		23,774		31,943		46,255
Total	$	556,405	$	579,975	$	1,107,823	$	1,231,411

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, 2024 and 2023, are summarized below:


(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Segment Operating Income
Surfactants	$	17,062		$	15,140		$	43,142		$	42,196
Polymers		13,597			16,321			21,979			26,325
Specialty Products		7,319			3,773			11,587			6,302
Segment operating income		37,978			35,234			76,708			74,823
Business restructuring expense		—			(42	)		—			(199	)
Unallocated corporate expenses (1)		(19,311	)		(17,383	)		(37,872	)		(35,758	)
Total operating income		18,667			17,809			38,836			38,866
Other Income (Expense)
Interest, net		(2,661	)		(3,865	)		(5,732	)		(6,687	)
Other, net		1,200			2,370			3,562			4,038
Income before provision for income taxes	$	17,206		$	16,314		$	36,666		$	36,217

(1)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
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Postretirement Benefit Plans - Defined Benefit Pension Plans - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Percentage of union and non-union employees eligible for either statutory or Company's sponsored profit sharing contributions	85.00%
Percentage of us based union and non-union employees eligible for either statutory or Company's sponsored profit sharing contributions	100.00%
Defined Contribution Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance of trust assets	$ 455,000
United States [Member] \| Unfunded Plan [Member] \| Non-qualified Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contributions or payments to defined benefit plans	238,000
Employer contributions or payments	$ 181,000

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

At June 30, 2024 and December 31, 2023, debt was comprised of the following:


(In thousands)	Maturity Dates	June 30, 2024		December 31, 2023
Senior unsecured notes
3.95% (net of unamortized debt issuance cost of $145 and $191 for 2024 and 2023, respectively)	2024-2027	$	56,999	$	56,952
3.86% (net of unamortized debt issuance cost of $59 and $105 for 2024 and 2023, respectively)	2024-2025		14,226		28,466
2.30% (net of unamortized debt issuance cost of $110 and $142 for 2024 and 2023, respectively)	2024-2028		39,890		49,858
2.37% (net of unamortized debt issuance cost of $116 and $148 for 2024 and 2023, respectively)	2024-2028		49,884		49,852
2.73% (net of unamortized debt issuance cost of $123 and $175 for 2024 and 2023, respectively)	2025-2031		99,877		99,825
2.83% (net of unamortized debt issuance cost of $97 and $134 for 2024 and 2023, respectively)	2026-2032		74,903		74,866
Revolving credit facility and term loan borrowing	2024		313,280		283,000
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2024		7,999		11,327
Total debt		$	657,058	$	654,146
Less current maturities			282,350		252,898
Long-term debt		$	374,708	$	401,248

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Income Before Provision for Income Taxes

$ 17,206

$ 16,314

$ 36,666

$ 36,217

Tax benefit

(7,685)

(3,630)

(13,252)

(7,391)

Cost of Sales

486,853

513,578

967,990

1,091,454

Defined Benefit Pension Plan Adjustments [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Amortization of defined benefit pension actuarial losses

^[1],[2]

(77)

(78)

(154)

(153)

Tax benefit

^[1]

Income applicable to common stock

^[1]

(57)

(60)

(115)

(118)

Cash Flow Hedge Adjustments [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income Before Provision for Income Taxes

^[1]

Income applicable to common stock

^[1]

Cash Flow Hedge Adjustments [Member] | Foreign exchange contracts [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Cost of Sales

^[1]

Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income applicable to common stock

^[1]

$ (55)

$ (58)

$ (111)

$ (113)

[1]	Amounts in parentheses denote expense to the Company’s Condensed Consolidated Statements of Income.
[2]	This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost. See Note 9, Postretirement Benefit Plans, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q) for additional details.

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Contract assets		$ 0
Contract liabilities		481,000
Contract liabilities revenue recorded		2,954,000
Long term deferred revenue			$ 10,709,000
Pre-existing Contract Liabilities [Member]
Disaggregation Of Revenue [Line Items]
Contract liabilities revenue recorded	$ 688,000
Long-Term [Member]
Disaggregation Of Revenue [Line Items]
Long term deferred revenue		5,539,000
Short-Term [Member]
Disaggregation Of Revenue [Line Items]
Short-term defferred revenue		$ 2,216,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reconciliation of Segment Information to Income Before Provision for Income Taxes

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Operating Segment

The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Net sales by segment for the three and six months ended June 30, 2024 and 2023, were as follows:


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment Net Sales
Surfactants	$	379,795	$	391,686	$	770,615	$	859,514
Polymers		159,757		164,515		305,265		325,642
Specialty Products		16,853		23,774		31,943		46,255
Total	$	556,405	$	579,975	$	1,107,823	$	1,231,411

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, 2024 and 2023, are summarized below:


(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Segment Operating Income
Surfactants	$	17,062		$	15,140		$	43,142		$	42,196
Polymers		13,597			16,321			21,979			26,325
Specialty Products		7,319			3,773			11,587			6,302
Segment operating income		37,978			35,234			76,708			74,823
Business restructuring expense		—			(42	)		—			(199	)
Unallocated corporate expenses (1)		(19,311	)		(17,383	)		(37,872	)		(35,758	)
Total operating income		18,667			17,809			38,836			38,866
Other Income (Expense)
Interest, net		(2,661	)		(3,865	)		(5,732	)		(6,687	)
Other, net		1,200			2,370			3,562			4,038
Income before provision for income taxes	$	17,206		$	16,314		$	36,666		$	36,217

(1)

Debt - Debt (Parenthetical) (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance cost	$ 650,000	$ 895,000
Senior unsecured 3.95% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	145,000	191,000
Senior unsecured 3.86% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	59,000	105,000
Senior unsecured 2.30% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	110,000	142,000
Senior unsecured 2.37% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	116,000	148,000
Senior unsecured 2.73% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	123,000	175,000
Senior unsecured 2.83% note [Member]
Debt Instrument [Line Items]
Unamortized debt issuance cost	$ 97,000	$ 134,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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